- RCI Hospitality Holdings Inc (NASDAQ:RICK) has acquired 11 adult nightclubs, six related real estate properties, and associated intellectual property, for $88 million. Troy Lowrie of Lakewood, Colorado, controls nine of the acquired 11 nightclubs.
- The deal’s total value includes $57.0 million for the 11 clubs, $18.0 million for the six real estate properties, and $13.0 million for the intellectual property.
- The deal will expand RCI’s geographic footprint with five locations in Denver, Colorado; two near St. Louis, Missouri; and one each in Indianapolis, Indiana; Louisville, Kentucky; Raleigh, North Carolina; and Portland, Maine.
- The clubs generated about $40 million in revenue and $14 million in adjusted EBITDA in their fiscal year ended December 31, 2019.
- “We believe the quality of the clubs’ licenses and locations enhance the value of the collective acquisition to us,” said CEO Eric Langan.
- It anticipates the deal to be accretive in year one.
- It plans to pay $26.0 million in cash, $30.0 million in restricted common stock, $21.2 million in seller financing, and $10.8 million in commercial real estate bank financing. It plans to fund the cash payment by borrowing from third-party lenders.
- RCI held $20.2 million in cash and equivalents as of March 31, 2021.
- Price action: RICK shares are trading higher by 14.5% at $67.19 on the last check Monday.
American Electric Power Service Corporation Seeks Bids For Coal
American Electric Power (NASDAQ:AEP) today issued a request for proposal (RFP) for the supply of coal to one or more of its generating stations in multiple coal regions. AEP seeks proposals for the following regions and
