|Yep, saw this the other day as well. It does sound like JIP is a capital investment firm, and if that is the case, the employees are probably in for a rough ride. You might say they will feel JIP'ed.
The M.O. of these guys is to buy using leverage, get the folks being bought to pay the interest on the debt, then go in and cut deeply to make the numbers look really good, and finally re-sell for a profit.
I was on the receiving end of one of these debacles once, and it certainly left me with a negative opinion of these capital investment firms.