- HireQuest Inc (NASDAQ:HQI) has agreed to acquire the operational assets of The Dubin Group, Inc. and Dubin Workforce Solutions, Inc., related founder-owned businesses in Philadelphia, Pennsylvania, that provide executive placement services and commercial staffing, respectively. Financial terms were not disclosed.
- This acquisition expands HireQuest Direct and Snelling offerings in the Northeast and provides HireQuest a toehold into executive placement services in the region.
- The acquired businesses will be converted to HireQuest's franchise model. The company expects the transaction to close in the first quarter of 2022.
- HireQuest plans to fund the deal with existing cash on hand and, if necessary, a modest draw on its line of credit. It held cash on hand of $4.8 million as of September 30, 2021.
- Price Action: HQI shares are trading higher by 4.75% at $17.65 on the last check Wednesday.
