RCI Announces Acquisition of Metro Detroit's Flight Club

Acquisition Details - RCI Hospitality Holdings Inc acquired Flight Club, a premier gentlemen's club in Detroit, for a total purchase price of $11 0 million, including$3 0 million cash and $5 0 million seller financing at 8 0$3 0 million cash for associated real estate [2] - The acquisition is expected to contribute an estimated $2 0 million in annualized adjusted EBITDA [2] - Flight Club is a two-story, 10,000-square foot establishment located at 29709 Michigan Avenue, Inkster, MI, established in 1997 and recently renovated [2] Strategic Fit and Management Commentary - The acquisition aligns with RCI Hospitality's portfolio of high-end clubs with restaurants in major cities and is the first club purchase since the launch of the company's 5-Year 'Back to Basics' Capital Allocation Plan [2] - Eric Langan, President and CEO of RCI Hospitality Holdings Inc, stated that Flight Club is a well-established business that should benefit from the company's marketing, purchasing, and systems expertise [2] Company Overview - RCI Hospitality Holdings Inc, through its subsidiaries, operates more than 60 locations and is the leading company in adult nightclubs and sports bars-restaurants in the country [3] - The company's brands can be viewed at www rcihospitality com [3]