---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-008476"
form_type: "8-K"
ticker: "RICK"
cik: "0000935419"
company_name: "RCI HOSPITALITY HOLDINGS, INC."
filed_at: "2023-03-17T23:59:59+00:00"
generated_at: "2026-06-18T00:02:32.355991+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# RCI closes $66.5M deal for 5 TX nightclubs; sees $11M adj. EBITDA in Y1

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-008476
- form_type: 8-K
- ticker: RICK
- cik: 0000935419
- company_name: RCI HOSPITALITY HOLDINGS, INC.
- filed_at: 2023-03-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/935419/000162828023008476/0001628280-23-008476-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/935419/000162828023008476/rick-20230316.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-008476
- JSON: https://secwatch.observer/filing/0001628280-23-008476.json
- Plain text: https://secwatch.observer/filing/0001628280-23-008476.txt

## Key facts
- M&A Transactions
  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
  source text: 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,
  evidence_url: https://www.sec.gov/Archives/edgar/data/935419/000162828023008476/0001628280-23-008476-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.