HQI · HireQuest, Inc.

HireQuest, Inc. has reignited its pursuit of TrueBlue, Inc. assets after previous full-company acquisition attempts in 2025 were rejected by TrueBlue's board. The current proposal specifically targets the on-demand staffing portion of TrueBlue's People-Ready segment, described by HireQuest CEO Richard Hermanns as an underperformer that excludes higher-growth skilled and solar/renewable energy staffing areas. Valued at $105 million in cash—equating to $3.45 per TrueBlue share based on proxy disclosures—this offer presents TrueBlue with a path to monetize a non-core asset while retaining independence as a public company. HireQuest emphasizes its franchise model as ideally suited to enhance the business's value, complementing its HireQuest Direct division. Potential benefits for TrueBlue include substantial cash proceeds for debt reduction, strategic investments, business diversification, or a special dividend to shareholders. While no prior engagement has led to a deal, HireQuest signals openness to all transaction options. The proposal is non-binding, with forward-looking statements highlighting risks such as lack of agreement, integration challenges, regulatory hurdles, and failure to realize synergies. Investors should monitor TrueBlue's response, as this could significantly alter HireQuest's growth trajectory in on-demand staffing.