RCI Hospitality (RICK) announced closing on the acquisition of Flight Club, s gentlemen’s club in the Detroit market, 5 miles from Detroit Metro Airport and 20 miles from downtown, casinos and major sports venues. The purchase price totaled $11M, consisting of $3M cash and $5M seller financing at 8.0% for the club, and $3M cash for associated real estate. The company expects the acquisition to contribute an estimated $2M in annualized adjusted EBITDA.
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