BARSTOOL FINANCE: "WE'RE (finally) BUYING TITS!"
Tyler Morin and I are interviewing someone from the investment community every Thursday to compliment the weekly podcast we put out under The Family Office and the daily newsletter Tyer creates every morning called The Water Coolest.
This week we were lucky enough to sit down with Eric Langan, the CEO, president, and chairman of the board of RCI Hospitality Holdings, Inc. (ticker: RICK), the only publicly traded company that owns gentleman’s clubs.
For the financially astute, RCI's variable cost structure, balance sheet, and access to capital provide significant advantages. The business has pricing power on both the service and alcohol sides, has assets to monetize, and is on a mission to acquire another $20mm of EBITDA by 2023 via accretive M&A where they serve as the buyer of choice for mom-and-pop nightclub operators… (Not sure where I cut and pasted that from.)
For the not-so-astute, Eric is in the business of showing guys tits for cash, and no matter the pandemic or recession…
I was expecting our conversation to devolve into talk of c-section scars and unwanted pregnancies. Instead, I was confronted with a savvy CEO at the helm of a business model that makes a ton of sense.
Give it a watch and take a report.
-Large