http://www.smh.com.au/business/alcop...0106-ludr.html
"Independent Liquor, which was sold to the private equity firms PEP and Unitas in December 2006 for $NZ1.3 billion"
"The business is believed to be worth about $700 million, which is sharply lower than the price two private equity operators bought it for three years ago"
On those numbers you wouldn't think there would be much equity left for the PE guys....