The first month of the year yielded 187 completed middle-market deals, down from 207 the previous month. (See related graphic.) Separately, M&A pros polled in January reported the lowest deal flow in six months, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. 

Among the significant deals to close in January was the $800 million purchase of stock-photography provider Fotolia LLC by Adobe Systems Inc. (Nasdaq: ADBE). The deal was fueled by revenues from Adobe’s Creative Cloud, a suite of production tools used by content producers, including SourceMedia, the publisher of Mergers & Acquisitions.

December was stronger than previously thought, based on revised numbers from Thomson Reuters, which updates its database continuously. October, which yielded 257 completed transactions, remains the month to beat.

The first month of the new year often suffers by comparison with the last month of the old year. Despite the January pause, transaction pros remain confident that 2015 will prove even better for M&A than 2014, according to Mergers & Acquisitions’ monthly polls.

Below is a list of selected middle-market M&A deals completed in January.

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; and they must include at least one U.S. company in the role of buyer and/or seller. Excluded from our charts are: recapitalizations; self-tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed values, buyers or sellers. Our data provider is Thomson Reuters, which updates its databases continuously.

Date Acquirer Target Target Industry Value ($mil)
01/02/15 Enbridge Energy Partners LP Enbridge Energy Co-Alberta Oil and Gas; Petroleum Refining 900.0
01/08/15 Gemalto NV SafeNet Inc Prepackaged Software 890.0
01/29/15 TerraForm Power LLC First Wind Hldg LLC-Operating Electric, Gas, and Water Distribution 862.0
01/01/15 Ingersoll-Rand PLC Cameron Intl-Centrifugal Div Machinery 850.0
01/05/15 Lear Corp Eagle Ottawa LLC Textile and Apparel Products 850.0
01/09/15 Advisory Board Co Royall & Co Business Services 850.0
01/28/15 Adobe Systems Inc Fotolia LLC Business Services 800.0
01/05/15 Belden Inc Tripwire Inc Business Services 710.0
01/05/15 Investor Group Chiquita Brands International Wholesale Trade-Nondurable Goods 681.0
01/16/15 Investor Group New York Office Building Real Estate; Mortgage Bankers and Brokers 650.0
01/09/15 Optum Inc Alere Health LLC Health Services 600.0
01/05/15 DTZ Cassidy Turley Inc Real Estate; Mortgage Bankers and Brokers 557.0
01/07/15 BTG PLC PneumRx Inc Drugs 475.0
01/30/15 ESNT International Ltd Clondalkin Grp-Specialist Pkg Paper and Allied Products 455.0
01/06/15 OTPP PetVet Care Centers Inc Agriculture, Forestry, and Fishing 440.0
01/08/15 Columbia Property Trust Inc Spear St Capital LLC-Ppty(2) Real Estate; Mortgage Bankers and Brokers 436.0
01/16/15 InterContinental Hotels Group Kimpton Hotel & Restaurant Grp Hotels and Casinos 430.0
01/29/15 Pluspetrol Exploracion y Apco Oil & Gas Intl Inc Oil and Gas; Petroleum Refining 426.9
01/08/15 Global Montello Group Corp Warren Equities Inc Wholesale Trade-Nondurable Goods 383.0
01/07/15 Flowserve Corp Sterling Fluid Systems BV Machinery 373.3
01/05/15 CH Robinson Worldwide Inc Inc Business Services 365.0
01/29/15 Strategic Hotels & Resorts Inc Laguna Beach Luxury-Montage Hotels and Casinos 361.3
01/30/15 Investor Group CSP Technologies Inc Rubber and Miscellaneous Plastic Products 360.0
01/28/15 WP Carey Inc King Arthur Properties SARL Real Estate; Mortgage Bankers and Brokers 355.0
01/26/15 LaSalle Hotel Properties Park Central San Francisco,San Hotels and Casinos 350.0
01/16/15 Griffin-American Healthcare Healthcare Properties(19) Health Services 340.0
01/09/15 Aegerion Pharmaceuticals Inc AstraZeneca PLC-Myalept Prod Drugs 325.0
01/16/15 OpenText Corp Actuate Corp Prepackaged Software 317.3
01/05/15 AIG Ageas Protect Ltd Insurance 305.0
01/01/15 ViewPoint Financial Group Inc LegacyTexas Group Inc Commercial Banks, Bank Holding Companies 300.3
01/02/15 TowneBank,Portsmouth,Virginia Franklin Financial Corp Savings and Loans, Mutual Savings Banks 282.2
01/10/15 New Media Investment Group Inc Halifax Media Group Printing, Publishing, and Allied Services 280.0
01/08/15 Inditex 503-511 Broadway,New York,NY Real Estate; Mortgage Bankers and Brokers 280.0
01/23/15 Expedia Inc LP Transportation and Shipping (except air) 280.0
01/02/15 Investor Group Communications Corp of America Radio and Television Broadcasting Stations 270.0
01/02/15 Catamaran Corp Salveo Specialty Pharmacy Inc Miscellaneous Retail Trade 260.0
01/16/15 NCI Building Systems Inc CENTRIA Inc Metal and Metal Products 245.0
01/06/15 Solvay Specialty Polymers USA Chevron Phillips Chem Co-Buss Chemicals and Allied Products 220.0
01/28/15 Enstar Group Ltd Companion Property & Casualty Insurance 218.0
01/28/15 VSE Corp Killick Aerospace-Businesses Wholesale Trade-Durable Goods 209.0
01/07/15 Goldman Sachs Group Inc Arena Invest Mgmt Ltd-Ppty(5) Real Estate; Mortgage Bankers and Brokers 201.3
01/02/15 Kindred Healthcare Inc Centerre Healthcare Corp Health Services 195.0
01/02/15 Coronado Coal II LLC Cliffs Natural Resources-Asts Mining 175.0
01/01/15 Hilltop Holdings Inc SWS Group Inc Investment & Commodity Firms,Dealers,Exchanges 172.9
01/20/15 Graco Inc High Pressure Equipment Co Inc Metal and Metal Products 160.0
01/23/15 Rogers Corp Arlon LLC Chemicals and Allied Products 157.0
01/08/15 Columbia Property Trust Inc Broadway Partners-Building Real Estate; Mortgage Bankers and Brokers 152.0
01/06/15 MD America Energy LLC Manti Oilfield Oil and Gas; Petroleum Refining 141.0
01/06/15 Cardio3 BioSciences SA Oncyte LLC Drugs 140.0
01/06/15 SND Energy Co Inc Chesapeake Energy Corp-Assets Oil and Gas; Petroleum Refining 129.0
01/05/15 Dun & Bradstreet Corp NetProspex Inc Business Services 125.0
01/15/15 Kellogg Co Egyptian Co for Food SAE Food and Kindred Products 124.2
01/27/15 Jones Lang LaSalle Income LSH Acqs LLC-Apartment(4) Real Estate; Mortgage Bankers and Brokers 123.0
01/05/15 Global Indemnity PLC American Reliable Insurance Co Insurance 114.0
01/05/15 ORBCOMM Inc SkyWave Mobile Communications Telecommunications 113.8
01/19/15 HEXPOL AB Rhetech Inc Chemicals and Allied Products 112.0
01/01/15 Bryn Mawr Bank Corp Continental Bank Holdings Inc Commercial Banks, Bank Holding Companies 109.0
01/15/15 Manitex International Inc PM Group SpA Machinery 107.0
01/02/15 HCC Insurance Holdings Inc Producers Ag Ins Grp Inc Insurance 105.0
01/09/15 Kulicke & Soffa Industries Inc Assembleon Netherlands BV Electronic and Electrical Equipment 98.0
01/01/15 State Bank Financial Corp Georgia-Carolina Bancshares Commercial Banks, Bank Holding Companies 89.9
01/01/15 Old National Bancorp Founders Financial Corp Commercial Banks, Bank Holding Companies 87.0
01/07/15 AMN Healthcare Services Inc Onward Healthcare Inc Business Services 82.5
01/08/15 Sonus Networks Inc Treq Labs Inc-SDN Business Business Services 80.2
01/20/15 ZT Wealth Core Partners LP Quality Imports Inc Miscellaneous Retail Trade 80.0
01/12/15 Investor Group North American Breaker Co Inc Wholesale Trade-Durable Goods 78.0
01/01/15 Univest Corp of Pennsylvania Valley Green Bank Commercial Banks, Bank Holding Companies 77.8
01/08/15 Lionbridge Technologies Inc CLS Communication AG Business Services 76.5
01/07/15 Catalyst Paper Corp NewPage Wisconsin-Biron Paper Paper and Allied Products 74.0
01/23/15 Lindsay Corp Elecsys Corp Electronic and Electrical Equipment 70.2
01/20/15 Man Group PLC Silvermine Capital Management Investment & Commodity Firms,Dealers,Exchanges 70.0
01/05/15 EnerNOC Inc World Energy Solutions Inc Business Services 69.9
01/27/15 Pacific Premier Bancorp Inc Independence Bk,Newport Beach Commercial Banks, Bank Holding Companies 66.3
01/09/15 WuXi PharmaTech(Cayman)Inc NextCODE Health LLC Health Services 65.0
01/26/15 Retail Ppty of Americas Inc Fort Evans Plaza II,Leesburg Real Estate; Mortgage Bankers and Brokers 65.0
01/12/15 Federal Realty Invstmnt Trust San Antonio Shopping Real Estate; Mortgage Bankers and Brokers 62.2
01/09/15 Stonegate Bank,Fort Cmnty Bk of Broward,Weston,FL Commercial Banks, Bank Holding Companies 61.2
01/21/15 Sentinel Acq Hldg Corp 23Hundred At Berry Hill Real Estate; Mortgage Bankers and Brokers 61.2
01/08/15 Deutsche Bank AG Childress Klein Ppty-Rivergate Real Estate; Mortgage Bankers and Brokers 60.8
01/29/15 Evergreen Senior Living Ppty Sears Methodist-Retirement Health Services 59.1
01/01/15 NCI Inc Computech Inc Prepackaged Software 56.0
01/16/15 Worthington Industries Inc Rome Strip Steel Inc Metal and Metal Products 55.5
01/15/15 Inland American RE Tr Inc Quebec Square,Denver,Colorado Real Estate; Mortgage Bankers and Brokers 52.3
01/20/15 Heartland Financial USA Inc Community Banc-Corp of Sheboyg Commercial Banks, Bank Holding Companies 52.0
01/01/15 Zayo Group LLC IdeaTek Systems Inc Business Services 52.0
01/15/15 Astronics Corp Armstrong Aerospace Inc Aerospace and Aircraft 51.0
01/19/15 Shutterstock Inc Rex Features Ltd Business Services 50.1
01/26/15 Celadon Group Inc Taylor Express Inc Transportation and Shipping (except air) 49.0
01/05/15 Heartland Recreational Cruiser RV LLC Transportation Equipment 47.4
01/06/15 Healthcare Trust of America Med Office Bldg Portfolio(2) Real Estate; Mortgage Bankers and Brokers 47.0
01/30/15 Stranded Oil Resources Corp Naval Petro Reserve Number 3 Oil and Gas; Petroleum Refining 45.2
01/05/15 Ladenburg Thalmann Finl Svcs Securities Service Network Inc Investment & Commodity Firms,Dealers,Exchanges 45.0
01/06/15 Meggitt PLC Precision Engine Controls Corp Machinery 44.2
01/05/15 Cambrian Energy Dvlp LLC Clean Energy Fuels-Facility Oil and Gas; Petroleum Refining 43.6
01/23/15 Spectris PLC ReliaSoft Corp Business Services 42.0
01/05/15 Genesee & Wyoming Inc Pinsly Rr Co-Arkansas Div Transportation and Shipping (except air) 40.0
01/29/15 SolarWinds Inc Librato Inc Prepackaged Software 40.0
01/06/15 Investor Group Ruby Receptionists Inc Business Services 38.8
01/16/15 Wintrust Financial Corp Delavan Bancshares Inc Commercial Banks, Bank Holding Companies 38.0
01/10/15 Retail Centers of America Inc Colonial Landing,Orlando,FL Real Estate; Mortgage Bankers and Brokers 37.3
01/14/15 KUC Holding Doctors Best Holdings Inc Investment & Commodity Firms,Dealers,Exchanges 37.2
01/26/15 Solutionstar Holdings LLC Experience 1 Inc Investment & Commodity Firms,Dealers,Exchanges 36.0
01/26/15 Pluralsight LLC Code School LLC Educational Services 36.0
01/02/15 Perficient Inc Zeon Solutions Inc Business Services 35.7
01/05/15 Columbus McKinnon Corp STB Metal and Metal Products 34.9
01/09/15 First Busey Corp,Urbana,Il Herget Financial Corp Commercial Banks, Bank Holding Companies 34.1
01/01/15 Westmoreland Coal Co Buckingham Coal Co LLC Mining 34.0
01/09/15 Snyder Nationwide RE Inc Silverfam LP-Chaparral Suites Hotels and Casinos 34.0
01/27/15 Nordblom Co Solomon Pond Park,Marlborough, Real Estate; Mortgage Bankers and Brokers 34.0
01/02/15 Westmoreland Coal Co Oxford Resources GP LLC Mining 33.5
01/30/15 Amtech Systems Inc BTU International Inc Machinery 32.2
01/05/15 Lexmark International Inc Claron Technology Inc Prepackaged Software 31.4
01/12/15 BPR Properties Greensboro Hyatt Hotels Corp-Hotel Portfo Hotels and Casinos 30.0
01/30/15 Fenner PLC Charter Medical Ltd Measuring, Medical, Photo Equipment; Clocks 29.9
01/01/15 INTL FCStone Inc GX Clarke & Co Investment & Commodity Firms,Dealers,Exchanges 29.0
01/23/15 Abcam PLC Firefly BioWorks Inc Business Services 28.0
01/30/15 Systemax Inc Plant Equipment Group Miscellaneous Retail Trade 25.0
01/01/15 American National Bankshares MainStreet BankShares Inc Commercial Banks, Bank Holding Companies 24.1
01/09/15 Albany Molecular Research Inc Aptuit Inc- UK business Drugs 24.0
01/16/15 DNA Electronics Ltd NanoMR Inc Drugs 24.0
01/20/15 Global Partners LP Global Petroleum Corp-terminal Wholesale Trade-Nondurable Goods 23.7
01/15/15 Exactech Inc Blue Ortho SAS Measuring, Medical, Photo Equipment; Clocks 23.3
01/20/15 Hottolink Inc Effyis Inc Prepackaged Software 22.0
01/27/15 Prosper Marketplace Inc American HealthCare Lending Prepackaged Software 21.0
01/01/15 SRF Ltd Global Dupont Dymel Drugs 20.0
01/09/15 Blackstone Group LP SAREB-Loan Portfolio Credit Institutions 19.7
01/05/15 Epicor Software Corp ShopVisible LLC Prepackaged Software 19.2
01/16/15 Sentio Healthcare Properties The Gables of Hudson Social Services 18.9
01/05/15 NeoPhotonics Corp Emcore Corp-Product Lines Electronic and Electrical Equipment 17.5
01/02/15 Community Bank Shares of IN First Financial Svc Corp,KY Savings and Loans, Mutual Savings Banks 17.1
01/09/15 TriHealth Inc McCullough-Hyde Memorial Hos Health Services 17.0
01/16/15 ORBCOMM Inc InSync Software Inc Prepackaged Software 16.0
01/29/15 Perceptron Inc Next Metrology Software sro Business Services 15.9
01/26/15 Artemis US IV LLC A R Schmeidler & Co Inc Investment & Commodity Firms,Dealers,Exchanges 15.5
01/20/15 Koppers Inc KMG Chem Inc-Creosote Distn Wholesale Trade-Nondurable Goods 15.5
01/05/15 Investor Group Distribion Inc Prepackaged Software 15.3
01/26/15 National General Holdings Corp Healthcare Solutions Team LLC Insurance 15.0
01/15/15 Willdan Group Inc 360 Energy Engineers LLC Business Services 15.0
01/23/15 Summit Healthcare REIT Inc Loving Arms Assisted Living Health Services 14.3
01/16/15 Codorus Valley Bancorp Inc Madison Bancorp Inc Commercial Banks, Bank Holding Companies 14.3
01/02/15 Cantel Medical Corp Pure Water Solutions Inc Machinery 11.9
01/12/15 Amarantus Biosciences Hldg Inc DioGenix Inc Business Services 10.9
01/02/15 Caddis Capital Investments LLC Unidsclosed RE Portfolio,AZ Health Services 10.8
01/14/15 Cannabis Kinetics Corp Jeremy N Stout Inc Amusement and Recreation Services 10.5
01/30/15 Continental Realty Corp Towne Sq Shopping Ctr,Ocoee,FL Real Estate; Mortgage Bankers and Brokers 10.1
01/21/15 Landry's Inc Ruths Hospity Grp-Mitchells Retail Trade-Eating and Drinking Places 10.0
01/26/15 Unipower LLC Bel Fuse Inc-Network Power Electronic and Electrical Equipment 10.0
01/02/15 Corporate Travel Mgmt Ltd TMC Group Inc Transportation and Shipping (except air) 9.5
01/19/15 Lippert Components Inc EA Technologies LLC Metal and Metal Products 9.4
01/21/15 DNA Precious Metals Inc Breathe Inc Wholesale Trade-Nondurable Goods 9.2
01/08/15 Clinical Laboratories of Hawaii Research Center Business Services 9.0
01/14/15 Tecnoglass Inc Glasswall LLC-Certain Assets Metal and Metal Products 9.0
01/29/15 IZEA Inc Ebyline Inc Business Services 8.9
01/12/15 Jaindl Farms LLC Lehigh Hanson Inc-Buildings(2) Real Estate; Mortgage Bankers and Brokers 8.4
01/08/15 Servco Pacific Inc A&B Ppty Inc-Maui Bus Pk II Real Estate; Mortgage Bankers and Brokers 8.2
01/02/15 Mercury General Corp Workmen's Auto Insurance Co Insurance 8.0
01/23/15 ERM Power Ltd SPG Energy Group LLC Electric, Gas, and Water Distribution 7.8
01/05/15 The Boyd Group(US)Inc CraftMas Auto Body Grp Inc Repair Services 7.4
01/09/15 CareTrust REIT Inc English Meadows Senior Living Health Services 6.6
01/01/15 Sangoma Technologies Corp Schmooze Com Inc Communications Equipment 6.6
01/15/15 Willdan Group Inc Abacus Resource Management Co Business Services 6.1
01/08/15 Harvard Bioscience Inc HEKA Elektronik Dr Schulze Electronic and Electrical Equipment 6.0
01/02/15 ABF Logistics Inc Smart Lines LLC Transportation and Shipping (except air) 5.2
01/01/15 Imprimis Pharmaceuticals Inc S Coast Specialty Compounding Drugs 4.5
01/21/15 RF Industries Ltd Comnet Telecom Supply Inc Telecommunications 4.1
01/22/15 UMH Properties Inc Holly Acres Estates Real Estate; Mortgage Bankers and Brokers 3.8
01/06/15 Consolidated-Tomoka Land Co DDR Corp-Winter Park Palms Real Estate; Mortgage Bankers and Brokers 3.1
01/12/15 AIC Income Fund Oak Villa LLC MMS-Distribution Warehouse Real Estate; Mortgage Bankers and Brokers 3.1
01/07/15 GBATC LLC Adamsville Town Center Real Estate; Mortgage Bankers and Brokers 2.7
01/12/15 Kalthia Group Hotels Quail Hollow Inn Hotels and Casinos 2.2
01/02/15 Vogogo Inc Vanado Inc Business Services 1.4
01/05/15 United Methodist Retirement Co Glacier Hills Home Care Inc Health Services 1.3
01/06/15 Amen Properties Inc SFF Production LLC Oil and Gas; Petroleum Refining 1.3
01/09/15 Cipher Pharmaceuticals Inc Melanovus Oncology Inc Business Services 0.5
01/12/15 Encore Brands Inc Firefly Brand Management LLC Business Services 0.3
01/27/15 Investor Group Wall Street Media Co Inc Miscellaneous Retail Trade 0.1

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