Its always been a decent ranking strategy but the lack of a brand name might hurt them with customers. In SEO there are a ton of city/SEO companies out there. I have some clients in medical who have done the same thing and it helps them rank and they do well getting clients with that name but they also have a competitor in the same building using the same basic name they just added another word. So you could pull the same thing just add another term to the name but there will be confusion with customers when you do that.

Google did their best for a while to kill emd’s but it seems its back in full swing these days and has been for a while.