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Private Equity Firm Bought My Employer (lemmy.world)

submitted 1 month ago by [email protected] to c/[email protected]

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It was majority employee-owned before the acquisition but is now majority owned by private equity firm. The main change I'm noticing is that everyone is being pressured to work uncompensated overtime (we're all on salary here) and requests for training/professional development have been all but eliminated. They also initially hired a bunch of new employees with no specific work in mind and expected us to find the new people work to do then got rid of a lot of people about 1 year afterwards.

Has anyone else rode out a private equity buyout? It's not terrible, but it is extra stress on top of an already stressful job. Is it a good idea to get out now? I've heard they typically sell after around 5 years of "optimization". What happens then?

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[-] [email protected] 34 points 1 month ago

Why did the employees allow the sale?

[-] [email protected] 21 points 1 month ago

"mostly" was actually a subset of employees that owned a controlling interest and shared with some more passive investors. I don't know the details on how the PEF got a majority but I imagine the passive investors were bought out and can't imagine it took many employees to defect to produce the majority.

this post was submitted on 01 Jun 2024

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