Business
RCI Announces Acquisition of Platinum West Gentlemen’s Club in West Columbia, SC
HOUSTON, April 08, 2025--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.
About this update from Rci Hospitality Holdings, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":384,"url":"https://media.zenfs.com/en/business-wire.com/7e1dd0e06cb48311ea0858fd96893144"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/VmVNPYi5yzBraZQAlYILYw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTc2ODtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/7e1dd0e06cb48311ea0858fd96893144","width":480,"height":384}},"lazy":false},{"type":"text","content":"HOUSTON, April 08, 2025--(BUSINESS WIRE)--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.","length":265,"tagName":"p"},{"type":"text","content":"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.","length":337,"tagName":"p"},{"type":"text","content":"Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., commented: "This is another exciting acquisition. It fits in well with our other high-end clubs and is the second club purchase since the recent launch of our 5-Year ‘Back to Basics’ Capital Allocation Plan."","length":284,"tagName":"p"},{"type":"text","content":""Platinum West is a well-established business with a seasoned management team. It adds to our six other clubs in Southeast states and should benefit from our marketing, purchasing, and systems know-how."","length":213,"tagName":"p"},{"type":"text","content":"The 10,000 square-foot establishment located at 1995 Old Dunbar Road, West Columbia, SC, is 5 minutes by car from Columbia Metropolitan Airport, 10 minutes from downtown Columbia, and 25 minutes from Fort Jackson, the U.S. Army's main facility for basic combat training.","length":274,"tagName":"p"},{"type":"text","content":"Platinum West is open Monday through Thursday from 11:00 a.m. to 4:00 a.m., Friday and Saturday from 11:00 a.m. to 6:00 a.m., and Sunday from 4:00 p.m. to 4:00 a.m. Visit https://platinumwestcolumbia.com/.","len...