Pride Holdings Group (OTC: PHSE), a leader in LGBTQ+ hospitality and entertainment, announced the strategic acquisition of Lips Chicago, which will be rebranded under the company's successful Divas DDD concept. The move is projected to generate a 25% year-over-year revenue lift following rebranding and operational enhancements, according to a press release on NewMediaWire.
The Chicago location, previously operating as Lips, will be converted and upgraded to align with the Fort Lauderdale Divas DDD model, which has demonstrated strong financial performance. Pride Holdings Group aims to accelerate revenue growth, strengthen brand positioning, and deliver enhanced shareholder value through this high-impact acquisition.
CEO Mike Barrett emphasized the significance of the acquisition in a statement: "This is a pivotal moment for Pride Holdings Group and our shareholders. By converting Lips Chicago into our thriving Divas DDD brand and bringing into our portfolio, we are expanding both our reach and revenue base. With this strategic move, Pride is not only reinforcing its leadership in LGBTQ+ hospitality, but also delivering tangible financial results. Pride Holdings Group is scaling with purpose, with profit, and with pride."
Pride Holdings Group (OTC: PHSE) positions itself as the premier LGBTQ+ hospitality and cultural rollup, focusing on acquiring high-value properties, launching tech-enabled membership platforms, and creating new revenue channels through agency services. The company aims to set the global standard for inclusive hospitality while delivering sustainable growth to shareholders.
The acquisition is part of a broader strategy to expand Pride's footprint in key markets. With the rebranding of Lips Chicago to Divas DDD, the company expects to tap into the vibrant LGBTQ+ community in Chicago, a major metropolitan area with a strong demand for inclusive entertainment venues. The projected 25% revenue increase underscores confidence in the Divas DDD brand's ability to attract patrons and drive profitability.
Forward-looking statements in the press release note that expected revenue growth, EBITDA margin expansion, and expansion timelines involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Pride Holdings assumes no obligation to update forward-looking statements except as required by law.
The announcement comes as Pride Holdings Group continues to execute its growth strategy, leveraging acquisitions and brand conversions to capture market share in the LGBTQ+ hospitality sector. The company's focus on purpose-driven scaling aligns with its mission to provide inclusive experiences while delivering financial returns.
