- HireQuest ( NASDAQ: HQI ) said Wednesday it will acquire certain assets of Florida-based executive recruiting network MRINetwork for ~$13.5M.
- The assets include MRI's 232 franchise offices in the U.S. and internationally, which generated ~$283M in systemwide sales and standalone adj. EBITDA of $1.9M for the trailing 12-month period ended Sept. 30.
- HireQuest ( HQI ) will fund the deal with cash on hand and its existing line of credit.
- "The addition of MRI as a franchise offering for executive search provides HireQuest ( HQI ) with immediate scale in the segment and is highly complementary with our existing HireQuest Direct and Snelling offerings," said CEO Rick Hermanns.
- The deal is expected to close on Dec. 12.
For further details see:
HireQuest to acquire franchises from executive search firm MRINetwork for $13.5M