RCI Announces Acquisition of Platinum West Gentlemen's Club in West Columbia, SC
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.
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.
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."
"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."
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.
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/.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK) (X: @RCIHHinc)
With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult nightclubs and sports bars-restaurants. See all our brands at www.rcihospitality.com.
Forward-Looking Statements
This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the Company's actual results to differ materially from those indicated, including, but not limited to, the risks and uncertainties associated with (i) operating and managing an adult entertainment or restaurant business, (ii) the business climates in cities where it operates, (iii) the success or lack thereof in launching and building the Company's businesses, (iv) cyber security, (v) conditions relevant to real estate transactions, and (vi) numerous other factors such as laws governing the operation of adult entertainment or restaurant businesses, competition and dependence on key personnel. For more detailed discussion of such factors and certain risks and uncertainties, see RCI's annual report on Form 10-K for the year ended September 30, 2024, as well as its other filings with the U.S. Securities and Exchange Commission. The Company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250407169169/en/
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Media & Investor Contacts Gary Fishman and Michael Wichman at 212-532-3232 or gfishman@pondel.com and mwichman@pondel.com
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