I've had several clients bought up by PE over the years. Usually just after my work with them refactoring for growth. It's fascinating to me to read about them having anything not go their way. Every deal was so clean and efficient - like a robotic butcher from a Looney Tunes cartoon. It also makes me wonder about the extended time frame since PE are often far better at the deal making than they are running businesses long-term. In other words, they can make a business efficient through strategic cuts, but building and managing it afterward is very different when that wasn't necessarily part of the plan.