HOUSTON, Oct. 19, 2021 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced closing yesterday on the acquisition of 11 adult nightclubs in six states, the clubs' intellectual property, and six related real estate properties. The company previously announced definitive agreements for the acquisition on July 26. Financial terms remained the same.
Eric Langan, President and CEO of RCI Hospitality Holdings, Inc., said, "We're excited about this acquisition and the new team members who are joining us. The new clubs increase our current unit count by 23%, to 58 locations. They expand our footprint with five in Denver, CO; two near St. Louis, MO; and one each in Indianapolis, IN, Louisville, KY, Raleigh, NC, and Portland, ME. They generated approximately $40 million in revenue and $14 million in adjusted EBITDA in the year ended December 31, 2019. We expect them to be accretive to earnings and cash flow in year one and hope to improve upon their run rate."
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