- HireQuest Inc HQI has agreed to acquire the staffing division of dmDickason Personnel Services, a family-owned company based in El Paso, Texas. Deal terms were not disclosed.
- The acquisition expands HireQuest's Snelling footprint in west Texas and New Mexico.
- The staffing division has three offices, two in El Paso, Texas, and one in Las Cruces, New Mexico, and generated ~$18 million in revenue in 2021.
- The company plans to convert the three offices into Snelling franchise locations on transaction completion expected in 1Q22.
- HireQuest plans to fund the acquisition with existing cash on hand and a modest draw on its line of credit. It held a cash balance of $4.8 million as of September 30, 2021.
- Price Action: HQI shares are trading lower by 4.72% at $18.39 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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