HireQuest Inc., a skilled labor staffing company with headquarters in Goose Creek, is in the process of acquiring another staffing agency for $17.3 million.
The transaction is scheduled to close Feb. 28.
HireQuest Inc. franchises on-demand and temporary staffing services that specialize in industrial roles, including construction, light industrial, manufacturing, hospitality, and event services.
Its subsidiary HQ Snelling Corp. will be purchasing certain assets of Snelling Staffing. The acquisition will create new franchise opportunities for HireQuest, including traditional commercial staffing, company President and CEO Rick Hermanns said in a news release.
“This acquisition will further diversify our business, broaden our national footprint and allow us to realize even greater operational leverage,” Hermanns said. “We expect this added scale and diversity of offerings to make us more attractive to national accounts, intrigue potential new franchisees and grow our revenue base and corresponding earnings while maintaining historical margins.”
In 2020, Snelling brought in almost $95 million in revenue from system-wide sales.
“HireQuest is excited to welcome the Snelling franchisees that have built the brand over the years, and we intend to maintain and advance this respected trade name going forward,” Hermanns said. “We believe this acquisition will build on the strong foundation laid by both companies by allowing us not only to expand more fully into commercial staffing, but also to broaden our geographic reach to new states.”
In total, HireQuest would acquire Snelling Staffing’s 48 locations in 24 states — which would add to the company’s existing total of 136 franchise-owned offices in 30 states.
HireQuest currently has 12 locations in South Carolina, with headquarters in Goose Creek and additional Lowcountry offices in Summerville, North Charleston and downtown Charleston. There are also two midland offices, one in Columbia and one in West Columbia, and two upstate in Greenville and Spartanburg.
Both HireQuest and Snelling Staffing offices will remain open without interruption during the acquisition.