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On Saturday May 10, 1997, Jonathan Lavine, a principal at Bain Capital, a U.S. private equity firm, was preparing an investment memorandum for Bain Capital's credit committee to make a bid for Seat SpA, the largest publisher of Yellow Pages and White Pages in Italy. Seat was being sold as part of the Telecom Italia privatization process undertaken by the Italian government. He had just reviewed the paper with Mark Nunnelly, the Managing Director with whom he was working on the investment. Jonathan contemplated the Italian investment consortium with whom Bain Capital was partnered, in preparation for the Seat bid. Bain Capital brought international expertise and high investment capacity, while the Italian partners brought extensive local knowledge regarding economic, political, and regulatory issues that Bain Capital lacked. The Seat deal was a high‐profile transaction, potentially becoming one of the largest leveraged buyouts in European history.