The Staffing Group Ltd. (OTCBB: TSGL) announced plans to acquire a North Dakota industrial staffing firm and will seek more acquisitions in the next three years.

The company is not naming the acquisition target, which has three locations operating in North Dakota and provides skilled personnel to various industries, including trucking, manufacturing, construction and the oil and gas industry in the Bakken Shale region.

Definitive terms are being finalized and the company expects to close on the acquisition upon a successful completion of its equity raise. The company intends to raise $5 million in a non-brokered private placement, according to a Feb. 4 filing with the US Securities and Exchange Commission.

The proposed transaction is expected to add up to $6 million in revenue for the company in 2016 and more than of $8.5 million in 2017.

The Staffing Group provides temporary staffing to construction, light industrial, refuse, ship repair and stevedoring companies. It entered into a licensing agreement with industrial staffing provider Labor Smart (OTCQB: LTNC) that allows The Staffing Group to utilize the Labor SMART brand in all future openings.

The company reported it will execute an aggressive buy-and-build strategy through the acquisition and integration of small- to midsize staffing businesses with focus on the light industrial, engineering, manufacturing and construction staffing space. The Staffing Group believes the light industrial staffing segment is ripe for consolidation and will seek accretive acquisitions that will drive annual revenues to $75 million within the next 36 months.