RCI Hospitality (RICK) announced closing on the acquisition of Platinum West Gentlemen’s Club in West Columbia, South Carolina. The purchase price totaled $8M, consisting of $3.75M cash and $2.5M seller financing at 7% for the club, and $1.75M 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.
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