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 | Freightquote.com 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 | Travelocity.com 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 |
