Merit in a firm being private?

In an age where going public is considered to be the way to go forward for a firm, is there some merit in the firm being a private firm or say, a partnership? By private I mean firms that do not get listed on exchanges. By private, I also mean firms whose current owners do not seek capital from investors - whose sole objective is to seek a return on the capital provided. My cynical understanding of investors is that what most investors seek is a good return on capital invested. This would mean just one thing for the firm's management that runs the show on behalf of investors - increase profits year on year. As someone who works for a non-private firm, I see thousands of employees in the middle and top management geared towards this singular objective. Values of the firm are a conduit through which the objective could be reached. Any value that is not in sync with this objective is readily discarded. Many capable individuals, working for organizations with a profit motive, sincerely believe that profit should not the sole motive for the organization. To them there are other ideals worth pursuing. But, eventually such individuals fall in line and those who don't find themselves to be fish out of water. I for one think that if there is an ideal, other than that of profit motive that needs to be pursued, a private company of like-minded individuals is the way forward. And individuals of an ideologically different mould should also seek to employment in such organizations.