In May, deal flow expanded but not as quickly as the previous three months, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. (See related graphic.)

The slowdown followed three months of increases on the MACI. May yielded a Composite Score of 56.0, nearly two points lower than April's 57.9, which was the highest since October, when it hit 59.9. Dealmakers in April continued to forecast that M&A in 2015 will outshine 2014, which was a great year.

Leads, Signed Letters and Completed Deals all dipped in May, however. While most survey participants remained upbeat about market conditions, some said that "deal activity has peaked."

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 Early-Stage Deal Flow Rose in April for Third Month in a Row

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