India, June 16 -- RCI Hospitality Holdings, Inc. (RICK) has completed the $2 million acquisition of Platinum Plus Gentlemen's Club in Allentown, PA, near the city's airport and Bethlehem's casino.
The deal included $1.5 million in cash and $0.5 million in seller financing at 7%, aligning with RCI's target valuation of 3-5x annualized adjusted EBITDA. A long-term property lease was also secured.
This marks RCI's third acquisition under its 5-Year "Back to Basics" Capital Allocation Plan and complements the recent purchase of Platinum West in South Carolina.
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