HireQuest, Inc. completed the acquisition of Temporary Employment Company.
December 03, 2023
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HireQuest, Inc. (NasdaqCM:HQI) entered into a definitive agreement to acquire Temporary Employment Company for approximately $9.8 million on October 23, 2023. HireQuest intend to finance this acquisition with Senior Credit Facility. TEC Staffing Services generated over $34 million in total revenue for the trailing 12-month period ended September 30, 2023. The offices will be converted to the Snelling franchise model. The transaction is expected to close in the fourth quarter subject to closing conditions. During the interim, all of TEC's offices will remain open for business without interruption.
HireQuest, Inc. (NasdaqCM:HQI) completed the acquisition of Temporary Employment Company on December 4, 2023.
HireQuest, Inc. is a franchisor of offices providing direct-dispatch executive search, commercial staffing, and permanent placement solutions. The Company, through its franchisees, provides various types of services through multiple business models under the trade names HireQuest Direct, Snelling, HireQuest, DriverQuest, HireQuest Health, Northbound Executive Search, Management Recruiters International (MRI). HireQuest Direct focuses on daily work/daily-pay jobs primarily for construction and light industrial customers. Snelling and HireQuest focus on longer-term staffing positions in the light industrial and administrative arenas. DriverQuest specializes in both commercial and non-CDL drivers serving a variety of industries and applications. HireQuest Health specializes in skilled personnel in the healthcare and dental industries. Northbound and MRI focus on executive, managerial, and professional recruitment services, although they also offer short-term consultant services.