As details emerged yesterday of Debenhams' flotation plans, that was the question some in the industry were asking.
Chief executive Rob Templeman and his team have done a fantastic job of improving the business and have outlined avenues for further growth when the business is back on the quoted market.
Since Debenhams was bought in 2003, its private equity backers have made their investment back approximately four times;£600 million of equity has been turned into£2.5 billion.
So it's no wonder that bosses of public companies might look on, green with envy, and also no wonder that they question whether such big deals will be done again in the foreseeable future.
The vast returns made are likely to mean any attempt to do a Debenhams on another leading retailer would be likely to face intense investor scrutiny at the least, and outright hostility at worst.
Recent rejections of private equity approaches to entertainment group HMV and international electricals retailer Kesa are an indication of the shape of things to come. A City bandwagon seems to be building up that may, astonishingly, mean that the attraction of cash in the hand at a decent premium to the share price could lose its lustre.
None of this is should detract from the success that Templeman et al have delivered. They saw the opportunity and they deserve the rewards they have generated, but other store chiefs interested in taking the same route may not find it as easy to do mega deals.
There will, however, still be plenty of private equity activity in the sector. The focus is likely to switch increasingly to specialists who cater for a distinct customer base.
An instance of the trend is evident at garden centre group Wyevale, whose board has today recommended a£311 million takeover offer from tycoon Sir Tom Hunter.
Despite the disruption caused at Wyevale last year by the shareholder rebellion led by Laxey, perhaps the hedge fund deserves a grudging vote of thanks.
If nothing else, Laxey's activism highlighted the potential of Wyevale and the garden centre sector. Garden centres have traditionally been a retail backwater, although DIY groups and the grocers spotted the opportunity and have been making inroads.
Wyevale chairman Jim Hodkinson, the talented retailer who formerly ran B&Q, would no doubt have made a decent stab at reinventing the business had he been in the job long enough.
However, Hunter is an astute retailer too and wants to invest in, and develop, Wyevale. It's good to see that private equity money can be found to fund small businesses and generate growth, as well as for headline-grabbing swoops on the biggest names in the quoted sector.
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