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Brokerage Ranked Number Two for The Highest Agent Count and Number Three in Real Estate Sales in Polk County, Florida in 2023
Reaffirms target anticipated to generate $100 million of annualized revenue as a 2024 exit run rate
Celebration, FL, April 25, 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 completed an acquisition transaction and now holds a 51% interest in the Company's franchisee - La Rosa Realty Lakeland LLC (DBA La Rosa Realty Prestige) ("Prestige"), located in Lakeland, Florida with a separate branch in Winter Haven, Florida.
Prestige generated revenue of $4.7 million and had positive net income 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, "With 162 agents, Prestige has solidified its position as number two for agent count and number three for real estate sales in Polk County, Florida in 2023. This latest acquisition represents yet another milestone for the Company, aligning with our roll-up strategy focused on acquiring profitable franchisees and further solidifying our market position while creating value for shareholders. This acquisition is expected not to only increase our revenue but also, as we seamlessly integrate this and prior acquisitions, we anticipate gaining the rewards of enhanced operating efficiencies and economies of scale. We believe that these advantages will further strengthen our competitive position in the market and fuel our journey towards sustainable growth. With this strategic expansion strategy firmly in place, we believe we are positioned for significant advancement and remain on track to achieve our goal of reaching an annualized revenue run rate of $100 million by the end of 2024. Furthermore, we anticipate attaining profitability in 2025."
Posted In: LRHC
