La Rosa Holdings Corp LRHC has acquired a 100% interest in the company’s franchisee - La Rosa Realty CW Properties in Longwood, Florida.
CW Properties generated revenue of $3.4 million and had positive net income in 2022.
The franchisee provides residential and commercial real estate brokerage services. It also provides coaching and support services to agents on a fee basis.
Joe La Rosa, CEO of the company, commented, Our goal is to acquire an additional 9 franchisees over the next six to eight months.
We also have other acquisitions in the pipeline that we are actively evaluating.
“These acquisitions would contribute to both our top-line and bottom-line growth, as we believe that our current infrastructure is set up to support five times our current agent count. Our goal is to reach an annualized revenue run rate of $100 million before the end of 2024.”
While we historically operated profitably prior to our IPO in 2021, we believe our projected revenue growth will ensure our return to profitability as an exit run rate in 2024, even after factoring in our new costs and overhead as a public company,” the CEO added.
Price Action: LRHC shares are trading higher by 9.33% at $1.64 premarket on the last check Friday.
Photo via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
