I developed a severe tummy ache upon discovering that Erewhon, my overpriced organic food emporium I mistakenly believed was 100 percent owned by a local couple, is backed by a New York private equity firm. Adding insult to injury, the CEO of the PE firm was accused by more than 300 neighbors of trying to build a McMansion on an environmentally fragile lake in Southampton.
My indigestion worsened upon discovering that private equity is heavily involved in the organic food industry, including the supply chain.
Public good rarely results from private equity involvement.