Hi ADIRS,
I understand that Lufthansa, has nothing to do with the recruitment with Privatair. They have some pilots flying with the Privatair crew out of MUC. ( About 50% of the cockpit crew) But these guys will be returning to Lufthansa soon.
The people I know there, are happy with the job and people they work with. Apparently, there are a lot nationalities and the working environment is quite good.
But like you said, it doesn't hurt to apply.
Good luck