RCI Hospitality Holdings, Inc. (RICK) Tuesday has successfully completed the acquisition of Platinum West Gentlemen's Club in West Columbia, South Carolina.
This upscale adult nightclub is the only one of its kind in the central region of the state. The total purchase price amounted to $8 million, which included $3.75 million in cash, $2.5 million in seller financing at 7% for the club, and $1.75 million in cash for the associated real estate. This transaction aligns with RCI's target valuation of 3-5 times the club's annualized adjusted EBITDA and fair market value for the real estate.
Eric Langan, President and CEO of RCI, expressed excitement about the acquisition, noting that it complements their portfolio of high-end clubs. This marks the second club acquisition since the launch of their 5-Year 'Back to Basics' Capital Allocation Plan. He also highlighted that Platinum West's experienced management team would benefit from RCI's marketing, purchasing, and operational expertise.
The 10,000 square-foot club is strategically located near key landmarks, including Columbia Metropolitan Airport, downtown Columbia, and Fort Jackson, a major U.S. Army facility. Platinum West operates seven days a week, with extended hours on weekends.
RICK is currently trading at $37.64 or 3.59% lower on the Nasdaq Global Market.
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