Old, but accurate. Worth a read imo. Seems to be greater interest in tech. firms as targets of LBOs than previously, but it really comes down to understanding accounting, and finance. Possibly they have preferred businesses that are easier to understand when it's divestment time. Either way, I fully expect that this gem will be in someone's crosshairs at some point.
http://www.milbank.com/images/content/9/9/996/0407-IFLR-Selling-to-the-Club.pdf