February was an active month for middle-market M&A, with deals closed by 3M Co. (NYSE: MMM), Cisco Systems Inc. (Nasdaq: CSCO) and Platinum Equity.

3M bought MModal's technology business for $1 billion. Cisco paid $600 million for semiconductor company Luxtera. Canaccord Genuity Group acquired middle-market investment bank Petsky Prunier for up to $85 million. On the PE side, Platinum Equity bought Pro-Mark, which makes sprinkler systems under the Hyrdro-Rain and Orbit Irrigation brands.

Editor's Note: To measure activity in the middle market, Mergers & Acquisitions looks at transactions that fulfill several requirements: Deals must have a value of roughly $1 billion or less; they must be completed (not just announced) within the timeframe designated; the coverage is global. Excluded from our charts are: recapitalizations; self-tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed buyers or sellers. Our data provider is Thomson Reuters, which updates its databases continuously. We use the data available at press time. The data for this article was gathered on March 6, 2019.

Related: Thoma Bravo, Sonic Healthcare and Staples closed big deals in January.
Related: M&A soared in 2018; companies confident about dealmaking in 2019.

Key Middle-Market M&A Deals Completed in February 2019
AcquirerTargetTarget IndustryValue ($mil)
3M CoMModal IP-Technology BusinessBusiness Services1,000.0
Cleco Corporate Hldg LLCNRG South Central Gen LLCElectric, Gas, and Water Distribution1,000.0
Daikin Europe NVAHT Cooling Systems GmbHMachinery999.1
Wework Ppty Advisors LlcHudsons Bay Co-Lord & TaylorRetail Trade-General Merchandise and Apparel850.0
Cisco Systems IncLuxtera IncElectronic and Electrical Equipment660.0
HollyFrontier LSP Holdings LLCSonneborn LLCChemicals and Allied Products655.0
Ingevity CorpPerstorp UK LtdChemicals and Allied Products649.5
Platinum Equity LLCLonza Grp AG-Water Care Bus UnChemicals and Allied Products630.0
Union Bankshares CorpAccess National CorpSavings and Loans, Mutual Savings Banks613.9
Keppel Infrastructure TrustIxom HoldCo Pty LtdChemicals and Allied Products562.1
TAL Dai-ichi Life AustralianSuncorp Life & SuperannuationInsurance538.7
KKR Asian Fund III LPRamky Enviro Engineers LtdSanitary Services530.0
SF Hldg LtdDHL Supply Chain (Hong Kong)Transportation and Shipping (except air)526.6
Fabulous New LtdTwinpeak Assets LtdConstruction Firms498.5
Vermont Aus Pty LtdGreencross LtdAgriculture, Forestry, and Fishing481.2
Equinor ASADanske Commodities A/SInvestment & Commodity Firms,Dealers,Exchanges467.6
China Resources Pharm Hldg CoJiangxi Jiangzhong PharmDrugs461.8
Investor GroupMeritage Midstream ULCOil and Gas; Petroleum Refining449.0
Tiza Info Ind Corp IncShenzhen Youkeshu Tech Co LtdBusiness Services436.0
Kofax LtdNuance Comm-Doc Imaging DivBusiness Services400.0
Altas Partners LPUniv Of St. Augustine ForEducational Services400.0
Tritax Symmetry LtdBarwood Developments LtdReal Estate; Mortgage Bankers and Brokers387.0
Eclipse Resources CorpBlue Ridge Mtain Resources IncOil and Gas; Petroleum Refining378.6
iAnthus Capital Holdings IncMPX Bioceutical CorpDrugs378.0
Banco Santander(Brasil)SAGetnet Adquirencia E ServicosBusiness Services365.9
Mercer Global Advisors IncArbor Asset Management LLCBusiness Services350.0
Zurich Insurance Co LtdQbe Ins Grp Ltd-Latin Amer OpInsurance350.0
Ensign Energy Services IncTrinidad Drilling LtdOil and Gas; Petroleum Refining349.5
MB 550 TFB Inc550 Terry Francois Blvd,CAReal Estate; Mortgage Bankers and Brokers342.5
Amedisys IncCompassionate Care HospiceHealth Services340.0
ArcLight Capital Partners LLCSempra Energy-US N Gas StorageTransportation and Shipping (except air)332.0
Central Puerto SAIEASA-BrigadiElectric, Gas, and Water Distribution326.0
Tilray IncFresh Hemp Foods LtdFood and Kindred Products317.3
Investor GroupDEN Networks LtdRadio and Television Broadcasting Stations311.6
William Hill Hldg LtdMr Green & Co ABBusiness Services307.2
Busey Bank,Urbana,ILBanc Ed CorpCommercial Banks, Bank Holding Companies304.9
InterContinental Hotels GrpSix Senses Hotels Resorts SpasHotels and Casinos300.0
Elad Genesis LPAgellan Commercial REITInvestment & Commodity Firms,Dealers,Exchanges287.9
SF Hldg LtdDHL Logistics (Beijing) Co LtdTransportation and Shipping (except air)265.0
Related Cos LPTruffles TribecaReal Estate; Mortgage Bankers and Brokers260.0
ERG Solar Montalto SrlPerseo SrlElectric, Gas, and Water Distribution254.1
The Descartes Sys Grp IncMSR Customs CorpPrepackaged Software249.7
Wilton Resources Hldg Pte LtdPT Renuka Coalindo TbkMining248.6
AXA Real Estate Invest Mgrs SAAbu Dhabi Invest Auth-OlympicHotels and Casinos236.7
Tamedia AGGoldbach Group AGBusiness Services226.1
Teledyne Technologies IncRoper Tech Inc-ScientificMeasuring, Medical, Photo Equipment; Clocks225.0
Nasdaq Technology ABCinnober Finl Tech ABPrepackaged Software218.5
InvaGen Pharmaceuticals IncAvenue Therapeutics IncDrugs215.0
Natl Wstn Life Ins CoOzark Natl Life Ins CoInsurance203.0
K1 Investment Management LLCJobvite IncPrepackaged Software200.0
Finning International Inc4refuel Canada LPBusiness Services195.2
Tyler Technologies IncMicroPact IncBusiness Services185.0
Grupo Catalana Occidente SAAntares SAInsurance183.9
Press Metal Bintulu Sdn BhdJapan AluminaInvestment & Commodity Firms,Dealers,Exchanges178.5
Altifort France SASAscoval SASMetal and Metal Products172.9
Cedacri SpAOasi SpABusiness Services171.6
Sarepta Therapeutics IncMyonexus Therapeutics IncDrugs165.0
Investor GroupHathway Cable & Datacom LtdRadio and Television Broadcasting Stations160.7
Pentair PLCAquion IncMachinery160.0
Inside Secure SAVerimatrix IncPrepackaged Software158.0
PCT2 HoldingsHitachi Automotive SysMeasuring, Medical, Photo Equipment; Clocks154.2
Healthcare & Med Invest CorpSumitomo Mitsui Fin-PropertyReal Estate; Mortgage Bankers and Brokers146.0
Tronox LtdTronox Sands LLPMining145.8
Marcus Theatres CorpMovie TavernMotion Picture Production and Distribution139.0
Fabege ABVasakronan-office propertiesReal Estate; Mortgage Bankers and Brokers136.1
Cincinnati Financial CorpMSP Underwriting LtdInsurance135.0
Paddy Power Betfair PLCAtlas LLCBusiness Services132.3
Elm Bidco LPGBGI LTDInsurance131.8
Wonik Ips Co LtdWonik Tera Semicon Co LtdMachinery131.3
Birch Hill Eq Partners MgmtAltagas Ltd-Non CoreOil and Gas; Petroleum Refining125.4
GNCC Capital IncBioCann Pharma SASDrugs120.0
Comstock Dvlp Svcs LCJBG Smith Ppty-Commerce MetroReal Estate; Mortgage Bankers and Brokers115.0
Mid Europa Partners LLPIntive SAPrepackaged Software113.6
BLDG Management CoLiaison Capitol HillHotels and Casinos111.0
GTY Technology Holdings IncBonfire Interactive LtdPrepackaged Software108.0
The Walden GrpVarden Capital Ppty-AptReal Estate; Mortgage Bankers and Brokers106.7
GTY Technology Holdings IncCityBase IncBusiness Services106.0
Bb Electronics A/SWendell Electronics A.SElectronic and Electrical Equipment105.0
ESCON JAPAN REIT Investment CoES-CON JAPAN Ltd-REReal Estate; Mortgage Bankers and Brokers104.6
GrandVision NVOptica 2000 SLMiscellaneous Retail Trade102.1
Fanzzlids Holdings LLCHat World IncRetail Trade-General Merchandise and Apparel101.0
GTY Technology Holdings InceCivis IncPrepackaged Software100.0
JB Hunt Transport Services IncJoseph Cory Holdings LLCTransportation and Shipping (except air)100.0
Invenire Energy Pvt LtdTata Petrodyne LtdOil and Gas; Petroleum Refining100.0
Cobra Instalaciones YBow Power SLElectric, Gas, and Water Distribution96.8
Step Famous Invest LtdRivera(Holdings)LtdReal Estate; Mortgage Bankers and Brokers91.8
Olam International LtdYTS Holdings Pte LtdFood and Kindred Products90.0
Euromoney Institutional InvThe Deal LLCPrinting, Publishing, and Allied Services87.3
One World Pharma IncOne World Pharma SASDrugs86.8
Agile Pharma BVApotex-Coml Op,EuropeDrugs86.5
Canaccord Genuity Group IncPetsky Prunier LLCInvestment & Commodity Firms,Dealers,Exchanges85.0
Winnipeg ParticipationsHarvest SAPrepackaged Software82.5
GTY Technology Holdings IncQuestica IncPrepackaged Software80.4
Green Thumb Industries IncAdvanced Grow Labs LLCDrugs80.0
SPX CorpCarmanah Tech-Marine BusinessElectronic and Electrical Equipment77.0
SPX CorpSabik-Group OyElectronic and Electrical Equipment77.0
bioMerieux SAInvisible Sentinel IncHealth Services75.0
Investcorp International IncBascom Group-Apartment ComplexReal Estate; Mortgage Bankers and Brokers72.3
Seoul Broadcasting System CorpSbs Contents Hub Co LtdMotion Picture Production and Distribution72.1
Alconix CorpFuji Carbon Mnfg CoTransportation Equipment71.8
Arima Real Estate SOCIMI SAOffice Buildings,Madrid(2)Real Estate; Mortgage Bankers and Brokers71.3
Arima Real Estate SOCIMI SABlackstone Grp Lp-OfficeReal Estate; Mortgage Bankers and Brokers71.2
TheFace Shop Korea Co LtdAvon Manufacturing (Guangzhou)Soaps, Cosmetics, and Personal-Care Products71.0
Ansell LtdRingers Technology LLCTextile and Apparel Products70.0
Administradora de FondosSociedad Inmobiliaria CntrlReal Estate; Mortgage Bankers and Brokers70.0
Capital Square Realty Adv LLCBellemeade Farms ApartmentsReal Estate; Mortgage Bankers and Brokers69.8
Shiji Coml Info Tech Co LtdQingdao Hisense IntelligentComputer and Office Equipment68.4
Cape Methystone No. 1 PrivateCoasia Holdings Co LtdInvestment & Commodity Firms,Dealers,Exchanges66.9
InterEnergy Holdings IncGrenergy-Solar PlantsElectric, Gas, and Water Distribution66.5
Pipeline Foods LLCSunOpta-Soy & Corn BusinessFood and Kindred Products66.5
WiseTech Global LtdContainerchain (Singapore)Transportation and Shipping (except air)65.9
Kratos Defense & SecurityFlorida Turbine TechnologiesMachinery64.4
Ramelius Resources LtdExplaurum LtdMining63.9
EbixCash World Money LtdWeizmann Forex LtdOther Financial63.2
Tilray IncNatura Naturals Holdings IncDrugs52.7
Shijiazhuang Tonhe Electn CoXi'an Huowei Battery Co LtdElectronic and Electrical Equipment52.2
Multi Market Svcs France HldgSoft Computing SABusiness Services49.4
G9 Asia I Pte LtdKSH Infra Pvt LtdReal Estate; Mortgage Bankers and Brokers49.3
Hoban Construction Co LtdDuck Pyung CCAmusement and Recreation Services49.1
Graham Commercial PropertiesNport Logistics CtrTransportation and Shipping (except air)49.0
Davy FundNavan Town CentreReal Estate; Mortgage Bankers and Brokers48.7
Weiss Technik N America IncCincinnati Sub Zero Prod LlcMeasuring, Medical, Photo Equipment; Clocks47.5
LiveTiles LtdWizdom A/SPrepackaged Software46.2
Dermot Co IncPointe at Crabtree,Raleigh,NCReal Estate; Mortgage Bankers and Brokers46.1
Cbre Global Investors LLCExe Hotels SL-MoncloaHotels and Casinos45.4
Adecoagro SASancor-Production Plants(2)Food and Kindred Products45.0
Posco Engineering &Posmate Co LtdBusiness Services43.8
European Ppty Invs SpecialWolseley UK-Bussines EstateTransportation and Shipping (except air)43.7
LDK Healthcare Pty LtdSakkara Invest Hldg Pty LtdHealth Services43.0
Crescent Real Estate LLCWshore GrandHotels and Casinos42.7
Chartwell Holdings LLCLenox at Patterson Place,NCReal Estate; Mortgage Bankers and Brokers42.0
Able C & C Co LtdGm Hldg Co LtdSoaps, Cosmetics, and Personal-Care Products41.5
Springfield Properties PLCWalker Holdings (Scotland) LtdConstruction Firms40.6
Chin Hong Invests Corp PtyInala Plaza Shopping CentreReal Estate; Mortgage Bankers and Brokers40.5
The Sterling Organization LLCKing Farm Village CenterReal Estate; Mortgage Bankers and Brokers40.0
RedPeak Properties LLCMultifamily Ppty(6)Real Estate; Mortgage Bankers and Brokers39.0
Bank of Commerce Holdings,CAMerchants Holding CoCommercial Banks, Bank Holding Companies38.3
Felton Ppty IncOffice Bldg Portfolio(6)Real Estate; Mortgage Bankers and Brokers37.7
ALS LtdMarrs Internacional SPABusiness Services36.2
IGC Resources IncCanndara Canada IncMiscellaneous Retail Trade35.9
Uamco Corp Rebounce No.7Papercorea IncPaper and Allied Products35.6
Sheridan RE Invest A LLC20311 Sheridan St,FLReal Estate; Mortgage Bankers and Brokers35.0
Sekisui Plastics Europe GmbhProseat GmbH & Co KGTransportation Equipment34.7
Deutsche Industrie Reit-AgComl Ppty In Essingen AalenReal Estate; Mortgage Bankers and Brokers34.5
MedMen Enterprises IncKannaboost Tech IncHealth Services33.5
Publicis Groupe SAWalker Media LtdAdvertising Services32.8
Goldenmax Intl Tech LtdGuangxi Chanfang Pharm Co LtdDrugs32.1
Cantel Medical CorpOmnia SpaMeasuring, Medical, Photo Equipment; Clocks31.9
Mr. Yang LongfeiLT Intl Invest Hldg LTDInvestment & Commodity Firms,Dealers,Exchanges31.6
Jiangzhong Pharm Co LtdJiangxi Nanchang JishengDrugs31.0
Drillinginfo IncCortex Business Solutions IncPrepackaged Software30.8
Champlain Broadband LLCCity of Burlington-BurlingtonRadio and Television Broadcasting Stations30.8
Trichome Financial Corp180 Smoke Vape StoreTobacco Products30.7
Western Forest Products IncColumbia Vista CorpWood Products, Furniture, and Fixtures30.5
Duke Royalty LtdCapital Step Holdings LtdInvestment & Commodity Firms,Dealers,Exchanges30.3
Verano Hldg IncFour Daughters CompassionateAgriculture, Forestry, and Fishing30.0
Prosegur SIS USA IncCommand Security CorpBusiness Services29.8
Hill & Smith Holdings PLCATG Access LtdMetal and Metal Products29.4
GTY Technology Holdings IncOpen Counter Enterprises IncPrepackaged Software29.3
YMP RE Mgmt LLCLakeshore Bus Ctr,FLReal Estate; Mortgage Bankers and Brokers29.3
Yongsheng Advanced MaterialsSummer Power Intl IncConstruction Firms28.9
ADB Safegate BVBAUltra Electns Ltd-Airport SystAir Transportation and Shipping28.6
China Yuhua Educ Invest LtdThai Education Holdings Co LtdEducational Services27.9
KPM Tech Co LtdCos Investment Co LtdInvestment & Commodity Firms,Dealers,Exchanges27.8
Healthcare & Med Invest CorpGodo Kaisha MYGK1 Go-PropertyReal Estate; Mortgage Bankers and Brokers27.2
LafargeHolcim LtdTransit Mix Concrete CoStone, Clay, Glass, and Concrete Products27.0
Regional REIT LtdNorfolk HouseReal Estate; Mortgage Bankers and Brokers26.2
M Group of Cos Pty LtdPialba Place Shopping Centre,BReal Estate; Mortgage Bankers and Brokers25.7
IMR Asia Holdings Pte LtdBlack Ginger 461 Pty LtdMining25.4
Investor GroupLsop Nc Llc- Office BldgReal Estate; Mortgage Bankers and Brokers25.0
Plainville Brands LlcPlainville Farms LLCAgriculture, Forestry, and Fishing25.0
Rural Funds TrustCobungra Station Pty LtdAgriculture, Forestry, and Fishing24.8
Guangdong Green Fin InvestShenzhen Juzhitong Info TechBusiness Services24.6
Duckworth Capital CorpGoldspot Discoveries IncMining24.5
Smhiplus CorpDong Gang Cistar Co LtdHotels and Casinos23.9
Jiangzhong Pharm Co LtdJiangxi Nanchang SanhaiDrugs23.8
RPS Group PLCCorview Grp Pty LtdInvestment & Commodity Firms,Dealers,Exchanges23.3
InvenTrust Properties CorpCommons At Univ PlaceReal Estate; Mortgage Bankers and Brokers23.3
True North Fund VI LLPShree Digvijay Cement Co LtdStone, Clay, Glass, and Concrete Products23.1
Investor GroupPt Formosa Bag IndonesiaLeather and Leather Products22.8
Noble Elite Global LtdDong Tai You Bang Wu Liu (HaiTransportation and Shipping (except air)22.2
Pareteum CorpiPass IncBusiness Services21.9
Univ View Apartments FundingUniv View Boca Raton FlReal Estate; Mortgage Bankers and Brokers20.8
Garofalo Health Care SpAPoliambulatorio Dalla RosaHealth Services20.4
Investor GroupTerminal Puerto De Arica SATransportation and Shipping (except air)20.3
Nordisk Bergteknik ABPalab Holding ABConstruction Firms19.9
Healthcare & Med Invest CorpGodo Kaisha MYGK2 Go-PropertyReal Estate; Mortgage Bankers and Brokers19.2
Viridium Pacific Group LtdEFX LabsBusiness Services19.2
M&N Participacoes SAUsina Giasa LtdaChemicals and Allied Products18.6
Treehouse ReitMedmen Entrps Inc-CannabisWholesale Trade-Nondurable Goods18.4
Miraca Holdings IncSelmesta Co LtdWholesale Trade-Nondurable Goods18.2
Charter Hall Retail REITAustral Hotel,Mackay,QLDHotels and Casinos18.1
Fillmore Capital Partners LLCPpty Portfolio(3)Real Estate; Mortgage Bankers and Brokers17.8
Swift Networks Group LtdMedical Channel Pty LtdAdvertising Services17.4
Kagiso Media LtdJacaranda Fm Pty LtdRadio and Television Broadcasting Stations17.1
Arena REIT LtdUSDAP,Adelaide,SA(3)Social Services17.1
Hwashin Tech Co LtdGe Solar Co LtdElectronic and Electrical Equipment16.9
Exquisite Honor Hldg LtdYicko Securities LtdInvestment & Commodity Firms,Dealers,Exchanges16.8
AF Blakemore & Son LtdPhilpotts Ltd-Prprd Food StorsRetail Trade-Food Stores16.7
Investor GroupOmron Nohgata CorpComputer and Office Equipment16.3
Gofore OyjSilver Planet OyPrepackaged Software16.1
Avantium NVSynvina CVRubber and Miscellaneous Plastic Products15.6
Magma Equities LlcStonesthrow Apartments,NCReal Estate; Mortgage Bankers and Brokers15.4
Neoway Tecnologia IntegradaSevennova Tecnology LtdaBusiness Services15.0
Kitron IncAPI Defense USA IncElectronic and Electrical Equipment14.8
Warehouse Reit PLCAirport Industrial-Air CargoTransportation and Shipping (except air)14.5
AA PLCPrestige Fleet Servicing LtdRepair Services14.2
57-59 Philbeach Gardens LtdBeaver Hotels LtdHotels and Casinos13.0
Nordic Waterproofing HoldingDistri Pond NVWholesale Trade-Nondurable Goods12.8
Hebei Mingzhi Future Med TechBeijing Mingan Hosp Mgmt CoHealth Services12.6
PlayAGS IncIntegrity Gaming CorpBusiness Services12.1
Tiger Resort Asia LtdAsiabest Grp Intl IncInvestment & Commodity Firms,Dealers,Exchanges12.0
Kossen Co LtdUpex Med Co LtdMeasuring, Medical, Photo Equipment; Clocks11.8
Instituto Hermes Pardini SAPsychemedics Brasil ExamesHealth Services11.7
Shelby Finance LtdCURO Transatlantic-Certain AssCredit Institutions11.1
Peak Prospect Global LtdPolyworld Marine CorpTransportation and Shipping (except air)11.0
Lorenzo Entrps FL CorpPower Nissan LLC-FortMiscellaneous Retail Trade11.0
Pt Adi Sarana LelangPT JBA IndonesiaWholesale Trade-Durable Goods10.4
Partner One Software IncAssima PLCPrepackaged Software10.3
TECSYS IncPCSYS A/SBusiness Services10.3
Tqsr Hldg And Dvlp GmbhRosenberger Restaurant GmbHRetail Trade-Eating and Drinking Places10.2
Morningstar Japan KKCarret Holdings IncInvestment & Commodity Firms,Dealers,Exchanges10.0
GTY Technology Holdings IncSherpa Govt Solutions LlcPrepackaged Software10.0