Buyout Firms Are Redefining Turnaround

"Thanks to the hot IPO market, leveraged buyout firms can claim to have turned around a company in a matter of months. In the old days, a company went private, new management would spend a few years fixing it up and then a transaction would occur. Nowadays, the market seems willing to bet on established, albeit struggling, big companies that show promise. They're willing to bet on a turnaround rather than wait for it."

[Fierce Finance / AP]