HireQuest Inc. (NASDAQ: HQI) reported it closed on its acquisition of Snelling Staffing, a 67-year-old staffing firm headquartered in Richardson, Texas. The price was approximately $17.3 million before working capital adjustments.

While HireQuest reported the closing today, the deal was first announced last month.

“With this milestone acquisition, HireQuest has established a compelling second franchise opportunity in commercial staffing, utilizing one of the more recognized names in the industry,” HireQuest CEO Rick Hermanns said. “We now have two complimentary national networks — our traditional on-demand labor offering and now Snelling’s commercial staffing.”

At closing, HireQuest acquired 47 Snelling locations that generated approximately $87 million in system sales for 2020.

HireQuest will sell certain Snelling locations to third parties as part of its integration process. Negotiations are currently taking place over these locations. HireQuest expects the branches being sold will operate under a trademark license agreement resulting in continued royalty revenue.

HireQuest is based in Goose Creek, South Carolina, and has a network of 136 franchisee-owned offices in 30 states and the District of Columbia. It operates primarily in the light industrial and blue-collar segments of the staffing industry.