The question becomes what assets does each arm have?
Private equity operates on a very simple model despite the claims of "masters of the universe" territory:
1: What cash reserves does the company have?
2: What property assets does the company have?
3: What saleable assets does the company have?
4: Does the company currently have, or has had in the near past, a high profile or reputation that has taken a downturn?
5: Is the market price depressed?
If you get the right answers to questions 4 and 5 then the company is ripe for a takeover and
PR campaign to resell it (the "exit strategy") at a price above what you bought it for.
So you proceed to buy the company on the basis of low price (5), start a marketing campaign around how you are going to revive a national brand because you're such great business people prepared to take the hard decisions that former management clearly have not (4) and whilst that campaign is underway you use (1) to pay off the interest on teh debt taken on to buy the company with any remainder being used to pay your "management service fees" with additional funds raised from selling (2) and (3) also being offset by those fees.
Then you refloat it, get the money out of the country asap (overnight if possible) so the ATO can't get their hands on any of it and you leave the stripped company to wobble toward an uncertain future.
Does QF fit that bill???...