Private equity firms spent the last market peak doling out big bucks and taking on debt, backing massive transactions. This time around, PE appears to be exercising some caution. Gone are the LBO shops that would have once teamed to take out Best Buy, and it’s in with conservative players, taking minority stakes in public companies like Ann Inc. and Crocs, and elsewhere, assuming debt positions in retail mainstays like Aeropostale and Radio Shack.
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