RCI Hospitality Holdings, Inc. (Nasdaq: RICK) has completed the acquisition of the upscale Platinum Plus Gentlemen's Club in Allentown, PA. The transaction, announced by the company, involved a purchase price of $2.0 million, comprising $1.5 million in cash and $0.5 million in seller financing at 7%. This acquisition aligns with RCI's strategy of acquiring clubs at 3-5x annualized adjusted EBITDA. Eric Langan, President and CEO of RCI, noted that this acquisition complements the recent purchase of the sister club Platinum West in South Carolina and is part of the company's 5-Year 'Back to Basics' Capital Allocation Plan. The experienced management team at Platinum Plus will remain to facilitate a smooth transition.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. RCI Hospitality Holdings Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250616721096) on June 16, 2025, and is solely responsible for the information contained therein.