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VCG Acquires 1st Gentlemen’s Club on West Coast

VCG Acquires 1st Gentlemen’s Club on West Coast
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Jul 29, 2008 12:00 PM PDT    Text size: 
ANAHEIM, Calif. — Gentlemen’s club operator VCG Holding has purchased Imperial Showgirls in Anaheim, Calif., for $7.3 million.

The acquisition, announced Monday, would be the first for VCG on the West Coast. The public company has 10 clubs in Indianapolis; St. Louis; Denver; Colorado Springs, Colo.; Fort Worth; Dallas; Raleigh, S.C.; Minneapolis; Louisville, Ky.; Miami; and Portland, Maine.

Imperial Showgirls offers nude entertainment but does not serve alcohol. The club also sells adult DVDs at its in-house boutique.

VCG said it purchased the club with cash and seller financing of $3.3 million at 8 percent interest for 36 months.

“We are pleased that we can make acquisitions using seller financing and not diluting shareholders by issuing additional stock,” said Troy Lowrie, chairman and CEO of VCG Holding. “We are very excited to close this acquisition and to have a presence in the West Coast region.”

Lowrie hinted that VCG is planning an additional purchase before the end of the year with a similar financing model.

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