October, which is jammed with networking conferences hosted by the Association for Corporate Growth (ACG) and others, is typically a highly productive month for the middle market. In 2014, the tenth month of the year generated 258 closed deals, more than any other month. But while the volume of completed deals in October 2015 was essentially flat when compared with September, the harvest was paltry compared with the previous October. The month yielded just 154 completed mid-market deals -- 100 fewer deals than the same month in 2015. (See related chart).

The data continues the downward trend we’ve seen for several months. After a strong first quarter, deal flow has been dropping all year. In 2015, January -- which delivered 237 deals -- is still the month to beat. Mid-market M&A in the second quarter was lower than the first, and the third quarter was lower still. The gap in year-to-date totals between the two years is growing. Comparing the first 10 months of both years, 2015 produced 1,856 completed transactions; whereas 2014 produced 2,026 (difference of 170 deals).

One ray of hope came from Mergers & Acquisitions’ monthly survey, in which dealmakers reported a huge jump in leads for new deals. And, at Mergers & Acquisitions’ inaugural MM360 conference in early November, the mood was upbeat, with many dealmakers saying there are still lots of transaction opportunities, especially in the lower middle market.

Among the notable deals to close in October: German health care plastics products maker Gerresheimer AG (FRA: GXI) acquired U.S. rival Centor US Holding Inc. from Montagu Private Equity in a $725 million cash deal; Newell Rubbermaid Inc. (NYSE: NWL) purchased Elmer’s Products Inc., best known for Elmer’s and Krazy Glue brands, from Berwind Corp., for $600 million in cash, as part of a broader effort to increase profits; and ITT Corp. (NYSE: ITT) bought automotive brakes manufacturer Wolverine Automotive Holdings Inc. for $300 million in cash, as car parts makers continue to attract buyers. Below are more mid-market deals completed in October.

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.

Mid-Market Deals that Closed in October

 

Date
Effective
Acquiror Name Target Name Target Industry Sector Value of
Transaction
($mil)
10/07/15 UDR Inc Home Ppty Inc-Portfolio(6) Real Estate; Mortgage Bankers and Brokers 908.0
10/16/15 BCI City Natl Bank of Florida Inc Commercial Banks, Bank Holding Companies 882.8
10/05/15 Anixter International Inc HD Supply Hldg Inc-Power Solut Wholesale Trade-Durable Goods 825.0
10/09/15 Prologis Inc Morris Relaty Assoc LLC-Assets Real Estate; Mortgage Bankers and Brokers 820.0
10/06/15 PacWest Bancorp Square 1 Financial Inc Commercial Banks, Bank Holding Companies 814.5
10/01/15 Extra Space Storage Inc SmartStop Self Storage Inc Investment & Commodity Firms,Dealers,Exchanges 805.9
10/30/15 BlueScope Steel Ltd North Star Bluescope Steel Metal and Metal Products 760.0
10/01/15 HealthSouth Corp Reliant Hospital Partners LLC Health Services 730.0
10/13/15 IBM Corp Merge Healthcare Inc Business Services 725.6
10/08/15 Gerresheimer AG Centor US Holding Inc Rubber and Miscellaneous Plastic Products 725.0
10/02/15 Banner Corp AmericanWest Bank NA Commercial Banks, Bank Holding Companies 701.5
10/30/15 Blackhawk Mining LLC Patriot Coal Corp-operating Mining 643.0
10/06/15 Seagate Technology PLC Dot Hill Systems Corp Computer and Office Equipment 624.5
10/28/15 AMR Holdco Inc Rural/Metro Corp Transportation and Shipping (except air) 620.0
10/20/15 NN Inc Precision Engineered Products Metal and Metal Products 615.0
10/22/15 Newell Rubbermaid Inc Elmers Products Inc Chemicals and Allied Products 600.0
10/08/15 Vanguard Natural Resources LLC Eagle Rock Energy Partners LP Oil and Gas; Petroleum Refining 591.1
10/30/15 Precision Castparts Corp Noranco Inc Aerospace and Aircraft 560.0
10/01/15 Discovery Communications Inc Eurosport SA Radio and Television Broadcasting Stations 536.7
10/22/15 Lagardere Travel Retail SAS The Paradies Shops Inc Miscellaneous Retail Trade 530.0
10/05/15 Vanguard Natural Resources LLC LRR Energy LP Oil and Gas; Petroleum Refining 503.2
10/01/15 Shareholders Capital Southwest-Control Asts Chemicals and Allied Products 480.0
10/05/15 Medtronic PLC Twelve Inc Measuring, Medical, Photo Equipment; Clocks 458.0
10/12/15 SunOpta Inc SGF Produce Holdings LLC Food and Kindred Products 450.0
10/09/15 SunOpta Inc Sunrise Holdings (Delaware)Inc Food and Kindred Products 444.0
10/02/15 Rentokil Initial PLC The Steritech Group Inc Business Services 425.0
10/30/15 Patricia Industries Braun Corp Machinery 425.0
10/14/15 Investcorp Bank BSC Residential Ppty Portfolio(8) Real Estate; Mortgage Bankers and Brokers 400.0
10/15/15 Ajax Resources LLC W&T Offshore Inc-Permian Oil and Gas; Petroleum Refining 376.1
10/28/15 Platform Specialty Products OM Grp Inc-Electn Chem Chemicals and Allied Products 365.0
10/14/15 Sanchez Production Partners LP Catarina Midstream LLC Oil and Gas; Petroleum Refining 345.8
10/26/15 Investor Group Regal Lifestyle Communities In Health Services 306.3
10/15/15 ITT Corp Wolverine Automotive Hldg Inc Metal and Metal Products 300.0
10/19/15 Allergan PLC AqueSys Inc Measuring, Medical, Photo Equipment; Clocks 300.0
10/01/15 WestRock Co SP Fiber Technologies LLC Paper and Allied Products 288.5
10/29/15 Primary Wind Power LLC Infigen Energy Ltd-US Wind Bus Electric, Gas, and Water Distribution 272.5
10/16/15 FactSet Research Systems Inc Portware LLC Prepackaged Software 265.0
10/01/15 EV Energy Partners LP Belden & Blake Corp Oil and Gas; Petroleum Refining 259.0
10/23/15 AOL Inc Millennial Media Inc Prepackaged Software 248.0
10/01/15 Calpine Corp Champion Energy Services LLC Electric, Gas, and Water Distribution 240.0
10/08/15 Investor Group Undisclosed Ppty Portfolio(24) Real Estate; Mortgage Bankers and Brokers 224.0
10/06/15 Hepalink USA Inc Cytovance Biologics Inc Drugs 205.7
10/01/15 Markit Ltd CoreOne Technologies LLC Business Services 200.0
10/24/15 Omron Corp Adept Technology Inc Machinery 199.3
10/15/15 Valeant Pharmaceuticals Intl Synergetics USA Inc Measuring, Medical, Photo Equipment; Clocks 195.7
10/05/15 Blackbaud Inc Smart LLC Prepackaged Software 190.0
10/05/15 Northwood Investors LLC STAM-Printemps Portfolio Real Estate; Mortgage Bankers and Brokers 184.1
10/01/15 Federal Realty Invstmnt Trust Shops At Sunset Place,FL Real Estate; Mortgage Bankers and Brokers 181.0
10/15/15 CTR Partnership Liberty Nursing Ctrs-Skilled Health Services 177.0
10/22/15 GTT Communications Inc One Source Networks Inc Prepackaged Software 175.0
10/05/15 DTS Inc iBiquity Digital Corp Communications Equipment 172.0
10/19/15 Diamond Resorts International Gold Key Resorts Inc-Vacation Hotels and Casinos 167.5
10/05/15 CBRE Global Investors Glacis-Galerie Real Estate; Mortgage Bankers and Brokers 162.8
10/19/15 Deluxe Corp Datamyx LLC Business Services 160.0
10/01/15 Toronto-Dominion Bank Nordstrom-Credit Card Credit Institutions 154.0
10/21/15 Legg Mason Inc RARE Infrastructure Ltd Investment & Commodity Firms,Dealers,Exchanges 145.8
10/01/15 EnLink Midstream Partners LP Matador Resources Co-Natural Oil and Gas; Petroleum Refining 143.0
10/22/15 Cabot Microelectronics Corp NexPlanar Corp Electronic and Electrical Equipment 142.2
10/13/15 AtriCure Inc nContact Inc Measuring, Medical, Photo Equipment; Clocks 141.1
10/01/15 Green Bancorp Inc Patriot Bancshares Inc Commercial Banks, Bank Holding Companies 139.4
10/26/15 Inland RE Acquisitions Inc Commercial Real Estate(5) Real Estate; Mortgage Bankers and Brokers 138.4
10/19/15 Camden National Corp SBM Financial Inc Commercial Banks, Bank Holding Companies 135.0
10/26/15 Universal Protection Service ABM Security Services Inc Business Services 131.0
10/02/15 EnerVest Ltd Alta Mesa Eagle LLC Oil and Gas; Petroleum Refining 125.0
10/13/15 Flowers Foods Inc Alpine Valley Bread Co Food and Kindred Products 120.0
10/13/15 GHO Capital Partners LLP DNA Diagnostics Center Inc Business Services 118.4
10/31/15 Denka Performance Elastomer EI du Pont-Chloroprene Rubber Chemicals and Allied Products 117.7
10/06/15 Halma PLC Firetrace USA LLC Business Services 110.0
10/02/15 Hillenbrand Inc Abel Pumps LP Machinery 106.6
10/27/15 National Instruments Corp Micropross SAS Electronic and Electrical Equipment 105.1
10/01/15 John Bean Technologies Corp A&B Process Systems Corp Metal and Metal Products 102.0
10/01/15 Home BancShares Inc Florida Business Bancgroup Inc Commercial Banks, Bank Holding Companies 101.6
10/01/15 Investor Group Pillar at Scottsdale Real Estate; Mortgage Bankers and Brokers 97.8
10/14/15 The Carlyle Group LP Blyth Inc Miscellaneous Manufacturing 96.8
10/09/15 WSFS Financial Corp Alliance Bancorp Inc of PA Commercial Banks, Bank Holding Companies 95.3
10/01/15 National General Holdings Corp QBE Hldg Inc-Mtg & Lender Bus Insurance 90.0
10/03/15 Post Holdings Inc Williamette Egg Farms LLC Agriculture, Forestry, and Fishing 90.0
10/15/15 Dyson LTD SAKTI3 INC Electronic and Electrical Equipment 90.0
10/05/15 Novatel Wireless Inc DigiCore Holdings Ltd Business Services 89.2
10/01/15 BNL Jack's Family Rest-Rest(36) Retail Trade-Eating and Drinking Places 83.0
10/01/15 Transcontinental Inc Ultra Flex Packaging Corp Paper and Allied Products 80.0
10/13/15 Rapid7 Inc RevelOps Inc Prepackaged Software 71.1
10/01/15 Bear State Financial Inc Metropolitan National Bank Commercial Banks, Bank Holding Companies 70.0
10/27/15 Oaktree Capital Group LLC IberCaja Banco SA-Loan Credit Institutions 69.7
10/02/15 Spin Master Corp Cardinal Industries Inc Miscellaneous Manufacturing 69.5
10/19/15 UMH Properties Inc Undisclosed Mnfrd Home Real Estate; Mortgage Bankers and Brokers 68.6
10/16/15 RadNet Inc Diagnostic Imaging Grp Hldg Health Services 65.4
10/08/15 Investcorp International Inc POC Sweden AB Miscellaneous Manufacturing 65.0
10/07/15 Investor Group Radius Bancorp Inc Savings and Loans, Mutual Savings Banks 63.0
10/01/15 INEOS Americas LLC Axiall Corp-Aromatics Business Chemicals and Allied Products 62.9
10/13/15 Viking Partners LLC Shopping Center Portfolio(3) Real Estate; Mortgage Bankers and Brokers 59.0
10/25/15 TJX Cos Inc Trade Secret Retail Trade-General Merchandise and Apparel 58.7
10/02/15 LHC Group Inc Halcyon Hospice LLC Health Services 58.5
10/01/15 Dealersocket Inc Dealertrack Tech-Inventory+ Business Services 55.0
10/28/15 Amcor Ltd Encon Inc Rubber and Miscellaneous Plastic Products 55.0
10/30/15 Fiera Capital Corp Samson Capital Advisors LLC Investment & Commodity Firms,Dealers,Exchanges 48.5
10/28/15 Ranbaxy Pharmaceuticals Inc InSite Vision Inc Drugs 46.2
10/29/15 HCL Technologies Ltd PowerObjects Business Services 46.0
10/13/15 Zendesk Inc We Are Cloud SAS Prepackaged Software 45.0
10/05/15 CCL Industries Inc Sennett Sec Prod-Spec Printing, Publishing, and Allied Services 45.0
10/02/15 Condor Hospitality Trust Inc Hotel Portfolio(3) Hotels and Casinos 42.5
10/19/15 Apple Hospitality REIT Inc Courtyard & Residence Inn Hotels and Casinos 42.0
10/12/15 Southwest Bancorp Inc,OK First Commercial Bancshares Commercial Banks, Bank Holding Companies 41.8
10/06/15 AR North Loop LLC RREEF Ppty Tr Inc-N Loop 101 Real Estate; Mortgage Bankers and Brokers 41.8
10/14/15 Gilbarco Inc Odysii Technologies Ltd Prepackaged Software 40.0
10/06/15 CDI Corp EdgeRock Technologies LLC Business Services 35.0
10/20/15 Oxford Capital Group LLC Best Western Bay Harbor Hotel Hotels and Casinos 34.5
10/07/15 EM EOLO Holdings 2 BV Fersa Energias Renovables- Electric, Gas, and Water Distribution 33.1
10/07/15 CyberArk Software Ltd Viewfinity Inc Prepackaged Software 30.5
10/01/15 Ballard Power Systems Inc Protonex Technology Corp Electronic and Electrical Equipment 28.9
10/28/15 Ladder Capital Corp Wheeler RE Invest -Non-core Real Estate; Mortgage Bankers and Brokers 28.2
10/02/15 Carolina Alliance Bank Pinnacle Bk of S Carolina Commercial Banks, Bank Holding Companies 23.3
10/16/15 AgJunction Inc Novariant Inc Business Services 23.3
10/19/15 Northwest Bancorp Inc Fairfield Finl Hldg Corp Commercial Banks, Bank Holding Companies 20.8
10/30/15 Simmons First Natl Corp Ozark Trust & Investment Corp Investment & Commodity Firms,Dealers,Exchanges 20.7
10/01/15 Versar Inc Johnson Controls Security Syst Business Services 20.0
10/09/15 Riggs Distler & Co Inc Bemis LLC Business Services 19.2
10/01/15 Andover Bancorp Inc,Andover,MA Community National Bank, PA Commercial Banks, Bank Holding Companies 19.0
10/08/15 Inception Mining Inc Clavo Rico Ltd Mining 16.6
10/01/15 Farmers National Banc Corp Tri State 1st Bank Inc Other Financial 15.3
10/01/15 Towers Watson & Co Brovada Technologies Inc Insurance 15.2
10/01/15 First Commonwealth Finl Corp First Community Bank, Columbus Commercial Banks, Bank Holding Companies 14.8
10/01/15 National General Holdings Corp Assurant Inc-Employee Insurance 14.0
10/24/15 CapRocq Core2 RE Fund LP North Park Bus Park Bldg(2),NE Real Estate; Mortgage Bankers and Brokers 13.8
10/01/15 Standex International Corp Northlake Engineering Inc Electronic and Electrical Equipment 13.5
10/30/15 RPS Group PLC Iris Environmental Miscellaneous Services 13.5
10/01/15 Masonite International Corp USA Wood Door Inc Wood Products, Furniture, and Fixtures 13.0
10/06/15 Investor Group Penn Virginia Corp- Oil and Gas; Petroleum Refining 13.0
10/15/15 Aptean Inc Medworxx Solutions Inc Prepackaged Software 13.0
10/28/15 PCM Inc Acrodex Inc Business Services 12.4
10/20/15 Empresaria Group PLC Pharmaceutical Strategies LLC Drugs 12.1
10/14/15 Ultra Electronics Holdings PLC Furnace Parts LLC Measuring, Medical, Photo Equipment; Clocks 12.0
10/19/15 Casino Hldg Invest Partners Isle of Capri Casinos Inc-Asts Hotels and Casinos 11.5
10/19/15 Diligent Corp Thomson Reuters-BoardLink Prepackaged Software 10.0
10/13/15 Pulse Systems Inc Nightingale Informatix-Bus Prepackaged Software 9.8
10/26/15 West Monroe Partners LLC Etherios Inc Business Services 9.0
10/19/15 BNC Bancorp,High Point,NC CertusBk NA,Greenville,SC-Bran Commercial Banks, Bank Holding Companies 8.5
10/29/15 General Steel Holdings Inc Catalon Chemical Corp Metal and Metal Products 8.2
10/21/15 Lamvest888 LLC Commercial Development Co Inc- Real Estate; Mortgage Bankers and Brokers 8.1
10/08/15 Bascom Group LLC Courtyard on 68th Real Estate; Mortgage Bankers and Brokers 7.6
10/14/15 Imation Corp Connected Data Inc Business Services 7.5
10/26/15 uSell.com Inc BST Distribution Inc Wholesale Trade-Durable Goods 7.1
10/01/15 American Addiction Centers Inc Sunrise House Foundation-Asts Health Services 7.1
10/01/15 DraftTeam Daily Fantasy Sports Fantasy Aces LLC Business Services 7.0
10/09/15 Fenix Parts Inc Tri-City Auto Salvage Inc Wholesale Trade-Durable Goods 6.9
10/01/15 Rexford Industrial Realty Inc 9805 6th St Industrial Ppty Construction Firms 6.9
10/08/15 Elevation Financial Group LLC Multifamily Ppty Real Estate; Mortgage Bankers and Brokers 6.8
10/21/15 Gladstone Commercial Corp Undisclosed Industrial Real Estate; Mortgage Bankers and Brokers 6.5
10/01/15 Premier Inc InflowHealth LLC Prepackaged Software 6.0
10/27/15 Mazzal Holding Corp Global ITS Inc Electronic and Electrical Equipment 6.0
10/16/15 Lexington Hospitality Group LL Clarion Hotel Lexington Confer Hotels and Casinos 5.9
10/27/15 XLI Technologies Inc Bosch International LLC Electronic and Electrical Equipment 5.5
10/06/15 Antworks Pte Ltd Benchmark Systems of VA Inc Prepackaged Software 5.1
10/27/15 Amana Copper Ltd International Wastewater Sys Public Administration 4.1
10/28/15 Pyxis Tankers Inc LookSmart Ltd Business Services 4.0
10/06/15 AMN Healthcare Services Inc Millican Solutions Inc Business Services 4.0
10/14/15 Baceline Investments LLC Polo Wine & Liquors Real Estate; Mortgage Bankers and Brokers 3.8
10/01/15 FitLife Brands Inc iSatori Inc Drugs 3.4
10/05/15 St. Francis Hosp,Roslyn,NY NRAD Med Assoc PC-Radiation As Health Services 3.3
10/14/15 Baceline Investments LLC Morse & Maize Center Real Estate; Mortgage Bankers and Brokers 3.2
10/15/15 Carl Capital Corp FlowWorks Inc Prepackaged Software 1.9
10/19/15 Clean Energy HRS LLC Gen Elec Intl Inc-Heat Electric, Gas, and Water Distribution 1.5
10/28/15 H2O Innovation Inc Clearlogx Inc-Specialty Chemicals and Allied Products 1.5
10/06/15 Renewable Energy Group Inc KiOR Columbus LLC-Cert Asts Chemicals and Allied Products 1.5
10/13/15 Fonon Corp Applied Photonics LLC Electronic and Electrical Equipment 1.1
10/01/15 Mezzi Holdings Inc Capital Eyewear Measuring, Medical, Photo Equipment; Clocks 0.3
10/28/15 National Waste Management Hldg Waste Recovery Enterprises LLC Sanitary Services 0.3
10/19/15 Akelius Residential Ppty AB Undisclosed Apartments(279),Bo Real Estate; Mortgage Bankers and Brokers 0.2

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.