I think that’s always the thing with any of these things. The companies private equity or Bending Spoons acquire are frequently inefficient, bloated and not the best-run businesses.

But its basically an admission that the business is in its extraction phase and will no longer innovate.

Relevant quote:

Private Equity is engaged in buying artisanal semi-businesses, turning them into businesses, propping up the numbers while destroying them —then, hopefully, destroying itself.