While deal flow continued to expand in July, the pace of growth stayed just about the same as in June, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions. (See related graphic.)

While seasonal slowdowns may occur during the summer, July was one of the strongest months of 2014. In 2015, April is still the month to beat, making us continue to wonder if the first half of the year may be more robust for middle-market dealmakers than the second half. For more, see Mid-Year M&A Update: Is 2015 Frontloaded?

Sponsored by PwC, the MACI is a diffusion index, derived from monthly surveys of approximately 250 executives. Readings above 50 indicate an expansion in M&A activity, and readings below 50 indicate a contraction.  

For the previous edition of the MACI, see June M&A Grew More Than May, But Less Than April. 

M&A conditions index