Maryland-based Los Taxes, which claims to be the first Latino tax franchisor founded in the U.S., has merged with Nevada-based Toro Taxes, which claims to be the largest Latino tax franchise in the country.
This merger encompasses nearly 140 locations across 17 states. The new entity plans to continue to focus on the Latino market, which it describes as “vast and underserved.”
The company plans to expand, fueled by $5 million in investor-funded capital, the companies said. An additional $1.65 million in funding has been secured from a separate investor and these funds will be allocated specifically to help finance new franchisees on the purchase of their franchise, equipment and supplies.
“We are excited not only because of the merger but also because of the opportunities we are now able to offer entrepreneurs that dream of opening their own business,” said CEO Nick Maldonado, CEO.
“Our line of services now allows for our franchisees to stay open year-round with all the additional revenue streams this union brings,” said chief operating officer Javier Solis.
The companies solidified the merger with a gala earlier this month in the Washington, D.C. area.
