HireQuest, Inc. Announces Closing of Northbound Executive Search Acquisition
HireQuest, Inc. (Nasdaq: HQI) has successfully completed its acquisition of Northbound Executive Search, LTD., a New York-based executive placement firm known for serving blue chip financial clients. This strategic move allows HireQuest to expand its service offerings in executive placement and consulting. Northbound had generated over $15 million in revenue in 2021. Concurrently, Northbound has been transitioned to HireQuest’s franchise model, enhancing the company's operational scale and market reach.
- Acquisition of Northbound enhances service offerings in executive placement and consulting.
- Northbound generated over $15 million in revenue in 2021, adding potential revenue growth.
- Transitioning Northbound to a franchise model may improve operational efficiencies and scalability.
- None.
GOOSE CREEK, SC / ACCESSWIRE / February 28, 2022 / 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 Northbound Executive Search, LTD., a New York, New York based provider of executive placement and short-term consultant services primarily to blue chip clients in the financial services industry. Simultaneuos with the closing of the acquisition, HireQuest closed on the sale of Northbound to a franchisee, and completed Northbound's conversion to HireQuest's franchise model. Northbound generated over
Northbound was represented by Transact Capital Securities, a Richmond-based investment bank. Patrick Morin and Matt Kanne led the team for Transact.
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 more than 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 Northbound, the transition of Northbound's operations to franchised offices, effects of expanded scale, or the status of integration of Northbound'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.
Company Contact:
HireQuest, Inc.
David Hartley, Director of Corporate Development
(800) 835-6755
Email: cdhartley@hirequest.com
Investor Relations Contact:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
(203) 972-9200
Email: hirequest@imsinvestorrelations.com
SOURCE: HireQuest Inc.
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