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Slide #26. Rick's Cabaret International — 11 Gentlemen's Clubs
Rick's Cabaret International (NASDAQ:RICK)
11 Gentlemen's Clubs
Rick's Cabaret International, Inc. said its new subsidiary Jaguars Acquisitions, Inc. (JAI) and certain other subsidiaries will acquire nine operating locations and two other licensed locations under development in a single transaction. Ten of the clubs are in Texas and the eleventh is in Phoenix, AZ. The subsidiaries will pay a total of $26 million for the clubs and $10 million for associated real estate, with $4.35 million to be paid in cash upon closing of the transaction and the remainder through seller notes at 9.5 percent interest payable over 12 years. The seller notes may be prepaid after five years.
RCI Hospitality Holdings is a holding company. Through its subsidiaries, Co. operated establishments that provided live adult entertainment, and/or restaurant and bar operations. Co. also operates a business communications company serving adult nightclubs industry. Co.'s operating segments include: Nightclubs, which operates upscale adult nightclubs serving primarily businessmen and personnels; Bombshells Restaurants and Bars, which operates non-adult nightclubs, restaurants, and sports bars; and Media Group, which owns a media division, including the trade magazine serving the adult nightclubs industry and the adult retail products industry.
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