Private Equity Investments and Company Valuation: The Acquisition of Namirial S.p.A. by Bain Capital

This thesis examines the role of private equity in supporting corporate growth and value creation within portfolio companies. The analysis first provides an overview of the private equity industry and its main characteristics, including the legal framework, possible investment strategies, the structure of the fund, the fundraising and the investment processes. It then focuses on the main dynamics of value creation and on the different exit strategies available to investors. The empirical part centres on the acquisition of Namirial S.p.A. by Bain Capital in 2025, which offers a representative case of private equity investments. Namirial is an Italian IT company specializing in the digital transaction management (DTM) sector and that over the years, particularly during the ownership of the italian investment management firm Ambienta Sgr, has demonstrated a remarkable growth trajectory eventually involving a global leader in alternative investments such as Bain Capital, LP. The case study considers the target's background, history and evolution and proceeds by exploring the main characteristics of the DTM market together trying to understand the investment thesis underlying Bain Capital’s decision to pursue this investment opportunity. Finally, the transaction is assessed through a valuation exercise based on market multiples and a DCF model under different scenarios. The analysis combines company-specific financial data retrieved from AIDA with external market metrics and benchmarks, with the aim of deriving a plausible enterprise value for Namirial based on its financial and strategic profile and on the prevailing conditions and growth trends of the DTM industry. The resulting valuation is intended as an autonomous and independent assessment rather than a representation of Namirial's actual transaction valuation.