RCI Announces Acquisition of Metro Detroit's Flight Club

Core Points - RCI Hospitality Holdings, Inc. has completed the acquisition of Flight Club, a premier gentlemen's club located in the Detroit market, for a total purchase price of $11.0 million [1][2] - The acquisition consists of$3.0 million in cash, $5.0 million in seller financing at an interest rate of 8.0$3.0 million in cash for associated real estate [2] - The company anticipates that the acquisition will contribute approximately $2.0 million in annualized adjusted EBITDA [2] Company Overview - RCI Hospitality Holdings, Inc. operates more than 60 locations and is recognized as a leading company in the adult nightclub and sports bar-restaurant industry in the United States [3] - The newly acquired Flight Club is a two-story, 10,000-square foot establishment that features upscale entertainment and a five-star kitchen, and is strategically located near major freeways and the Detroit Metro Airport [2][3] - The acquisition aligns with the company's 'Back to Basics' Capital Allocation Plan, which was recently launched [2]