I have a different take on this, In most cases I think the (pension funds and Banks) are going to be left holding the bag, as these buyouts rarely pay off. Most of the time the people who made the company successful in the first place leave for new start-ups.
The only LBO buyout that would make sense would be one where the company was bought at a discount and immediately divided up and sold for it’s parts (sum of the parts thing).
In short the only ones getting rich here are the deal enablers.