This is relevant to technology. Look at PE influence on Microsoft's board and the strategy to deprioritize Windows, Dell going private, and the recent purchase (and possible breakup) of Broadcom. There's probably more.
You could argue that the 'discipline of debt' imposed on the management of PE-bought companies improves operational efficiency - because they need to generate steady cash flow to delever the company. However, these guys lever to the hilt with tonnes of cheap debt for a reason, though it's cheap it still results in huge tax shields.
Having worked at a company in the throes of private equity management, I can affirm that such "improvement" is not a universal phenomenon. PE funds take baths too.
What does take a bath mean in this context? I keep hearing it.
Well when a company fails we also say it's "going under"...
To have very disappointing returns on an investment. Similar to "get soaked", "get cleaned out", etc.