A quartet of leading US and UK firms have scored roles on HgCapital's £470m acquisition of Italian software company TeamSystem from US private equity firm Bain Capital.

HgCapital, which saw off competition from rival buyout firm Cinven Group to seal the deal, instructed Linklaters, which fielded a team led by London-based private equity partner Richard Youle and Milan-based banking partner Davide Mencacci.

Clifford Chance (CC) advised the underwriting banks, which included Unicredit, Banca IMI and Morgan Stanley.

CC Italy managing partner Charles Adams (pictured), who led the magic circle firm's debt financing team, commented: "It is very encouraging to see banks prepared to underwrite significant commitments for Italian leveraged transactions after many months of slowdown. This is the second significant transaction to be fully underwritten in the past month."

Bain was advised by US firms Kirland & Ellis and Dewey & LeBoeuf. The Kirkland team was led by London head Jim Learner, who worked alongside corporate partners Matthew Hurlock, Piero Carbone and Sophie Allen.

Dewey & LeBouef fielded a team led by Italy head Bruno Gattai and corporate partner Aldo Piccarreta, both of whom are based in the firm's Milan office.

The acquisition is HgCapital's fifth investment in software for small and medium-sized businesses across Europe, after Computer Software Group and Iris in the UK, Addison in Germany and Visma in Norway.

The European sector-focused private equity investor has said it will continue to target similar European software companies with a strong subscription element guaranteeing a stable cash flow.