Well, it's been four years, and they've probably levered up as much as they can, so it will come as no surprise that KKR decided to find yet another new owner for Epicor. What's a little more of a surprise is the size of the check that CD&R wrote - $4.7 billion. That's about 13x earnings, according to the Financial Times.
KKR paid $3.3 billion for the company in 2016. It's worth noting that, as the FT delicately puts it, "Last month Epicor unveiled plans to issue $2.8bn in new debt partly used to pay a dividend to KKR."
Timing is everything, friends.