RCI Hospitality (RICK) said Wednesday it closed the acquisition of Flight Club, a premier gentlemen's club in Inkster, Michigan, for $11 million.
The transaction included $3 million cash and $5 million seller financing at 8% for the club, and $3 million cash for associated real estate, according to the company.
RCI Hospitality said it expects the acquisition to contribute $2 million in annualized adjusted earnings before interest, taxes, depreciation, and amortization.
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