Sources told Street Talk the deal is drawn out, but not dead, with the pubs baron dragging his feet on Bain’s requests.
Last we checked in with Jon Adgemis, the colourful KPMG dealmaker turned hospitality investor was in the heat of discussions with Bain Capital and Madigan Capita, trying to pull together a $500 million debt refinance for his Public Hospitality Group.PHG’s bread and butter is buying up unloved pubs and hotels like Noah’s backpacker hostel at Bondi Beach and Sydney’s The Strand Hotel.
The fly in the ointment is several asks and objectives Bain has asked Adgemis to provide which he’s yet to follow through on. It’s understood Bain can complete the deal with or without Adgemis, but would prefer his cooperation to complete due diligence.Street Talk understands senior lenders like Deutsche Bank are onboard with the Bain/Madigan deal. Others are in the dark, waiting on details and getting increasingly antsy that the deal isn’t going to land.
For his part, Adgemis says he’s up-to-date with his boat fees and has a rent-free arrangement with the owners of the “the Bang & Olufsen house”, forking up for ongoing maintenance.
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