#privateequity

Dun & Bradstreet terminated more than 700 people today, 1/27/2026. They eliminated jobs across all US based business units, all titles, all the way up to SVP.

They have consolidated sales teams and instituted double digit growth goals even though they grew at low single digits in 2025.

Private equity takeover ruins everything and always eliminated jobs.

Thoma Bravo Acquisition Leads to Jeppesen ForeFlight Layoffs

https://www.ainonline.com/aviation-news/air-transport/2026-01-15/private-equity-buy-leads-layoffs-jepp-foreflight

Jeppesen ForeFlight employees recently experienced layoffs. This followed private-equity firm Thoma Bravo's acquisition of Boeing's Digital Aviation Solutions business. Boeing sold the business for $10.55 billion last November. Initial social media claims of 40-50% layoffs were deemed overstated by the company. Jeppesen ForeFlight stated these changes streamline operations and support product innovation.

The software company is laying off about 10% of its global workforce following its $2.5 billion acquisition by Advent. The cuts in Israel will be relatively modest, around 5%, while layoffs in India and the US will reach about 10% of employees.

https://www.calcalistech.com/ctechnews/article/bybo6fzbbl

This is coming from your friends across the highway in Deerfield (for now) at Essendant. Sycamore will destroy Walgreens and it will be torture before death. Watch out for yourself, try to get out, don't wait around for things to get better or any claims of severance payouts or bonuses. If not be ready for that day to happen at any moment. Don't get comfortable. This is just the beginning, they are not out for the best interests of the company or employees but rather their assets and any money they can su-k away. For a little context, at Essendant, they bought in their own management to play the game from the top. You have them now. First they need to get rid of employees so they would try to make people quit, RTO, unachievable goals, confusing business model/plans. Then they would change the severance policy, usually days before the layoffs and reduce it every time until there's nothing left. They will start selling off anything they can, in our case the core of the business, the warehouses, and business units they could get money for they sold. They sold off the core of the business, and all that remains is the empty shell of what once was a fortune 500 company. Always with the narrative it was low performing or best for the business. The top people will leave, they will torture anyone willing to stay on because they know they are desperate until the end. It might not have been great before, but it's surely not going to get any better. Also, it appears we will be abandoning Deerfield at the end of 2025 (in days), leaving the lease for the HQ building, with no plans on what will happen next. Bankruptcy maybe? Our parent company Staples is just holding on as well, and Quill also nearby saw their whole company be destroyed. All the other Sycamore holdings are also just barely existing just to keep those assets on a balance sheet so they can convince investors to move onto the next victim. Walgreens is and will be nothing more than a cash grab and a way to pad their holdings. There is no long term strategy, no business plan, and everything will just be scam. Just look at the partnerships with Amazon for their other businesses. It's all a distraction, and minor income, distracting from what is really happening. Wish you well and in closing, please care for yourself, find something else, f*** the PE.

Ending up in PE hands would probably mean a bloodbath. Private equity is almost always focused on extracting value first, which, of course, means massive cuts. Not that we aren’t trained by experience to expect the worst, but this would be a major threat to most of our jobs.

This company is going to collapse, and you need to prepare yourself for that. I left many years ago because I saw the writing on the wall. The recent sale to private equity will not save the company; it's the final death knell. Let me tell you a little story:

I worked for Walgreens in the Pharmacy from 2005 until 2013. I enjoyed the work so much that I started to pursue a PharmD. The work was always grueling, and we were always strapped for time, even in the beginning. I remember working double shifts during hurricanes and eating on the back counter often because we didn't have time to take breaks. I've heard the pharmacy actually shuts down now for lunch...must be nice.

At any rate, from the time I started until the time I left, our budget was continuously reduced. We were asked to do more with less, and it wasn't just us who suffered, it was the customer experience as well. These are operational changes meant to increase margins or protect existing margins, but they are not strategic choices. The reason they were necessary at all is due to strategic missteps, but what were they?

Here it is, from this single strategic error, all subsequent failures originate: Walgreens as a company failed to see the entire market shifting beneath its feet. Their strategy was based on the following model: expand stores, expand sales per store, reduce costs, and reward shareholders. The company was, and still is, optimized for operational efficiency. This model was fundamentally obsolete the moment that CVS and Caremark merged to create a fully integrated pharmacy services provider.

They failed to realize that the number of stores or operational excellence is meaningless in an environment where the PBMs are now the locus of control. The PBMs control the formularies, and hence, demand. They set reimbursement rates, and hence, margin. The number of stores isn't an advantage in this environment. If anything, it's a vulnerability.

The most egregious part of all this, is that it was entirely predictable. It didn't happen overnight. Instead of shifting their strategy and trying to acquire their own PBM, WAG sold theirs off. Then in 2011, they tried to play chicken with Express Scripts, and again they were critically mistaken. The number of stores is not equivalent to bargaining power. They lost that fight, and were forced into a worse agreement because of it. From then on, they lost negotiating power permanently, and all other negotiations would be from a weakened position.

Were that not enough, they bought Boots in 2014, which again doesn't solve the issue of vertical integration. They were still operating under the assumption that expanding the footprint would lead to better profits.

In an act of desperation, they invested in Theranos, and I think we all know how that went.

So where did that lead them?

To the following negative feedback loop:

lower reimbursement -> lower margin

lower margin -> labor and store cuts

labor and store cuts -> worse customer experience

worse customer experience -> lower foot traffic

lower foot traffic -> lower sales and even weaker negotiating position

This loop will not stop, and it will not be broken by Private Equity. Those are the only tools private equity really has. They can make operational changes. They cannot solve the strategic failure. They cannot suddenly negotiate better deals with the PBMs without leverage. They cannot reverse the regulatory framework that allowed this level of vertical integration to happen. They cannot afford to vertically integrate themselves, and there are no PBMs that would be a viable target even if they could.

So, where does all that leave us? There is only one inevitable conclusion: bankruptcy.

I saw this coming and left. I ask you, do you trust the leadership that allowed the company to reach this state from a position of strength, to be able to turn it around from a position of weakness? They made countless strategic errors. Do you trust your career with them?

Where are we with this? Is the BT / Private Equity move true ?

I see posts on here all the time lamenting PE ownership, made without any understanding of how we got to this point, and how this goes all the way back to asinine decisions pre-bankruptcy in 2013. I’ve decided to play Cengage historian and lay some of this out for posterity, and so I can yell at the sky

2012–2013: Debt pile gets ugly
• Pre-bankruptcy: Before Chapter 11, Cengage was already doing financial engineering just to push out maturities — e.g., in 2012 it sold $725M of 11.5% senior secured notes due 2020 and amended its credit facilities to extend term loan and revolver maturities.
• July 2, 2013: Cengage files for Chapter 11 with about $5.8B of outstanding debt, announcing a “pre-arranged” restructuring to eliminate more than $4B of that.
Even before bankruptcy, they were in the classic LBO textbook-publisher trap: lots of high-coupon debt, some of it maturing in big lumps, and a business that’s not exactly a rocket ship.

2014: Emerges from Chapter 11… still leveraged
• April 1, 2014: Cengage officially emerges from Chapter 11. The plan cuts ~$4B of funded debt and brings in $1.75B of new Term Loan B financing, plus a $250M asset-based revolver, as exit financing.
• Post-reorg, they’re no longer at $5.8B of debt, but they do still have roughly ~$1.8–2B of funded debt sitting above a business doing around ~$2B of revenue at the time, still pretty leveraged.

That Term Loan B is key. By design, those loans usually have tiny quarterly amortization and then a big “bullet” (lump-sum) repayment at maturity. You drag a big principal balance for years, paying interest the whole time, then face a huge refinancing/repayment cliff at the end.

2014–2019: Term loan era, dividend recaps, and financial engineering
• In the years after emergence, Cengage spends a lot of time tweaking the capital structure: repricing the term loan, issuing additional term debt, and even doing share-repurchase and dividend recap transactions (they literally disclosed a “dividend recapitalization” in FY2015 current reports).
• if you’re still doing buybacks / dividends and refinancing loans rather than aggressively paying them down, you’re implicitly betting that refinancing the big bullet at the end of the term will be doable when you get there.
So by late 2010s you’ve got a company that did cut its original $5.8B anchor, but is still sitting on a large secured term loan and reliant on capital markets to roll that over when maturities and balloon payments come due.

2019–2020: Aborted McGraw-Hill merger, more uncertainty
• In 2019 Cengage announces a planned merger with McGraw-Hill and a related amendment to its senior secured credit facilities, again, capital structure is clearly front-and-center.
• The merger is ultimately called off in 2020 after regulatory issues, which leaves Cengage still independent, still carrying its own debt stack, and now without the scale/merger synergies that were supposed to help.
So by early 2020s, you’ve got: meaningful secured debt, a term-loan structure with big future maturities, and no merger “escape hatch.”

2021–2022: Rising rates + debt drag
• For FY22 (year ended March 31, 2022), Cengage reports adjusted cash revenue of about $1.37B and Adjusted Cash EBITDA less prepub of ~$326M.
• That’s a decent EBITDA number, but on top of a large term loan it still implies a non-trivial leverage ratio. As global rates move up and credit spreads widen (2022–2023), the cost of keeping that debt financed goes up, and the risk of refinancing a big bullet at attractive rates gets worse.
The company itself starts talking more about “financial flexibility” and de-leveraging in investor materials around this time… they know the balance sheet is constraining what they can do.

April 2023: Apollo preferred equity to prevent collapse
• April 17, 2023: Cengage announces that Apollo Funds will invest $500M into a new series of convertible preferred stock
• In the press release, Cengage explicitly says it will use the proceeds to “reduce outstanding debt and lower interest expense,” and to “increase financial flexibility” to invest in growth.
The old LBO-style debt and its balloon risk were getting harder and more expensive to carry in a higher-rate world. Rather than wait for a ugly refinancing fight when the big maturities hit, they sold a chunk of the company to Apollo via preferred equity, then used that cash to pay down loans and push the maturity wall further out.

2023–2025: PE priorities, “efficiency,” and repeated layoffs
Once Apollo is in, the priorities shift to the usual PE playbook:
• Sharpen the focus on EBITDA, cash flow and “portfolio mix
• Cuts, cuts, cuts

A classic pattern of a ZombieCo:

1. Heavy term-loan/balloon-style post-bankruptcy debt +
2. Rising interest rates and a tougher refi environment
3. Need to de-risk the maturity wall with Apollo preferred equity
4. Apollo-style mandate to improve profitability and reallocate capital
5. Repeated restructuring and headcount reductions

Is it true that KKR is working on a deal to sell Omnissa? If so, who do you think the buyer will be? Does anybody know? Any hints?

Sales reps, category managers, and at least one branch manager.
Private Equity noise getting louder.

• The Mole

Phase 2: The Premium IPO (Years 3-5)
The endgame is not a utility sale. A rebranded "Tech-Enabled Communications Platform" targets 10-11x EV/EBITDA—more than double VZ’s current segment multiple—by shifting the investor narrative from "low-growth utility" to "digitally enabled service platform."

MetricLegacy VZ SegmentModeled ServCo (Year 5)EBITDA Margin25%38%EV/EBITDA Multiple5-6x10-11xWhy Verizon is the Perfect Case Study

CEO Dan Schulman's track record—scaling PayPal’s asset-light model—aligns perfectly with a ServCo mindset. Separation would allow him to:
Shed Valuation Drag: Instantly move ~$20B in annual CapEx off the P&L.
Focus on Growth: Reinvest freed capital into service innovation and customer experience.

Enhance Transparency: Attract differentiated, growth-focused funds for ServCo and stable income funds for NetCo.

The Precedent is Clear: BT/Openreach, Telstra InfraCo, and KKR/Telecom Italia have already demonstrated double-digit valuation re-ratings once infrastructure and services were properly delineated.

The ServCo, long viewed as the weaker half, could become the crown jewel—reborn as a high-margin, digitally transformed growth vehicle commanding a premium Wall Street multiple.

This isn't financial engineering; it's the structural precondition for sustainable growth. The sum of the parts is clearly worth more than the whole.
hashtag#Telecom hashtag#Verizon hashtag#PrivateEquity hashtag#Valuation hashtag#ApolloGlobalManagement hashtag#Strategy hashtag#StructuralSeparation
likelovesupport

The Only Way to Fix Verizon's Valuation: Apollo's Blueprint for Structural Separation

Probably 12000 FTEs will loose their jobs. (this already happened !!!)

The days of the integrated telecom giant are over. The biggest opportunity in the sector today isn't a new product; it's a structural divorce—separating the capital-intensive NetCo (Network) from the asset-light, growth-driven ServCo (Service).

This is no longer a fringe idea; it's the defining transformation trend of the decade, and it’s the most rational path to unlock billions in trapped equity value—especially for a stock like Verizon ($VZ).

The Problem: Blended Multiples Suppress Value
Integrated carriers suffer from a blended market multiple problem. The network's capital drag suppresses returns, while the dynamic service business is undervalued. The result? Chronically low P/E ratios and stagnant shares despite strong cash generation.
The Solution: Apollo’s Reverse LBO ServCo Play
Private Equity firms like Apollo Global Management are experts at complex carve-outs. Their blueprint for a newly-separated ServCo: a Reverse LBO that transforms a utility stock into a premium tech-enabled platform, commanding a 2x multiple expansion.

Phase 1: The Asset-Light Transformation (Years 1-2)
Digital-First Cost Structure: Replacing legacy IT with cloud-native BSS/OSS and using AI to overhaul customer service, driving a 20-30% OpEx reduction.
Pure-Play Aggregation: ServCo pivots entirely to the customer, bundling connectivity with high-margin services (security, streaming, IoT). Result: 5-10% ARPU increase and up to 25% churn reduction.

Deleveraging: Cost savings are rapidly converted into financial firepower to stabilize the balance sheet.

What are your thoughts ?
Light Reading Fierce Network
hashtag#Telecom hashtag#Verizon hashtag#PrivateEquity hashtag#Valuation hashtag#ApolloGlobalManagement hashtag#Strategy hashtag#StructuralSeparation

A California-based data company is trimming nearly a dozen Travis County positions after it was acquired recently by an Austin private equity firm.

Couchbase Inc. is eliminating 11 of an estimated 40 positions at the company’s Austin offices at 9050 N. Capital of Texas Highway, according to a notice filed with the Texas Workforce Commission. Most of the employees affected are part of the company’s sales and corporate teams.

https://finance.yahoo.com/news/couchbase-laying-off-11-austin-190418814.html

Sell off company assets, assume lots of debt, the board pulls out tons of money in special payouts and destroys the company. Verizon is right on track. Get out before the real crazy begins.

Sycamore Partners doesn't care about you. This is only the beginning, and will only get worse. Sycamore Partners bought Staples in 2017. You should check out their layoff page if you want to see what kind of stress and uncertainty is going to continue for you. It's disheartening and seriously not worth it. Best wishes to you all.

Private equity will put the final nails in the Verizon coffin. Hans did his job for Blackrock.

This is all Clearlake Capital pushing things in the direction that works for them. It'll get worse. But, rest assured, no matter what happens Clearlake will come up on top. Private Equity always wins and unfortunately we were done for the moment they came in. This is just a gradual decay that needs to be sustained until Clearlake Capital extracts whatever they decided to extract. After that, sale, spin off, IPO, etc.

I saw this today via a Google alert.

"Market attention recently turned to ongoing reports about DXC exploring strategic alternatives. Some analysts have noted renewed takeover interest from private equity groups, which likely stirred price volatility and new speculation about its true value."

https://finance.yahoo.com/news/investors-reassess-dxc-technology-takeover-050450354.html

SB in response to one of the canned questions; "it's impossible to forecast quarter to quarter for Wall Street". Wait, what?!!! I thought that is your job. Then he followed with a telling slip of the tongue; "That's why companies go private and can come back out on the other side". He's done a yoemans job of plowing the share price into the ground and now he's hoping for a buyer to execute the plan his boss Carl brought him in here to do in the first place.

Seems to me going private would allow us to accelerate towards goals.

SAP bid twice but failed to acquire BlackLine in 2024 and 2025...maybe SAP will eventually succeed due to PE investors in BlackLine!
https://www.globalbankingandfinance.com/blackline-m-a-sap-three/
https://www.marketscreener.com/news/germany-s-sap-mulls-new-bid-for-software-firm-blackline-sources-say-ce7d5ddfdd8af324

This comes after SAP's acquisition of SmartRecruiters to compete against Workday which has taken away bulk of its business in HCM domain!

Saw they sold to private equity...what happened after FDS invested? Not a good fit?

There will be announced mass layoffs and consolidation plans within a week from now. Underperforming BUs will be restructured or sold and 1000’s will be laid off across the enterprise.

This is first roll out of changes due to Elliott Managment,

Thank you Geoff Martha! Elliott management would have never bought into MDT if you never took over the CEO spot! Enjoy your huge parachute package.

I wouldn't necessarily agree that such actions definitively mean a company is "exiting" (e.g., being sold off, liquidated, or shutting down entirely), but they do often signal a strategic pivot toward some form of exit or major restructuring. Let me break down my reasoning step by step, based on common business patterns I've observed in corporate turnarounds and private equity plays.

### 1. Hiring a CEO with a Track Record of Selling Companies

• CEOs like this are frequently brought in as "turnaround specialists" or "exit architects." Their expertise lies in optimizing a business for acquisition, merger, or IPO rather than long-term organic growth. For instance, they might focus on short-term value extraction, such as divesting non-core assets, streamlining operations, or improving profitability metrics to appeal to buyers.
• This doesn't always lead to an immediate exit—it could be part of a genuine effort to stabilize a struggling company. However, in mature or distressed firms (e.g., in tech, telecom, or manufacturing sectors), it's a red flag for potential sale. Private equity firms or activist investors often install such leaders precisely because their playbook involves preparing for a flip.

### 2. Mass Layoffs Followed by Voluntary Layoffs

• Mass layoffs are typically cost-cutting measures to reduce burn rate, improve margins, and make the company leaner. In the context of a new CEO with an exit-oriented background, this can be about "rightsizing" the workforce to boost EBITDA (earnings before interest, taxes, depreciation, and amortization), which is a key metric buyers scrutinize.
• Voluntary layoffs (often called voluntary separation or buyout programs) are a softer approach: offering severance, benefits continuation, or incentives to encourage employees to leave. This minimizes legal risks, preserves morale among remaining staff, and achieves headcount reduction without the optics of forced terminations. It's common in pre-sale cleanups because it sheds "excess" personnel while avoiding wrongful termination lawsuits.
• Together, these steps can indicate distress (e.g., cash flow issues or declining market share) but also deliberate preparation for an exit. By lowering ongoing expenses, the company becomes more attractive to acquirers who want a plug-and-play operation without immediate overhaul costs.

### 3. Does This Always Mean an Exit?

• Not necessarily. Some companies use this playbook for survival and rebirth. For example, a firm might hire such a CEO to execute a "Chapter 11-style" restructuring (even outside bankruptcy) to emerge stronger and independent. Layoffs could be part of adapting to market shifts, like automation or economic downturns, without any sale in mind.
• But often, yes—it leans toward exit. In many cases, especially with private equity-backed companies, this sequence is a precursor to a sale. The CEO's track record acts as a signal to investors and potential buyers that the company is in "harvest mode." Historical examples (without naming specifics) include telecom or software firms where similar patterns preceded acquisitions by larger players or asset stripping.
• Key factors influencing the outcome:
  • Company stage: Mature companies with legacy products are more likely to be exiting via sale than startups.
  • Market conditions: In a buyer's market (e.g., during economic booms), this setup facilitates quick flips. In recessions, it might just be belt-tightening.
  • Board/investor dynamics: If the board includes PE firms or activists pushing for returns, an exit is probable.

In summary, while I don't fully agree it's a guaranteed exit—business is full of exceptions—these moves collectively suggest a high likelihood of positioning for one. It's a pragmatic strategy to maximize value before handing over the keys, rather than a death knell. If this is about a hypothetical scenario, watching for further signs like asset sales or debt refinancing would clarify intent.

Electronic Arts (EA) was recently bought out by a consortium that is made up of Saudi Arabia's Public Investment Fund (PIF) and Jared Kushner's Affinity Partners investment firm for $55 billion. Now, a union representing EA workers has publicly opposed the sale and privatization of the company, saying employees weren't properly represented during the sale negotiations.

The statement names the United Videogame Workers-CWA Local 9433, along with the Communication Workers of America (CWA), as now very concerned that the privatization of EA will lead to company layoffs. The union states EA is "not a struggling company," with "annual revenues reaching $7.5 billion and $1 billion in profit each year".

https://www.tweaktown.com/news/108308/ea-workers-fight-back-union-slams-dollars55-billion-saudi-backed-buyout/index.html

It's hard to imagine any positive scenario for the worker now that Sycamore is in the driver's seat. Private Equity is brutal and anyone in bed with PE will go through multiple cycles of pain and tears. At this point we'll have to see how small of an org Sycamore wants as they are only interested in milking cash flow and paying off the loans they took to buy us (and they will do it with our own money). I think I know how this will play out, it's the same old playbook - get a loan, buy a company, pay off the loan with loans the acquired company takes & milk cashflow, improve cashflow by cutting cost and labor, spin off or sell the company. PE gets rich and everyone else gets fu---d.

In a surprising turn of events, industry insiders are whispering that Dell Technologies might be weighing its options for a potential sale. While no official statements have been made, sources close to the matter suggest that preliminary conversations with private equity firms and potential strategic buyers have quietly begun behind closed doors.

Dell, a long-standing giant in the PC and enterprise hardware space, has seen its business evolve dramatically in recent years. With growing competition, ongoing market shifts, and recent volatility in tech stocks, some speculate the company may be exploring ways to unlock shareholder value or streamline its sprawling operations.

Fueling the rumor is Dell’s relatively quiet stance on recent earnings calls regarding long-term strategic plans, as well as unusual movements in its stock price and insider activity. Some analysts believe a sale, or even a significant restructuring, could be part of a broader strategy to respond to tightening margins in hardware and the growing dominance of cloud-native infrastructure providers.

Of course, without confirmation from Dell or involved parties, all of this remains speculation. Still, in an industry known for its rapid consolidation and bold moves, the possibility of Dell being up for sale is one worth watching closely.

Stay tuned.

Hi, I'm at Walgreens. What support center jobs/departments were hit with the layoffs the first year of Sycamore Partners buying Staples? Appreciate the insight of where I could be in the chopping block.

Walgreens plans to exit its space at Chicago’s Old Post Office, though its headquarters remains in Deerfield, the company confirmed Monday — news that comes shortly after the sale of Walgreens to a private equity firm.

Walgreens will leave the massive, riverfront structure in January, as the company aims to “renew our focus on our stores and customer experience,” said spokesperson Fraser Engerman.

“Our commitment to serving communities across the country begins in our pharmacies and retail locations, and this decision reflects our continued prioritization of those investments,” Engerman said.
Engerman declined to say how many employees now work at the Old Post Office. But Walgreens moved many of its digital and IT employees there in early 2020, making it one of the first tenants in the building after it was renovated into an upscale office property.

Office Depot SOLD Will Go Private in $1 Billion Deal with Atlas Holdings.
https://tonernews.com/forums/topic/office-depot-sold-will-go-private-in-1-billion-deal-with-atlas-holdings/

Just some food for thought regarding Glenview capital. Remember in the deal they made with CVS, they got 4 seats on the board. (In addition to obviously getting the CEO replaced as well) That said, with four seats on the board of directors, they want more than just a seat at the table, they want a say in how the company is operated. Glenview is private equity, remember that. Look at Walgreens getting bought out by private equity and already Sycamore has wasted no time making cutbacks. It might explain everything that’s happening right now at CVS. Private equity is behind the scenes calling the shots. And private equity is all about money and profits and maximizing value for investors, at all costs, and nothing else.

https://finance.yahoo.com/news/tgt-target-stock-pops-takeover-161641769.html

Walgreens was just purchased by Sycamore. I just read a news article that says Target is also being looked at by private equity firms as well! Are all retail stores pretty much doomed at this point. Wow.

Factors influencing the buyout speculation:

Potential for an attractive acquisition price: Target's stock has been trading near a six-year low, which could make it an attractive and affordable target for a private equity firm.

Change in CEO: The recent announcement that CEO Brian Cornell would be replaced by company insider Michael Fiddelke is thought to have added to the speculation.

Mixed financial results: Despite reporting "better-than-feared" second-quarter earnings, the company's recent results failed to produce a sufficient recovery in its share price.

Previous buyout rumors: News outlets reported on buyout speculation back in late 2024, following disappointing earnings results.

Mini-tender offer: In September 2025, Target received an unsolicited mini-tender offer from TRC Capital Corp., though this offer was for a small portion of the company and not a full buyout.

Mergee with a Private Equity Firm! That to me means lay off and draining what's left after the BP Subsea contact termination! We're all sc--wed!

Norlin is beginning his firing frenzy. He’s getting pressure from KKR and he refuses to take accountability that account alignment was mismanaged, and quotas were improperly set. Some reps need to grow territories 6o7 times previous years revenue, while some make their numbers from standard uplift from one renewal. He’s unquestionably the laziest and most worthless manager I’ve ever seen

Just calling it now. Don't act like private equity magically cares about the employees. They care about the rights to the IP. They'll only keep the bare minimum number of employees needed to pump out sports titles lol.

More than 70% of the Sycamore deal is financed through debt, meaning that the private equity firm doesn’t have “much skin in the game,” according to Parr. The risks of bankruptcy are especially troubling, according to the Private Equity Stakeholder Project. In the first quarter of this year alone, 70% of large U.S. corporate bankruptcies involved private equity-owned companies, despite private equity making up only 6.5% of the economy.

https://www.reuters.com/sustainability/sustainable-finance-reporting/office-depot-parent-be-acquired-by-atlas-holdings-1-billion-2025-09-22/

Expect even more layoffs down the line. That’s Thoma Bravo’s modus operandi: lay off people, wait a bit, then cut even more, rinse, and repeat. It’s all about money now. If they can get you to do the work of three people for the pay of one, they will. And if you leave, they win again because they didn’t have to pay severance. I know. I’ve been through a Thoma Bravo acquisition.

https://www.newyorker.com/magazine/2025/09/01/how-a-billionaire-owner-brought-turmoil-and-trouble-to-sothebys