Rick's Cabaret Buys 51% of Crazy Horse Too

PHILADELPHIA-Rick’s Cabaret International Inc. has signed a purchase agreement to acquire a 51% share of the End Zone Inc., which owns and operates Crazy Horse Too Cabaret. The 25,000-sf adult nightclub at 2908 S. Columbus Blvd. opened in 2006.

Under the terms of the two-part agreement, Houston-based Rick’s will issue 225,000 shares of restricted common stock for 51% of the End Zone Inc., and a Rick’s subsidiary, RCI Holdings Inc., will pay $3.5 million in cash for a 51% interest in the partnership entities that own the property where the club is located. The seller will retain a 49% interest in the club and the real estate.