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.