Private equity will buy anything and everything even moderately profitable using LBOs, stick them with the loans, take out more loans to pay themselves, spin them off, and wind them down.

Basically no one is going to run a business for the sake of customers or brand goodwill because, in the real world, there are no regulations or motivations to do so because "everything is a scam" is the normalized deviancy.

Take even a boring other industry, say single phase motor start and run capacitors. In the US, 3 of the 4 major original manufacturers of said products are owned by private equity and manufacture under under an array of cannibalistic turtles that M&A'ed basically every manufacturer. The net result is increased prices and shorter product life.