"Tootsies is one of the Top 10 adult nightclubs in the entire country," Rick's Cabaret President and CEO Eric Langan said. "This acquisition solidifies Rick's Cabaret's position as the premier gentlemen's club company and has significantly advanced our strategic acquisition program."
The multilevel club has a full restaurant, three liquor bars, more than 30 plasma screen TVs, 11 large projection screens, a 400-square-foot main stage, a private Champagne room and three private dance rooms. The club has more than five acres of outdoor parking and nearly 200 indoor parking spots.
Tootsies won Best Adult Club of the Southeast at the 2007 Exotic Dancer Awards Show, and has been named "the best adult club in Miami" by New Times and City Search.
The transaction closed Nov. 30 and Rick's assumed management of the club on Dec. 1. By closing this transaction a month earlier then originally anticipated, the company believes it will easily achieve the guidance of $52 million in revenue and $7 million in net income for fiscal 2008 that it projected on Oct. 31.
Under terms of the purchase agreement Rick's Cabaret paid $15 million in cash and issued the two prior owners $10 million in promissory notes. Rick's Cabaret also assumed leases on all of the club's property that, with options, run through June 2034.
Rick’s Cabaret operates upscale adult nightclubs that offer live adult entertainment, restaurant and bar operations. The company owns and operates or licenses adult nightclubs in New York, New Orleans, Houston, Minneapolis and Charlotte, N.C.
For more information, visit the Rick's Cabaret website.
