HireQuest, Inc. Enters Definitive Agreement to Acquire TEC Staffing Services

Rhea-AI Summary

HireQuest, Inc. has announced its definitive agreement to acquire TEC Staffing Services, a provider of staffing services in Arkansas. TEC generated over $34 million in revenue for the trailing 12-month period. The acquisition will expand HireQuest's footprint and enhance the Snelling brand in the region.

Positive

• HireQuest's acquisition of TEC Staffing Services will expand its footprint and enhance the Snelling brand in Northwest and Central Arkansas.

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• None.

GOOSE CREEK, SC / ACCESSWIRE / October 24, 2023 / HireQuest, Inc. (NASDAQ:HQI), a national franchisor of direct dispatch, executive search, and commercial staffing services, today announced that it has entered into a definitive agreement to acquire TEC Staffing Services ("TEC") (tecjobs.net), headquartered in Fort Smith, Arkansas. TEC's ten offices throughout Northwest and Central Arkansas provide light industrial, clerical, technical, and professional staffing services, and generated over $34 million in total revenue for the trailing 12-month period ended September 30, 2023. The offices will be converted to the Snelling franchise model.

Rick Hermanns, President and Chief Executive Officer of HireQuest, commented, "TEC Staffing Services has been a premier provider of staffing services serving Northwest and Central Arkansas for over 40 years and we believe this acquisition provides an excellent opportunity to expand our footprint and enhance the Snelling brand in this region. TEC is an ideal addition, strengthening our core staffing competencies and we look forward to welcoming their offices as part of the Snelling franchise family."

The Company believes its current operating infrastructure can support the addition of TEC's offices to the Snelling network without the need for incremental corporate headcount. The transaction is expected to close in the fourth quarter subject to closing conditions. During the interim, all of TEC's offices will remain open for business without interruption.

About HireQuest
HireQuest, Inc. is a nationwide franchisor of direct dispatch, executive search, and commercial staffing solutions for HireQuest Direct, HireQuest, Snelling, HireQuest Health, DriverQuest, TradeCorp, MRI, SearchPath Global, and Northbound Executive Search franchised offices across the United States. Through its national network of over 400 franchisee-owned offices across the United States, HireQuest provides employment for approximately 81,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, medical, travel, financial services, 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; our staffing needs and corporate headcount; future revenue or sales and the growth thereof; operating results; anticipated benefits of the acquisition of TEC, the transition of TEC's operations to franchised offices, effects of expanded scale, or the status of integration of TEC'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, Vice President 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

View source version on accesswire.com:
https://www.accesswire.com/795722/hirequest-inc-enters-definitive-agreement-to-acquire-tec-staffing-services

FAQ

What is HireQuest acquiring?

HireQuest is acquiring TEC Staffing Services, a provider of staffing services in Arkansas.

How much revenue did TEC generate?

TEC generated over $34 million in revenue for the trailing 12-month period.

What will happen to TEC's offices?

TEC's offices will be converted to the Snelling franchise model.

When will the transaction close?

The transaction is expected to close in the fourth quarter, subject to closing conditions.