In what geographic area did Dubin operate before being acquired by Management Recruiters?

According to Management Recruiters' 2024 Franchise Disclosure Document, Dubin provided executive placement services and commercial staffing in the Philadelphia metropolitan area before being acquired by Management Recruiters. The acquisition of The Dubin Group, Inc., and Dubin Workforce Solutions, Inc. (collectively, "Dubin") was completed on February 21, 2022. The purchase price for their staffing operations was $2.5 million, inclusive of a $300 thousand note payable and $62 thousand of adjusted net working capital payable.

Management Recruiters' acquisition of Dubin was intended to expedite growth into a new staffing vertical, expand their national footprint, and grow their franchise base. After the acquisition, Management Recruiters divided Dubin into separate businesses and sold certain assets related to the operations of one of the acquired locations. The aggregate sale price for the operating assets was $350 thousand.

As of December 31, 2023, the remaining assets related to the operations of the other acquired locations have not been sold and are classified as held-for-sale, and the operating results are reported as "Income from discontinued operations, net of tax." Management Recruiters continues to operate the Philadelphia location as a company-owned branch while actively seeking to sell these assets.