RCI Hospitality Holdings, Inc. announced the completion of its acquisition of Platinum West Gentlemen’s Club in West Columbia, South Carolina. This establishment is described as the only upscale adult nightclub in the central part of the state.
The total purchase price for Platinum West was $8.0 million, comprising $3.75 million in cash and $2.5 million in seller financing at 7% for the club, along with $1.75 million in cash for the associated real estate. This valuation aligns with RCI’s target of 3-5 times annualized adjusted EBITDA for a club and fair market value for its real estate.
This acquisition marks the second club purchase since the launch of RCI’s "Back to Basics" Capital Allocation Plan, reinforcing the company's focus on expanding its core nightclub portfolio. The club is located near Columbia Metropolitan Airport and Fort Jackson, a major U.S. Army facility.
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