---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-22-027538"
form_type: "8-K"
ticker: "HQI"
cik: "0001140102"
company_name: "HireQuest, Inc."
filed_at: "2022-11-16T23:59:59+00:00"
generated_at: "2026-06-21T17:18:04.834957+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# HireQuest agrees to acquire MRINetwork assets for $13.5M, adding 232 executive search franchises

## Summary
- Purchase price $13.5M in cash, subject to working capital adjustments and $500K earnout based on revenue.
- Acquisition adds 232 franchise offices with $283M trailing 12-month systemwide sales.
- MRINetwork generated $1.9M standalone adjusted EBITDA for TTM ended Sept 30, 2022.
- Transaction expected to close December 12, 2022, subject to customary conditions.
- Funded with cash on hand and existing credit facility; not subject to financing condition.

## SEC filing metadata
- accession: 0001437749-22-027538
- form_type: 8-K
- ticker: HQI
- cik: 0001140102
- company_name: HireQuest, Inc.
- filed_at: 2022-11-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1140102/000143774922027538/0001437749-22-027538-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1140102/000143774922027538/hqi20221116_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-22-027538
- JSON: https://secwatch.observer/filing/0001437749-22-027538.json
- Plain text: https://secwatch.observer/filing/0001437749-22-027538.txt

## Key facts
- Material Agreements
  HireQuest, Inc. entered into Asset Purchase Agreement with MRI Network Holdings, Inc., Management Recruiters International, Inc., MRI International, LLC, and MRI Contract Staffing, LLC (collectively, the "Sellers"), and Bert Miller, as the Sellers' Representative valued at $13.5 million (effective 2022-11-16).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: MRI Network Holdings, Inc., Management Recruiters International, Inc., MRI International, LLC, and MRI Contract Staffing, LLC (collectively, the "Sellers"), and Bert Miller, as the Sellers' Representative
  - Value: $13.5 million
  - Effective: 2022-11-16
  source text: On November 16, 2022, HQ Snelling Corporation ("HQ Snelling"), a wholly-owned subsidiary of HireQuest, Inc. (the "Company"), entered into a definitive Asset Purchase Agreement (the "Purchase Agreement") with MRI Network Holdings, Inc., Management Recruiters International, Inc., MRI International, LLC, and MRI Contract Staffing, LLC (collectively, the "Sellers"), and Bert Miller, as the Sellers' Representative. Pursuant to the Purchase Agreement, HQ Snelling will acquire certain assets and assume certain liabilities of the Sellers (such acquisition and assumption, the "Transaction"), for a purchase price of $13.5 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1140102/000143774922027538/0001437749-22-027538-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.