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HireQuest has announced its acquisition of the staffing division of dmDickason Personnel Services, which operates three offices in El Paso, Texas, and Las Cruces, New Mexico. The acquisition, expected to close in Q1 2022, is valued at approximately $18 million in generated revenue for 2021. This move aims to enhance HireQuest's Snelling brand presence in the region. The deal will be funded through existing cash and a modest draw on its credit line, with ongoing operations remaining uninterrupted during the transition.
Positive
Acquisition of 3 offices expands Snelling's footprint in Texas and New Mexico.
Revenue generation of approximately $18 million in 2021 from the acquired division.
Utilization of existing cash and modest line of credit minimizes financial strain.
Negative
None.
HireQuest to Acquire 3 Commercial Staffing Locations in West Texas and New Mexico
GOOSE CREEK, S.C.--(BUSINESS WIRE)--
HireQuest, Inc. (Nasdaq: HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today announced that it has entered into a definitive agreement to acquire the staffing division of dmDickason Personnel Services, a family-owned company based in El Paso, Texas. The staffing division has three offices, two in El Paso, Texas, and one in Las Cruces, New Mexico, which generated approximately $18 million in revenue in 2021.
"This acquisition expands our Snelling footprint in west Texas and New Mexico,” commented Rick Hermanns, HireQuest’s President and Chief Executive Officer. “dmDickason started in 1965 as one of the earliest Snelling franchises and for over 40 years Don and Martha Dickason have been providing exceptional service to businesses and job candidates in the greater El Paso area. It’s great to be able to acquire a business with such a long history and we’re excited to bring the Snelling name back to region.”
The three offices will be converted into Snelling franchise locations at the close of the transaction. HireQuest will fund this acquisition with existing cash on hand and a modest draw on its line of credit. Completion of this transaction is subject to a number of closing conditions. Subject to such conditions, the transaction is expected to close in the first quarter of 2022. During the interim, the staffing division of dmDickason will remain open for business without interruption.
About HireQuest
HireQuest, Inc. is a nationwide franchisor that provides on-demand labor and commercial staffing solutions in the light industrial, blue-collar, and commercial segments of the staffing industry for HireQuest Direct, HireQuest, Snelling, and Link franchised offices across the United States. Through its national network of over 210 franchisee-owned offices in more than 35 states and the District of Columbia, HireQuest provides employment for approximately 60,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, medical, dental, travel, and event services. For more information, visit www.hirequest.com.
Important Cautions Regarding Forward-Looking Statements
This news release includes, and the company’s officers and other representatives may sometimes make or provide certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including, among others, statements with respect to future economic conditions; future revenue or sales and the growth thereof; operating results; anticipated benefits of the acquisition of dmDickason, the transition of dmDickason’s operations to franchised offices, effects of expanded scale, or the status of integration of dmDickason with HireQuest’s operations. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods. While the company believes these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. The company cannot assure you that these expectations will occur, and its actual results may be significantly different because of various risks and uncertainties discussed in the “Risk Factors” section and elsewhere in the company’s most recent Annual Report on Form 10-K and subsequent filings with the SEC. Any forward-looking statement made by the company or its management in this news release is based only on information currently available to the company and speaks only as of the date on which it is made. The company and its management disclaim any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.
