La Rosa Holdings Corp. LRHC shares are skyrocketing on Thursday.
Today, the company disclosed that it has acquired a 100% interest in the La Rosa Realty Winter Garden franchise in Florida.
Winter Garden achieved $1.4 million in revenue and positive cash flow from operations. It offers residential and commercial real estate brokerage services, along with agent coaching and support for a fee.
“As part of our de-franchising strategy we continue to acquire franchisees that have achieved strong top-line revenue growth, agent growth and positive net income,” said Joe La Rosa, CEO of the company.
Apart from the latest deal, the company said it has additional franchisees, with which it has inked LOIs, in addition to two ancillary services companies that it is also planning to acquire.
With the acquisitions lined up, La Rosa Holdings intends to reach an annualized revenue run rate of $100 million before the end of 2024 with the aim of becoming profitable at the beginning of 2025.
“As we continue to acquire additional franchisees, we will add more agents to La Rosa Holdings potentially increasing top and bottom lines,” the CEO added.
Price Action: LRHC shares are trading higher by 140% to $3.36 on the last check Thursday.
© 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.
