It's really a case by case thing for me, it doesn't matter who the vendor is. The Best and Less IPO structure was secondary sell-down only; there was no primary raise ie no new money going into the business. Here there is growth capital going into the business (as well as the founder sell-down), but on top of that BlueBet is a very different business with a different (read: superior) growth profile/prospects than Best and Less. Better broker as well. Allegro was retaining a decent stake under escrow but I reckon the ghost of Dick Smith came back to haunt PE on that one (albeit different funds).
