La Rosa Holdings Corp. (NASDAQ: LRHC) announced 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.
Headquartered in Orlando, Red Door Title is a full-service escrow settlement and title company. La Rosa stated the acquisition will now enable it to provide title insurance services for home purchases and sales.
The financial terms of the acquisition were not disclosed.
“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,” said Joe La Rosa, CEO of La Rosa Holdings Corp. “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.”
La Rosa added his company planned 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.
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