HireQuest Inc. (NASDAQ: HQI), a staffing franchisor, has agreed to acquire certain assets of MRINetwork for approximately $13.5 million before working capital adjustments.

The assets include MRI’s 232 franchise offices in the US and internationally, which generated approximately $283 million in systemwide sales and standalone adjusted EBITDA of $1.9 million for the trailing 12-month period ended Sept.30.

HireQuest will fund the acquisition with cash on hand and its existing line of credit. Subject to a number of closing conditions, the transaction is expected to close Dec. 12. During the interim, both HireQuest and MRINetwork offices will remain open for business.

Headquartered in Delray Beach, Florida, MRINetwork ranks third on SIA’s list of largest direct hire firms in the US. A company controlled by Bert Miller acquired the company in 2019.

HireQuest will be able to further develop MRINetwork’s corporate and leadership teams and will provide its franchisees with more resources, broader scope and the ability to scale strategically, according to Miller.

“I’ve spent over 27 years as an MRI franchisee and became its CEO three years ago with a goal of carrying on the innovation established by our original founder, Alan Schonberg,” Miller said. “Through this time, we've successfully guided the organization through a digital transformation to prepare the business for the future and help our franchisees build real businesses that also happen to be search firms.”

“The addition of MRI as a franchise offering for executive search provides HQI with immediate scale in the segment and is highly complementary with our existing HireQuest Direct and Snelling offerings,” said HireQuest President and CEO Rick Hermanns. “For more than 50 years, MRI’s franchisees have provided their clients with exemplary service. We are looking forward to providing them with additional tools and support they need to grow that success in the future.”

Based in Goose Creek, South Carolina, HireQuest counts more than 225 franchise offices in more than 38 states through its HireQuest Direct, HireQuest, Snelling, Link and Northbound Executive Search brands. The company has made several other acquisitions this year, including The Dubin Group Inc. and Dubin Workforce Solutions Inc., Northbound Executive Search Ltd. and the staffing division of dmDickason Personnel Services.