What date did Management Recruiters complete the acquisition of certain assets of MRI?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
stments included a decrease in the loss of approximately $389 thousand, which is reflected on the line item, "Other miscellaneous income (expense)," in our consolidated statement of income for the year ended December 31, 2022.
MRI
On December 12, 2022, we completed our acquisition of certain assets of MRI in accordance with the terms of an Asset Purchase Agreement dated November 16, 2022, for approximately $13.3 million, inclusive of a $60 thousand of contingent cons
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 65–66)
What This Means (2024 FDD)
According to Management Recruiters' 2024 Franchise Disclosure Document, the company completed its acquisition of certain assets of MRI on December 12, 2022. This acquisition was made in accordance with the terms of an Asset Purchase Agreement dated November 16, 2022. The total purchase price was approximately $13.3 million, which included $60,000 of contingent consideration and approximately $223,000 of net working capital.
MRI, which provides executive placement and commercial staffing services, was acquired to expedite Management Recruiters' growth into a new staffing vertical, expand its national footprint, and grow its franchise base. This strategic move reflects Management Recruiters' broader strategy of expanding its service offerings and market presence through acquisitions.
For a prospective franchisee, this acquisition demonstrates Management Recruiters' commitment to growth and innovation within the staffing industry. It also suggests that Management Recruiters is actively seeking opportunities to enhance its service offerings and expand its market reach, which could benefit franchisees through increased brand recognition and access to a wider range of services and clients.