Stephen M. Leitzell


Stephen M. Leitzell


Philadelphia | Cira Centre, 2929 Arch Street, Philadelphia, PA, United States of America 19104-2808
+1 215 994 2621 | +1 215 994 2222


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.

Mergers and Acquisitions

  • 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.; 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; and its acquisition of Farmwise LLC.
  • US Ecology, Inc. in connection with its US$966 million stock-for-stock merger with NRC Group Holdings Corp.
  • 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.
  • Emtec, Inc. in its restructuring and numerous acquisitions and joint ventures.
  • 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

  • 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.
  • 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.
  • University of Pennsylvania, B.A., 1996
  • University of Pennsylvania Law School, J.D., 1999
  • Pennsylvania
  • Supreme Court of Pennsylvania
Speaking Engagements
  • 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)