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That's just not true. Distressed and turnaround investing represent less than 20% of PE acquisitions [0].

[0] https://www.ey.com/en_us/insights/private-equity/pulse

That's one model of private equity, but PE has also been buying up very successful local businesses in areas like veterinary care. The PE firm keeps the name and branding of the local vet because people have traditionally wanted to take their pet to a trusted local vet, not a big chain.

So this vet practice are now a big chain except for in name only?

Yes, look up NVA vet. They own 1000+ vet practices but they all sound like small, local businesses.

They don't have to have an in-depth understanding of leveraged finance to get pissed off when their doctors start doubling prices or their own employment conditions get worse or their parents get treated badly in care homes because the staff are now overworked etc. they're mad at the outcomes they're overwhelmingly not actually trying to debate the merits of it from an exit liquidity perspective.