LBO Question - Ultimate Investment?

Just needed some quick clarification on LBOs. First of all, I am under the impression that even if the acquired company experiences no growth, the PE firm could still make money albeit the return profile would be similar to that of debt investors and would compensate for their acquired risk. Is this correct? Furthermore, is it possible fully delay any debt repayment (and interest) to instead dedicate it to growing the company's enterprise value?