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RCI Hospitality Closes USD 8.5m Acquisition of "The Seville Club" in Minneapolis.

MANews-(C)2009-2015

6 May 2015 - US-based adult club operator RCI Hospitality Holdings, Inc. (NASDAQ: RICK) has closed on its acquisition of Minneapolis, US-based gentlemen's club The Seville Club of Minneapolis, the company said.

A separate RCI subsidiary has closed on the purchase of the club's real estate.

Total consideration of USD 8.5m consisted of USD 4.5m for the assets of the club business and USD 4.0m for its historic renovated building at 15 Glenwood Avenue North.

Payment was made through a combination of bank and seller financing and cash.

The Seville Club is located directly across from Target Center, one block from Target Field, and in the heart of the downtown Minneapolis entertainment and theater districts. In the direct vicinity, there are approximately 7,000 parking spaces with skyway systems to both sports stadiums and lodging.

RCI Hospitality Holdings, through its subsidiaries, owns adult gentlemen clubs and sports bars/restaurants.

Country: USA

Sector: Hotels/Restaurants/Casinos/Catering

Target: The Seville Club of Minneapolis

Buyer: RCI Hospitality Holdings, Inc

Vendor:

Deal size in USD:

Type: Corporate Acquisition

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:1U4MN
Date:May 6, 2015
Words:187
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