Pros
If you want to see how NOT to run a company, this would be a great case study of what can happen when private equity comes in and thinks they can do it better than the seller.
Cons
Every day, you'll have at least one moment where you will think you are in the twilight zone. This will be followed by the culture of distrust, assuming the worst of everyone, and hundreds of decisions directed at lowering the overall bar for places to work. You should ask them about the 26 hypocrisies, or "fundamentals" as they call them. Really, in all honesty you'd be better off begging on the street corner than working there, at least you'll only get called a few degrading names, and you'll have at least some self esteem left. The incompetency level is absolutely astounding! Make sure you get EVERYTHING in writing and ask for clarifications on things like bonuses or use of the term "free" or "guaranteed". It's quite sad really, buy maybe the next private equity buyer will pay better attention to who is running the place and what experience and track record they really have.