Bye, bye Johns Lyng Group, a building services group that shone bright on the ASX, stumbled, stumbled again, and is headed for a stint in the private equity repair shop. Good luck, get well, and perhaps we’ll see you again.

Mark the $1.3 billion sale of Johns Lyng as one of the Australian capital markets case studies of the year. Regulators, politicians, investors or anyone else wondering how capital markets are changing should take note of who’s buying Johns Lyng, who’s selling, who’s not selling and consider why.