An announcement is expected as early as Wednesday, after Deutsche’s slice settles.
Already a subscriber?The ink has finally dried on KPMG dealmaker turned publican Jon Adgemis’ $400 million refinancing for Public Hospitality Group, which Street Talk began writing aboutSources said Deutsche Bank and Muzinich, a New York-headquartered private funder, have executed the deal documents.
Of note, those sources suggested the colourful dealmaker would no longer have an operational role in the business and will pivot his attention to developing Public Hospitality’s pubs, which should have a bit more breathing room now that its lenders are no longer pursuing him.after lengthy discussions failed to result in a deal.Deutsche trade positions in five assets to US private credit group Muzinich, which took a subordinated position from Macquarie.
But it looks like Deutsche Bank has got all the ducks – or lenders – in a row finally. After a year of difficulties – from a stoush with the Gazal family to a visit from the Australian Taxation Office – Adgemis will be hoping that this deal will wipe the slate and make the next 12 months much better.
has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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