PE companies usually do. They will just layoff a bunch of people cut salaries and probably saddle it with debt and get as much cash flow they can from the company.
Primarily this. PE firms tend to do a poor job at putting people in charge who know a company's full stack operations, and tend to underpay new non-sales hires which results in a net loss of talent for the company. Do this too often and you become a stagnant company that can't draw in new customers.