It's very common in transactions of this size that the seller "rolls" some equity, I.e. retains some ownership moving forward. The buyer likes this because it

It's very common in transactions of this size that the seller "rolls" some equity, I.e. retains some ownership moving forward. The buyer likes this because it theoretically keeps them invested in the future of the company and the seller potentially gets a second bite when the PE firm flips the business.