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HireQuest, Inc. (NASDAQ: HQI) has completed its acquisition of the Dental Power Staffing (DPS) division from Dental Power, enhancing its staffing services in the dental sector across the U.S. DPS specializes in temporary, long-term contract, and direct-hire staffing for dental practices. The acquisition supports HireQuest's strategy to expand its franchise model into the dental market, with tailored franchise offerings expected in the first half of 2022. This move aims to leverage DPS's established presence and expertise to increase market penetration and revenue growth.
Positive
Acquisition of Dental Power Staffing expands HireQuest's service offerings in the dental staffing sector.
DPS's established presence supports the launch of tailored franchise offerings aimed at the dental market.
Potential for increased market share and revenue growth through the integration of DPS.
Negative
Risks associated with the integration of Dental Power Staffing into HireQuest's operations.
Potential disruption in business relationships during the acquisition integration process.
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 completed the previously disclosed acquisition of the Dental Power Staffing (“DPS”) division of Dental Power (www.dentalpower.com), a 46 year old dental staffing company headquartered in Carrboro, North Carolina. Dental Power’s DPS division is a leading provider of temporary, long-term contract, and direct-hire staffing services to private sector dental practices across the United States. DPS will operate through a corporate owned subsidiary of HireQuest. HireQuest remains committed to its franchise model and is developing a franchise offering tailored to the dental market which it expects to introduce in the first half of 2022, using DPS as the platform to launch this offering.
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, 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 Dental Power Staffing, potential development of new franchise offerings, or the integration of Dental Power Staffing with HireQuest’s operations and the impact of the potential impact of the foregoing on results of operations and financial conditions of HireQuest. All statements other than statements of historical facts contained herein, including the statements identified in the preceding sentence and other statements regarding our future financial position and results of operations, liquidity, business strategy, and plans and objectives of management for future operations, are forward-looking statements. The words “expect,” “intend,” “anticipate,” “will,” “believe,” “may,” “estimate,” “continue,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” and similar expressions as they relate to the company or Dental Power Staffing, are intended to identify forward-looking statements. We have based these forward-looking statements largely on management’s expectations and projections regarding future events and financial trends that we believe may affect our financial condition, operating performance, business strategy, and financial needs. These forward-looking statements involve a number of risks and uncertainties.
Important factors that could cause actual results to differ materially from these forward-looking statements include: the possibility that the anticipated benefits of the acquisition will not be realized or will not be realized within the expected time period; the risk that Dental Power Staffing’s business may not be integrated successfully and disruption from the acquisition may make it more difficult to maintain business and operational relationships; and several other factors.
Further information on risks we face is detailed in our filings with the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended December 31, 2020, our quarterly reports on Form 10-Q filed since that date, and will be contained in our SEC filings in connection with this acquisition. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligations to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may otherwise be required by law.
What is the recent acquisition made by HireQuest, Inc. (HQI)?
HireQuest has acquired the Dental Power Staffing division from Dental Power to enhance its staffing services in the dental industry.
When is HireQuest planning to introduce its new franchise offerings for the dental market?
HireQuest expects to introduce tailored franchise offerings for the dental market in the first half of 2022.
What impact does the acquisition of Dental Power Staffing have on HireQuest's operations?
The acquisition is expected to expand HireQuest's service offerings and potentially increase revenue by leveraging Dental Power Staffing's established market presence.
What are the risks associated with HireQuest's acquisition of Dental Power Staffing?
Risks include challenges in integrating DPS into HireQuest's operations and potential disruption of existing business relationships.
