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RCI Announces Acquisition of Platinum Plus Gentlemen's Club in Allentown, PA

1. RCI Hospitality acquires Platinum Plus Gentlemen's Club for $2 million. 2. Acquisition aligns with RCI's valuation targets of 3-5x adjusted EBITDA.

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$40.0506/17 03:33 PM EDTLatest Updated
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FAQ

Why Bullish?

The acquisition may increase RICK's revenue and EBITDA. Historical purchases have previously led to stock appreciation.

How important is it?

The acquisition directly impacts RICK’s growth strategy, suggesting potential for revenue increase.

Why Short Term?

Immediate financial results from the acquisition may reflect in the short term. Investors often react quickly to strategic acquisitions.

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RICKPLNTPENNLVS
HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced closing on the acquisition of the upscale Platinum Plus Gentlemen's Club in Allentown, PA, minutes away by car from the airport in Allentown and the casino in Bethlehem. The purchase price totaled $2.0 million, consisting of $1.5 million cash and $0.5 million seller financing at 7% for the club. The purchase price is in line with RCI's acquisition valuation target of 3-5x annualized adjusted EBITDA for a clu.

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