Doran Companies Founder and Principal Sells Majority Stake
Twelve years after launching Bloomington-based Doran Companies, founder and principal Kelly Doran has sold a majority interest in the firm to two of its top executives. Chief operating officer Anne Behrendt has acquired a 51 percent stake and now becomes president and CEO. Chief financial officer Ryan Johnson now owns a 24.5 percent interest. The changes are effectively immediately.
Doran, 61, isn’t retiring. He’ll retain a 24.5 percent stake in the company and his real estate holdings. He will also continue to develop projects.
Behrendt and Johnson have been part of Doran Companies’ executive team, helping steer the company’s strong growth. Behrendt joined as general counsel in 2011 and become chief operating officer in 2015. Johnson joined the company in 2008 and has been CFO since 2015.
“Anne and Ryan have been my partners during our record growth and we simply wouldn’t be where we are without their leadership and involvement in the organization,” said Doran in a statement. “Partnering with them is a no-brainer and, in many ways, is simply formalizing what the reality has been for some time.”
Doran Companies now has more than 200 employees with divisions focusing on development, construction, architecture and property management. The firm opened a Denver office in 2016.
Since its inception Doran Companies has developed and/or built 6,000 units of multifamily housing, including projects built for other developers. Another 2,000 units are currently in the pipeline, counting the firm’s own developments and third-party construction work.
Twin Cities Business took an in-depth look at Doran and the business he has built in 2017.
“I am so proud of the company we are today and know we are well positioned to continue our growth into the future,” said Behrendt in a statement.