I mean, just getting new management, improving efficiency and raising prices of any business is… normal business?

Whether a PE firm decides to buy it and do the same isn’t some nefarious act or special in any way, it’s just new owners.

Let’s say your neighbor has a lawn mowing business but wants to retire, says they’ll sell for $50,000. You think great! You could run the business better, plus the old man hasn’t raised prices since 1990! But you don’t have $50k, only $30k, so you borrow $20k from your brother. Congrats, you just did a leveraged buyout.

And no, it’s not risk free revenue (I think you mean profit?) because it clearly might go under and PE firms need to pony up some of their own cash too plus money raised through LPs.