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Rick’s Cabaret enters Philadelphia market with Controlling Interest in Crazy Horse Too

Philadelphia- Rick’s Cabaret International Inc. has agreed to acquire a controlling interest in the Crazy Horse Too adult nightclub in Philadelphia from The End Zone Inc.

Terms of the deal call for Houston-based adult entertainment operator Rick’s Cabaret or its subsidiary to purchase 51 percent of the outstanding stock of Philadelphia-based The End Zone, Inc., and for its subsidiary RCI Holdings, Inc. to acquire 51 percent of TEZ Management LLC and 51 percent of TEZ Real Estate LP, which owns the building and real property where the club is located.

Rick’s Cabaret (NASDAQ: RICK) said after the closing of the transaction it will also have a first right of refusal to acquire the remaining interest in all three entities.

The 25,000-square-foot club at 2908 South Columbus Blvd. opened in January 2006.

“This will be a significant acquisition for us and we look forward to bringing the Rick’s Cabaret brand of upscale adult entertainment to the Philadelphia market,” said Eric Langan, president and chief executive officer of Rick’s Cabaret. “We believe that, once acquired, it is capable of becoming one of our strongest performers in terms of revenue and profit.”

After the deal closes, the club will be rebranded as a Rick’s Cabaret.

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