Dallas Strip Clubs: Rick’s Cabaret to buy upscale nightclub for $2.3 mln
… To buy Ft. Worth, Texas-based Cabaret North
* Acquisition to add annual rev of $2.5 mln-$3 mln
* Increases presence in Dallas-Ft. Worth market to 4 clubs
* Shares up more than 1 pct
Sept 28 (Reuters) – Rick’s Cabaret International Inc (
RICK.O
) said it agreed to buy Cabaret North, an upscale gentlemen’s club in Texas, for $2.3 million to boost its presence in the Dallas-Ft. Worth market.
The acquisition, which is expected to close on Wednesday, will add revenue of $2.5 million to $3 million annually and earnings before income tax, depreciation and amortization in the range of $800,000 to $1 million, the company said.
Rick’s Cabaret said the deal will increase its presence in the Dallas-Ft. Worth market to four clubs.
In August, the adult nightclub operator said it raised $7.2 million through convertible debentures to fund future acquisitions.
See the full article from “Reuters”