La Rosa Holdings Corp Announces Plans to Acquire Controlling Interest in Red Door Title
Title insurance capabilities aimed at broadening service offerings and equipping agents with new tools to compete and win in the market
Celebration, FL, June 18, 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 entered into a non-binding Letter of Intent to acquire a controlling interest in Nona Title Agency, which operates under the name Red Door Title, a full-service escrow settlement and title company headquartered in Orlando, Florida.
The Company anticipates finalizing the transaction by the end of July. Once complete, the transaction would allow La Rosa to provide title insurance services for home purchases and sales, complementing its existing real estate offerings. Securing title insurance capabilities would position the Company to deliver more comprehensive solutions within the residential property market.
Joe La Rosa, CEO of La Rosa Holdings Corp., stated, “The planned acquisition of Red Door Title would allow us to broaden our service offerings, thereby enhancing value for our agents and their respective clients. By integrating Red Door Title's operations, we aim to generate additional revenue streams to further propel our growth, increase revenue per transaction, and equip agents with new tools to effectively compete and win in the market. Looking ahead, we aim to layer on additional value-added services, either through acquisition or joint venture relationships, to further enhance our offerings, drive new revenue streams, and expand our market presence across the U.S. Most notably, we have demonstrated our successful track record acquiring and integrating related businesses into our organization. Given the massive disruption in our industry, we remain committed and highly confident in our ability to establish La Rosa as a dominant force in the real estate industry through our unique agent-centric model.”
The consummation of the acquisition is subject to the parties entering into a definitive acquisition agreement and other related transactional documents.
About La Rosa Holdings Corp.
La Rosa Holdings Corp. (Nasdaq: LRHC) is disrupting the real estate industry by offering agents a choice between a revenue share model or an annual fee-based model with 100% agent commissions. Leveraging its proprietary technology platform, La Rosa empowers agents and franchisees to deliver top-tier service to their clients. The Company provides both residential and commercial real estate brokerage services and offers technology-based products and services to its sales agents and franchise agents.
La Rosa's business model is structured around internal services for agents and external services for the public, including residential and commercial real estate brokerage, franchising, real estate brokerage education and coaching, and property management. The Company has 22 La Rosa Realty corporate real estate brokerage offices and branches located in Florida, California, Texas, and Georgia. The Company also has 15 La Rosa Realty franchised real estate brokerage offices and branches and two affiliated real estate brokerage offices in the United States and Puerto Rico.
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Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s successful acquisition of Red Door Title, the Company's ability to achieve profitable operations, our ability to successfully integrate acquisitions into our business operations, customer acceptance of new services, the demand for the Company’s services and the Company’s customers' economic condition, the impact of competitive services and pricing, general economic conditions, the successful integration of the Company’s past and future acquired brokerages, the effect of the recent National Association of Realtors' landmark settlement on our business operations, and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission (the "SEC”). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other reports and documents that we file from time to time with the SEC, including our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024. Forward-looking statements contained in this press release are made only as of the date of this press release, and La Rosa does not undertake any responsibility to update any forward-looking statements in this release, except as may be required by applicable law. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
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Investor Relations Contact:
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1020
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