RCI HOSPITALITY HOLDINGS, INC. (RICK): M&A transaction — RCI closes $66.5M deal for 5 TX nightclubs; sees $11M adj. EBITDA in Y1

RCI HOSPITALITY HOLDINGS, INC.

Purchase price $66.5M: $25M cash ($10M from bank line), $25.5M seller notes (7%, 10-year), 200k restricted shares valued at $16M.
Acquired five clubs: Baby Dolls (Dallas, Ft. Worth) and three Chicas Locas (Houston, Dallas, Arlington) plus real estate and IP.
Expected year-one adjusted EBITDA ~$11M; after expansion/renovation, projected $14-16M annually.
Seller notes secured by purchased assets; shares subject to 24-month lock-up; also bought ATMs for $2.6M.

item 1.01 item 2.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

RCI HOSPITALITY HOLDINGS, INC. completed an acquisition involving TTNA, Inc.; DB Entertainment, Inc.; Duncan Burch, Inc.; Millennium Restaurants Group, Inc.; T and N, Incorporated for total purchase price of $66.5 million (closed 2023-03-16).

Action: acquisition
Counterparty: TTNA, Inc.; DB Entertainment, Inc.; Duncan Burch, Inc.; Millennium Restaurants Group, Inc.; T and N, Incorporated
Consideration: total purchase price of $66.5 million
Closing: 2023-03-16

Exact text from the filing

to acquire five gentlemen’s clubs, five related real estate properties, associated intellectual property, and certain automated teller machines for a total purchase price of $66.5 million, payable with a total of $25.0 million in cash, a total of $25.5 million in seller financing, and 200,000 restricted shares of common stock based on an $80 per share price,

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RCI HOSPITALITY HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-008476

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