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RCI Hospitality Holdings, Inc. (NASDAQ:RICK) today announced closing on the acquisition of Platinum West Gentlemen's Club in West Columbia, South Carolina, the only upscale adult nightclub in the central part of the state.
The purchase price totaled $8.0 million, consisting of $3.75 million cash and $2.5 million seller financing at 7% for the club, and $1.75 million cash for associated real estate. The purchase price is in line with RCI's acquisition valuation target of 3-5x annualized adjusted EBITDA for a club and fair market value for its real estate.
Posted In: RICK
