Well, SUSE after Novell was in a woeful state, EQT got them to where they are right now.
Evil IBM(TM) threw in $50m to help the deal along and preserve SuSE for its hardware.
Also, it didn’t help that SUSE folks and Ximian folks were like oil and water. Novell tried a combo that made sense on paper but there was culture clash.
I actually think this has the same potential of a “good” PE move as the Dell success.