HireQuest To Acquire 3 Commercial Staffing Locations In West Texas, New Mexico

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.