HireQuest Inc. (NASDAQ: HQI) agreed to acquire certain assets of MRINetwork, France-based Proman acquired National Skilled Trades Masters in Dallas and Conscious Capital Growth acquired a majority stake in franchise company Patrice & Associates.
HireQuest
Staffing franchisor HireQuest Inc., acquired 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.
The deal was first announced in November.
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.
“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.
Proman
Proman, a global temporary employment and human resources firm headquartered in France, acquired National Skilled Trades Masters, a temporary staffing provider located in Dallas. The acquisition is Proman’s third transaction in the US, following the purchase of Paramount Staffing in 2018 and TalentForce in 2019.
With the integration of the National Skilled Trades Masters, Proman, founded in 1990, aims to exceed $300 million in revenue by 2023.
National Skilled Trades Masters, with 43 permanent employees in five locations across Texas, provides contract labor, direct placement, training, and consulting services.
“Trades Masters, along with Proman skilled trades, will offer us new opportunities and allow us to expand our footprint to other cities in Texas and the southern United States,” said Gilles Tanneur, CEO of Proman North America. “We share the same values: people, team spirit, performance and a fun company to work with and for.”
The terms of the transaction were not disclosed.
Conscious Capital Growth
Conscious Capital Growth, a Scottsdale, Arizona-based acquisition and growth accelerator firm focused on the franchise industry, acquired a majority stake in Patrice & Associates, a franchise company in hospitality and food and beverage staffing and recruiting services based in Dunkirk, Maryland.
Conscious Capital Growth noted that its managing partners and tenured franchise executives, Heather Elrod and Christo Demetriades, and their advisory team, recognized Patrice & Associates’ track record of success and saw it as an important franchise opportunity that supports the growing work-from-anywhere trend.
“First and foremost, this franchise company has fantastic people who put the franchisees, the client companies, and the candidates first,” Elrod said. “Their client and candidate testimonials, along with their growth trends, show it. Second, they are part of the $772 billion global HR and recruitment market and are expanding their industry reach with great success.”
Founded in 1989, Patrice & Associates has nearly 200 franchisees across the US, placing managerial and executive-level candidates in the hospitality, accommodation, and associated food and beverage industries.
