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Ben Steadman

Partner at Paul Weiss Rifkind Wharton & Garrison

Financing Lawyer

New York

Deal Bio

Total Deals38

Valued Deals21

Total Value£ 56.25 B

Avg. Deal Size£ 2.68 B

Market Context

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26 Oct 2019|Netherlands|Radio and TV Broadcasters

Target: ENDEMOL SHINE GROUP

Bidder: BANIJAY

20 Service Providers

5 Target | 11 Bidder | 4 Vendor

77 Dealmakers

38 Target | 19 Bidder | 20 Vendor

£ 1.71 B

Value

08 Nov 2019|United States|Specialty Retailers

Target: ORGAIN INC

Bidder: BUTTERFLY EQUITY

8 Service Providers

4 Target | 4 Bidder

19 Dealmakers

2 Target | 17 Bidder

n/a

Value

08 Dec 2020|United Kingdom|Security Services

Target: G4S PLC

Bidder: ALLIED UNIVERSAL

30 Service Providers

8 Target | 11 Bidder

142 Dealmakers

57 Target | 24 Bidder

£ 3.82 B

Value

20 Nov 2020|United States|Health Care Services

Target: QUANTUM HEALTH

Bidder: GREAT HILL PARTNERS LLC

7 Service Providers

3 Target | 4 Bidder

16 Dealmakers

1 Target | 15 Bidder

n/a

Value

04 May 2021|United States|Farming Fishing Ranching and Plantations

Target: PETE AND GERRY’S ORGANICS

Bidder: BUTTERFLY EQUITY

8 Service Providers

4 Target | 4 Bidder

17 Dealmakers

2 Target | 15 Bidder

n/a

Value

07 Sep 2021|United States|Food Products

Target: CHOSEN FOODS

Bidder: BUTTERFLY EQUITY

7 Service Providers

4 Target | 3 Bidder

15 Dealmakers

2 Target | 13 Bidder

n/a

Value

08 Nov 2021|United Kingdom|Satellite

Target: INMARSAT PLC

Bidder: VIASAT INC

14 Service Providers

9 Target | 5 Bidder

64 Dealmakers

38 Target | 26 Bidder

£ 5.41 B

Value

01 Mar 2022|United States|Software

Target: EXPERITY

Bidder: GTCR LLC

9 Service Providers

3 Target | 5 Bidder | 1 Vendor

31 Dealmakers

26 Target | 3 Bidder | 2 Vendor

£ 896 M

Value

05 Apr 2022|United States|Health Care Services

Target: TIVITY HEALTH

Bidder: STONE POINT CAPITAL LLC

8 Service Providers

5 Target | 3 Bidder

24 Dealmakers

13 Target | 11 Bidder

£ 1.47 B

Value

01 Aug 2022|United States|Facilities Technology

Target: REORG RESEARCH INC

Bidder: PERMIRA ADVISERS LLP

9 Service Providers

3 Target | 5 Bidder | 1 Vendor

36 Dealmakers

9 Target | 25 Bidder | 2 Vendor

£ 1.06 B

Value

09 Aug 2022|United States|Insurance Brokers

Target: FOUNDATION RISK PARTNERS

Bidder: PARTNERS GROUP

10 Service Providers

1 Target | 3 Bidder | 6 Vendor

28 Dealmakers

2 Target | 11 Bidder | 15 Vendor

£ 2.32 B

Value

09 Aug 2022|United States|Restaurants and Bars

Target: QDOBA RESTAURANT CORPORATION

Bidder: MODERN RESTAURANT CONCEPTS

10 Service Providers

4 Target | 5 Bidder | 1 Vendor

17 Dealmakers

2 Target | 12 Bidder | 3 Vendor

n/a

Value

18 Jul 2022|United States|Auto Services

Target: EL CAR WASH

Bidder: WARBURG PINCUS LLC

8 Service Providers

2 Target | 2 Bidder | 4 Vendor

22 Dealmakers

2 Target | 17 Bidder | 5 Vendor

n/a

Value

11 Dec 2023|United States|Business Process Outsourcing

Target: HIRERIGHT

Bidder: GENERAL ATLANTIC LLC

10 Service Providers

4 Target | 6 Bidder

57 Dealmakers

13 Target | 44 Bidder

£ 1.31 B

Value

20 Feb 2024|United States|Insurance Brokers

Target: TRUIST INSURANCE HOLDINGS

Bidder: STONE POINT CAPITAL LLC

36 Service Providers

1 Target | 30 Bidder | 5 Vendor

113 Dealmakers

2 Target | 92 Bidder | 20 Vendor

£ 9.83 B

Value

26 Jun 2024|United States|IT Services: Other

Target: CDATA SOFTWARE

Bidder: WARBURG PINCUS LLC

10 Service Providers

4 Target | 6 Bidder

41 Dealmakers

1 Target | 40 Bidder

£ 275 M

Value

11 Jul 2024|United States|FinTech

Target: ENVESTNET

Bidder: NORWEST (NORWEST VENTURE PARTNERS)

25 Service Providers

3 Target | 22 Bidder

100 Dealmakers

35 Target | 65 Bidder

£ 3.51 B

Value

16 Jul 2024|Canada|Software

Target: VARICENT SOFTWARE

Bidder: WARBURG PINCUS LLC

15 Service Providers

6 Target | 9 Bidder

55 Dealmakers

20 Target | 35 Bidder

n/a

Value

29 Jul 2024|Bermuda|Reinsurance

Target: ENSTAR GROUP LIMITED

Bidder: SIXTH STREET PARTNERS

15 Service Providers

6 Target | 8 Bidder | 1 Vendor

102 Dealmakers

36 Target | 58 Bidder | 8 Vendor

£ 3.96 B

Value

05 Mar 2024|United States|Software

Target: ENLYTE (INDEPENDENT MEDICAL EXAMINATION)

Bidder: STONE POINT CAPITAL LLC

4 Service Providers

2 Bidder | 2 Vendor

13 Dealmakers

9 Bidder | 4 Vendor

n/a

Value

15 Oct 2024|United States|Diversified Financials

Target: KESTRA FINANCIAL INC

Bidder: STONE POINT CAPITAL LLC

10 Service Providers

6 Target | 3 Bidder | 1 Vendor

35 Dealmakers

15 Target | 19 Bidder | 1 Vendor

n/a

Value

18 Nov 2024|United States|Automobiles

Target: FLEET EQUIPMENT

Bidder: STONEPEAK

7 Service Providers

2 Target | 5 Bidder

22 Dealmakers

2 Target | 20 Bidder

n/a

Value

12 Dec 2024|United States|Digital Services

Target: PANGO GROUP

Bidder: TOTAL SECURITY

7 Service Providers

5 Target | 2 Bidder

6 Dealmakers

4 Target | 2 Bidder

£ 1.35 B

Value

03 Mar 2025|United States|Software

Target: MODMED

Bidder: CLEARLAKE CAPITAL GROUP LP

11 Service Providers

4 Target | 5 Bidder | 2 Vendor

15 Dealmakers

9 Target | 3 Bidder | 3 Vendor

n/a

Value

03 Mar 2025|United States|Real Estate Holding and Development

Target: KELLER WILLIAMS

Bidder: STONE POINT CAPITAL LLC

7 Service Providers

4 Target | 3 Bidder

30 Dealmakers

11 Target | 19 Bidder

n/a

Value

10 Mar 2025|United States|Consumer Lending

Target: NEWPOINT HOLDINGS JV LLC

Bidder: FRANKLIN BSP REALTY TRUST

8 Service Providers

2 Target | 6 Bidder

21 Dealmakers

17 Target | 4 Bidder

n/a

Value

23 Apr 2025|United States|Asset Managers and Custodians

Target: ULTIMUS FUND SOLUTIONS

Bidder: STONE POINT CAPITAL LLC

12 Service Providers

3 Target | 4 Bidder | 5 Vendor

67 Dealmakers

2 Target | 34 Bidder | 31 Vendor

n/a

Value

08 Jul 2025|United States|IT Services: Other

Target: A-LIGN

Bidder: HG CAPITAL LLP

13 Service Providers

4 Target | 5 Bidder | 4 Vendor

40 Dealmakers

1 Target | 37 Bidder | 2 Vendor

n/a

Value

16 Jul 2025|United States|Insurance Brokers

Target: KEYSTONE AGENCY PARTNERS

Bidder: WARBURG PINCUS LLC

13 Service Providers

7 Target | 6 Bidder

56 Dealmakers

28 Target | 29 Bidder

n/a

Value

28 Jul 2025|United States|Software

Target: NEOGOV

Bidder: CANADA PENSION PLAN INVESTMENT BOARD (CPP INVESTMENTS)

12 Service Providers

3 Target | 7 Bidder | 2 Vendor

39 Dealmakers

5 Target | 32 Bidder | 3 Vendor

£ 2.23 B

Value

08 Sep 2025|Canada|Outsourced HR and Staffing

Target: PAYWORKS CA

Bidder: HG CAPITAL LLP

7 Service Providers

1 Target | 6 Bidder

38 Dealmakers

2 Target | 36 Bidder

£ 17 M

Value

18 Sep 2025|United States|Financial Data and Systems

Target: ONEDIGITAL

Bidder: STONE POINT CAPITAL LLC

18 Service Providers

8 Target | 8 Bidder | 2 Vendor

79 Dealmakers

23 Target | 53 Bidder | 4 Vendor

£ 5.13 B

Value

02 Oct 2025|Canada|Information / Data Services

Target: OPENTEXT (EDOCS)

Bidder: NETDOCUMENTS

7 Service Providers

4 Bidder | 3 Vendor

10 Dealmakers

3 Bidder | 7 Vendor

£ 121 M

Value

10 Nov 2025|Canada|Property and Casualty Insurance

Target: SCM INSURANCE SERVICES

Bidder: DAVIES GROUP LTD

4 Service Providers

3 Target | 1 Bidder

31 Dealmakers

29 Target | 2 Bidder

n/a

Value

13 Nov 2025|Canada|Private Equity

Target: ECN CAPITAL CORP

Bidder: WARBURG PINCUS LLC

15 Service Providers

5 Target | 9 Bidder | 1 Vendor

50 Dealmakers

1 Target | 48 Bidder | 1 Vendor

£ 1.03 B

Value

15 Dec 2025|United States|Construction Services

Target: TRC COMPANIES INC

Bidder: WSP GLOBAL INC

11 Service Providers

6 Target | 5 Bidder

37 Dealmakers

14 Target | 23 Bidder

£ 2.47 B

Value

21 Dec 2025|United States|Software

Target: CLEARWATER ANALYTICS (CWAN)

Bidder: PERMIRA ADVISERS LLP

15 Service Providers

6 Target | 9 Bidder

100 Dealmakers

66 Target | 34 Bidder

£ 3.59 B

Value

06 Jan 2026|United States|Software

Target: ONESTREAM SOFTWARE LLC

Bidder: HG CAPITAL LLP

15 Service Providers

5 Target | 9 Bidder | 1 Vendor

24 Dealmakers

3 Target | 18 Bidder | 3 Vendor

£ 4.73 B

Value