RCI Hospitality Announces $11M Acquisition Of Flight Club In Detroit; Expected $2M Annualized EBITDA Contribution

RCI Hospitality Holdings, Inc. -4.18%

RCI Hospitality Holdings, Inc.

RICK

21.79

-4.18%

RCI Hospitality Holdings, Inc. (NASDAQ:RICK) today announced closing on the acquisition of Flight Club, the premier gentlemen's club in the Detroit market, 5 miles from Detroit Metro Airport and 20 miles from downtown, casinos and major sports venues.

The purchase price totaled $11.0 million, consisting of $3.0 million cash and $5.0 million seller financing at 8.0% for the club, and $3.0 million cash for associated real estate. The company expects the acquisition to contribute an estimated $2.0 million in annualized adjusted EBITDA.

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