HireQuest To Acquire Commercial Staffing, Executive Placement Providers In Philadelphia - HireQuest (NASDAQ:HQI)

HireQuest Inc 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.