Pros
Very lucrative job if you happen to be blessed with a low budget or if you had a miserable LY. Everything is measured against your LY performance therefore bad LY= Decent bonus TY. Managers have zero control over results. One year you are an underperformer the next you are a super star! This will be a great job as long as you like roller coasters!
Cons
Bob’s has lost control of the direction of their business. The private equity firm is actively involved and that can be a good thing. But it can also means losing control of basic elements of the business like setting strategy, lowering the quality of their products, losing the trust and the partnership of different manufacturers to appease stock holders, etc. Bob’s doesn’t value diversity furthermore, their shortsighted vision can be very dangerous to the overall health of the organization.