Business
La Rosa Acquires Real Estate Brokerage Franchisee in Georgia with Revenue of $3.4 Million in 2023
Eighth franchisee that has been acquired since IPO Reaffirms target to generate $100 million of annualized revenue as a 2024 exit run rate Celebration, FL,
About this update from La Rosa Holdings Corp.
[{"type":"text","content":"Eighth franchisee that has been acquired since IPO Reaffirms target to generate $100 million of annualized revenue as a 2024 exit run rate Celebration, FL, March 13, 2024 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has acquired a 51% interest in the Company’s franchisee - La Rosa Realty Georgia LLC (“La Rosa Georgia”), located in Gainesville, Florida and Alpharetta, Georgia. La Rosa Georgia generated revenue of $3.4 million and reached break-even in 2023. 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, “As reported by Zillow, Atlanta, Georgia, is predicted to be one of the hottest housing markets in 2024. Specifically, they expect Atlanta to be the nation’s 6th hottest housing market in 2024 out of the top 50 metropolitan areas by population. This is due to strong demand, steady home values, a growing number of homeowners and job growth. We believe, our office, located in Alpharetta, which is a part of the Atlanta metropolitan area, is ideally located to capitalize on this growth in the housing market.” “We now have a strong track record acquiring and integrating franchisees into our organization, resulting in streamlined operations as Company-owned locations. Looking ahead, we have additional franchisees and two ancillary services companies that we are also looking to acquire. We believe our accretive roll up strategy will allow us to reach our annualized revenue run rate target of $100 million before the end of 2024, with the expectation to become profitable in the beginning of 2025.” About La Rosa Holdings Corp. La Rosa is a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments. In addition to providing person-to-person residential and commercial real estate brokerage services to the public, the Company cross-sells ancillary technology-based products and services primarily to its sales agents and the sales agents associated with their franchisees. La Rosa's business is organized based on the services they provide internally to their agents an...