May 13, 2019
Kelly Doran sells controlling interest in Doran Companies to two long-time executives, Anne Behrendt named President and CEO
Behrendt will own 51 percent of all Doran Companies, current CFO Ryan Johnson and Kelly Doran will share equally remaining minority ownership interest
Bloomington, MN — Doran Companies today announced that Chief Operating Officer Anne Behrendt and Chief Financial Officer Ryan Johnson, will buy from Kelly Doran a majority ownership interest in Doran Companies. Behrendt will own 51 percent and become president and chief executive officer, while Johnson will buy a 24.5 percent minority share equal to the amount Kelly Doran will retain. Doran will also retain his real estate holdings and will continue to develop exclusively with the company.
Behrendt comes to the president and CEO role after a series of successful executive positions within Doran Companies, first as General Counsel in 2011, and later as Chief Operating Officer in 2015. Johnson joined Doran in 2008 serving as Chief Financial Officer since 2015. Together with Doran, the trio has led Doran Companies’ through significant growth, expanding the Minnesota-based development company to Colorado, growing from 20 employees to over 200 Doran employees across the two states, diversifying deal structures to include equity partners beyond Doran and increasing annual volume to over $500 million a year in development and construction.
“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. “We have a passion for being exceptional in every aspect of our business, we are tenacious, and we know those values – combined with our commitment to our employees and the communities within which we develop – will continue to fuel us.”
While Doran has no plans to retire and will continue to develop real estate while retaining ownership of his current real estate holdings, succession planning has been a key focus of his for the past couple of years.
“What began as planning after a health scare in 2017, quickly morphed into a desire to ensure Doran Companies can grow beyond me and into the next generation,” said Doran. “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. Partnering with them is a no-brainer and, in many ways, is simply formalizing what the reality has been for some time.”
Serving as Chief Operating Officer since 2015, Behrendt led an organizational restructure four years ago, assuming oversight of the company’s leadership team and responsibility for the day-to-day operations of the organization. Together, she, Johnson and Doran have overseen all financial and development deals for the organization.
“Today’s announcement isn’t about a shift in strategy,” said Johnson. “At our core, we are three entrepreneurs who believe in what we do, who refuse to be anything other than nimble and who share a deeply aligned vision for our future. We believe our strong foundation combined with solid financial partnerships position us well for continued growth.”
Doran’s two sons, Evan and Kramer Doran, have also joined the company in the past year with an eye toward long-term careers in development.
“I’m really looking forward to working with my sons and am grateful they are joining the business,” said Doran.
About Doran Companies
As one of the fastest-growing real estate development firms in the Upper Midwest, Doran Companies is a trusted leader in development, architecture, construction and property management. With offices in Colorado and Minnesota, Doran’s strong team of industry professionals are responsible for an impressive portfolio of premier properties. Over the past decade, Doran Companies has developed, designed or built more than 35 luxury multi-family and mixed-use projects in Minnesota, North Dakota and Colorado. Doran’s current property management portfolio includes millions of square feet of commercial space and luxury residential units in some of the most exclusive areas throughout the Midwest. Doran Companies’ more than 200 employees are committed to enhancing lives and building community. Receiving numerous industry awards – from “Best Place to Work” to “Best of Business” to “Best Large Contractor” – Doran’s partners and peers recognize its commitment to quality and its trusted position in the marketplace. For more information about Doran Companies visit DoranCompanies.com.