Business
ParagonX Holdings Closes Major Acquisitions Adding $60 Million in New Annual Revenue
ParagonX Holdings Closes Major Acquisitions Adding $60 Million in New Annual Revenue.
About this update from Cavu Resources Inc.
[{"type":"text","content":"\n\n\n\nParagonX Holdings Closes Major Acquisitions Adding $60 Million in New Annual Revenue\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nParagonX Holdings Closes Major Acquisitions Adding $60 Million in New Annual Revenue\nPR Newswire\nCHARLOTTE, N.C., July 11, 2023\n\n\n\nCHARLOTTE, N.C., July 11, 2023 /PRNewswire/ -- ParagonX Holdings (OTC: CAVR) is pleased to announce it finalized the acquisition of Asher Homes, Precision Project Management, Inc. (\"PPM\") and Ruhl Construction (collectively \"Ruhl Construction\"). The non-dilutive acquisition should create over $60 million in annual revenues and over $8 million in EBITDA based upon the historical performance of the companies being acquired and expected revenue from ParagonX's other subsidiaries, including Hospitality Renovation Services (HRS). These multi-state home and land developers, based in Tulsa, Oklahoma, are well known for their quality and design, which led to consolidated revenues of $48 million for 2022 (unaudited) and have continued strong performance in 2023.   \n\"I am very excited to begin this journey in the public space after years of building strong foundational businesses in the private sector. I look forward to working with the team as we build on our success and expand even further,\" said Daniel Ruhl, President of Ruhl Construction & Asher Homes.\nThis acquisition not only brings in well capitalized growth companies but will also allow ParagonX to scale our rapidly growing majority-owned subsidiary, HRS.\nWith the close of this transaction, the Company will divest its interest in Sinacori Builders, Monument Real Estate Partners, Drip, and its RenuYou subsidiaries. The Company expects to change its name, and replace Board Members stepping down. Russell Sinacori will be stepping down as Executive Chairman, Board Member, and COO and Tim Samuels will be stepping down from the Board. \nKevin V. Cox will be stepping down as the Interim CEO once the divestiture of these entities is complete and the Board of Directors convenes to appoint new leadership.  Kevin has accept...