Rick's Cabaret International, Inc. Completes Acquisition of a Fourth Club in Dallas-Ft. Worth Market
Rick's Cabaret International, Inc. (NASDAQ: RICK), the premier publicly traded chain of upscale gentlemen's clubs, today completed the acquisition of Cabaret North in Ft. Worth, paying $2.3 million in cash. The company also acquired an option to buy the property occupied by the club within 19 months for approximately $2.4 million.
Eric Langan, President and CEO of Rick's Cabaret, said company's two-story, 17,000 square foot club should add revenues of $2.5 to $3 million annually and EBITDA (earnings before income tax, depreciation and amortization) of between $800,000 and $1 million.
The acquisition brings to four the number of Rick's Cabaret clubs in the Dallas-Ft. Worth market, where the company already operates Rick's Cabaret/Ft. Worth plus XTC Cabaret and Club Onyx in Dallas.
'The acquisition of Cabaret North is In line with our announced plan to use our strong cash position to resume an active program of buying additional clubs. We have other targets in mind and will announce deals as they are completed,' Mr. Langan said.
The two-story Cabaret North was built in mid-2008 and is centrally located at 5316 Superior Parkway near the intersection of I-820 and Routes 287/81, and close to Ft. Worth Meacham Airport and the Texas Motor Speedway NASCAR race track.
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