Stephen M. Leitzell
Partner | Philadelphia
Stephen M. Leitzell

Stephen M. Leitzell advises clients on domestic and cross-border mergers and acquisitions, securities offerings, financings and public company reporting and governance issues. His clients are varied, including public and privately-held corporations, private equity sponsors and their portfolio companies. He also has experience across a wide range of industries, most significantly in the health care and technology sectors.

Mr. Leitzell is listed as a "Highly regarded" lawyer for M&A in the IFLR1000 and has also been recognized for capital markets: high yield debt offerings and for M&A in legal directory The Legal 500 (U.S.), which noted that he “gives very consistent and capable help.”

In 2014, Mr. Leitzell was part of the Dechert team that received “Standout” recognition in the Financial Times' North America Innovative Lawyers 2014 awards. The team was recognized for its innovative representation of the Certares-led investor group in its joint venture with American Express Company for its Global Business Travel division valued at US$1.8 billion and related US$900 million investment.

In 2019, Mr. Leitzell was part of the pro bono team that was shortlisted for “Lawyer of the Year” by TrustLaw, the global pro bono service of the Thomson Reuters Foundation, for their work with Esusu Financial Inc. In 2022, Mr. Leitzell was recognized by the Grayson School as its 2022 GROW Honoree in recognition of his pro bono support of the school.

Mergers and Acquisitions
  • US Ecology, Inc. in connection with its US$2.2 billion sale to Republic Services Inc. and its US$966 million stock-for-stock merger with NRC Group Holdings Corp.
  • Select Medical Corporation in its: US$1.055 billion acquisition (as part of a joint venture with Welsh, Carson, Anderson & Stowe) of Concentra, Inc. from Humana Inc.; and the subsequent combination of Concentra, with U.S. HealthWorks, Inc., a subsidiary of Dignity Health; US$400 million acquisition of Physiotherapy Associates Holdings Inc.; US$210 million purchase of Regency Hospital Company, L.L.C.; and many other M&A transactions and investments.
  • B&G Foods, Inc. in its: US$765 million acquisition of the Jolly Green Giant and Le Sueur brands; US$195 million acquisition of Robert's American Gourmet Food, LLC, maker of Pirate's Booty, and its eventual US$420 million sale to The Hershey Company; US$155 million acquisition of Specialty Brands of America, Inc.; its acquisition of Rickland Orchards LLC; US$365 million acquisition of the spices and seasonings business of ACH Food Companies, Inc.; US$162.5 million acquisition of Back to Nature Foods Company, L. L.C. and its subsequent sale to Barilla America; US$80 million acquisition of Clabber Girl Corporation; US$70 million acquisition of Victoria Fine Foods Holding Company; US$32 million acquisition of the McCann's brand of premium Irish oatmeal; its acquisition of Farmwise LLC; and its US$550 million acquisition of the Crisco® brand of oils and shortening from The J.M. Smucker Co.
  • Emtec, Inc. in its sale to Kelso & Company, as well as its restructuring and numerous acquisitions and joint ventures.
  • Baird Medical Investment Holdings Limited in its US$370 million de-SPAC business combination with ExcelFin Acquisition Corp. (NASDAQ: XFIN), a publicly traded Special Purpose Acquisition Company.
  • Actua Corporation, formerly known as ICG Group, Inc., in its: US$328 million sale of VelocityEHS Holdings, Inc., a leading EHS software company, and BOLT Solutions, Inc., Actua’s online insurance service platform, to CVC Growth Fund; US$199 million purchase of FolioDynamix and its eventual sale to Envestnet, Inc.; US$375 million sale of Procurian, Inc. to Accenture plc; and the US$125 million sale of Channel Intelligence to Google, Inc. 
  • CVC Capital Partners as the lead investor in a consortium that is sponsoring the proposed combination of Worldwide Express, LLC and GlobalTranz Enterprises, LLC to create an industry leader with unique technology capabilities and market-leading solutions for the freight and parcel markets. Other consortium members include GlobalTranz's current lead investors, Providence Equity Partners and PSG, while current Worldwide Express lead investor, Ridgemont Equity Partners, will also retain a significant stake in the combined entity.
  • Slinger Bag Inc., a leading connected sports company, on its acquisition of Tel Aviv based PlaySight Interactive Ltd, an AI sports technology company in an all share merger valued at approximately US$100 million. Slinger trades on the US OTC market.
  • OraSure Technologies, Inc. in its acquisition of DNA Genotek and its sale of its cryosurgical business to CryoConcepts LP.
  • MWI Veterinary Supply, Inc. in its: US$2.5 billion sale to AmerisourceBergen Corporation; US$47 million acquisition of UK-based Centaur Services Limited; US$60 million purchase of the assets of Micro Beef Technologies, Ltd.; and US$67.5 million purchase of the assets of IVESCO Holdings LLC.
  • Randstad Holding nv in its US$770 million cross-border acquisition via tender offer of U.S.-based SFN Group, Inc.
  • American Sporting Goods Corporation, the manufacturer of Avia, AND1 and rykä athletic footwear, in its US$145 million sale to Brown Shoe Company, Inc.
  • The Certares-formed investor group in connection with its joint venture with American Express Company for its Global Business Travel division and related US$900 million investment, which was named Private Equity Deal of the Year by IFLR Americas and Cross-Border M&A Deal of the Year by M&A Advisor; and American Express Global Business Travel (GBT) on numerous M&A transactions including its acquisition of Klee Data System (KDS), a global provider of integrated travel technology.
  • One Equity Partners in its US$465 million acquisition, along with Carlson Companies, of France-based Accor's 50-percent interest in Carlson Wagonlit Travel; and Carlson Wagonlit Travel in its subsequent acquisition of Israel-based Worldmate, Inc.
  • Versa Capital Management in its acquisition of Eastern Mountain Sports.
  • The Special Committee of the Board of Directors of Westway Group, Inc. in the US$419 million sale of Westway to EQT Infrastructure II Limited Partnership and the US$112 million sale of Westway's liquid feed supplement business to ED&F Man Holdings Limited.
  • Worldspan, L.P. and its selling stockholders, Citigroup Venture Capital Equity Partners, L.P. and Ontario Teachers Pension Plan, in its US$1.4 billion sale to an affiliate of Travelport Ltd.
Capital Markets and Financings
  • Teachers Insurance and Annuity Association of America, on behalf of the Real Estate Account, in its offering of 3.24% Series A Senior Notes due 2029, 3.35% Series B Senior Notes due 2032 and 5.50% Series C Senior Notes due 2027.
  • Hercules Capital, Inc. in its offering of 6.25% Senior Notes due 2024.
  • FS Investment Corporation in its offering of 4.75% Notes due 2022.
  • Select Medical Corporation in its: offering of US$550 million 6.25% senior notes and US $675 million of additional senior notes; offering of US$600 million 6.375% senior notes and US$110 million of additional senior notes; and its US$300 million initial public offering.
  • B&G Foods, Inc. in multiple tranches of its 5.25% Senior Notes and common stock offerings, and its 8% Senior Secured Notes due 2028.
  • OraSure Technologies, Inc. in its US$101.2 million public offering of common stock.
  • US Ecology, Inc. in its US$96.5 million follow-on public offering of common stock.
  • MWI Veterinary Supply, Inc. in its US$73.6 million initial public offering and subsequent secondary offerings.
  • New SEC Beneficial Ownership Reporting Rules: Shorter Deadlines, Guidance on "Groups," Cash-Settled Derivatives — Strafford Webinar (December 14, 2023)
  • Risky Business: Navigating ESG Risk and Opportunities in Middle Market Deals — The 2nd Annual West Coast M&A/Private Equity Forum (September 28, 2023)
  • BioDech: A Global Life Sciences Broadcast Series — Dechert LLP, Webinar (March 21, 2023)
  • Committed Capital Sidecar | DOJ's Stepped-Up Enforcement Against Interlocking Directorates — Dechert LLP, Webinar (February 9, 2023)
  • Global Antitrust Merger Enforcement Trends in Times of Change: 2022 Year in Review — Dechert LLP, Webinar (January 24, 2023)
  • Using Representation and Warranty Insurance in M&A Transactions for Strategic Buyers — Pennsylvania Bar Association Business Law Institute (November 16, 2022)
  • Rising Tide of ESG: Primer for U.S. Corporate Issuers and Investors Webinar Series - Session One: Core Principles: ESG Five Ws — Dechert LLP, Webinar (October 19, 2021)
  • ‘Unfathomable’: Why US investors, regulators are rethinking human capital management disclosures — S&P Global's ESG Insider, Podcast (August 10, 2021)
  • Using Representation and Warranty Insurance in M&A Transactions for Strategic Buyers — ACC Greater Philadelphia 2021 Virtual In-House Counsel Conference (April 21, 2021)
  • Deploying Capital in the Public Market: Take-Privates and PIPEs — Dechert LLP, Podcast (May 8, 2020)
  • Regulators Scrutinize Use of "Rule 10b5-1 Trading Plans" by Corporate Directors Affiliated with Investment Advisers Dechert LLP, Webinar (June 19, 2013)
  • The JOBS Act and Impact on the Middle Market — A Presentation to the Taiwanese Delegation, New York, NY (June 13, 2012)


Services Industries
    • University of Pennsylvania, B.A., 1996
    • University of Pennsylvania Law School, J.D., 1999
    • Pennsylvania
    • Supreme Court of Pennsylvania
    • Pennsylvania Bar Association, Business Law Section Council Member