10:59 AM EDT, 03/13/2024 (MT Newswires) -- La Rosa (LRHC) said Wednesday it purchased a 51% stake in its La Rosa Realty Georgia franchisee.

The franchisee had revenue of $3.4 million and reached breakeven in 2023, La Rosa said.

"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," Chief Executive Officer Joe La Rosa said.

The company's shares rose 8% in recent trading Wednesday.

Price: 1.90, Change: +0.14, Percent Change: +7.95