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 NameTarget NameTarget Industry SectorValue of
Transaction
($mil)
10/07/15UDR IncHome Ppty Inc-Portfolio(6)Real Estate; Mortgage Bankers and Brokers908.0
10/16/15BCICity Natl Bank of Florida IncCommercial Banks, Bank Holding Companies882.8
10/05/15Anixter International IncHD Supply Hldg Inc-Power SolutWholesale Trade-Durable Goods825.0
10/09/15Prologis IncMorris Relaty Assoc LLC-AssetsReal Estate; Mortgage Bankers and Brokers820.0
10/06/15PacWest BancorpSquare 1 Financial IncCommercial Banks, Bank Holding Companies814.5
10/01/15Extra Space Storage IncSmartStop Self Storage IncInvestment & Commodity Firms,Dealers,Exchanges805.9
10/30/15BlueScope Steel LtdNorth Star Bluescope SteelMetal and Metal Products760.0
10/01/15HealthSouth CorpReliant Hospital Partners LLCHealth Services730.0
10/13/15IBM CorpMerge Healthcare IncBusiness Services725.6
10/08/15Gerresheimer AGCentor US Holding IncRubber and Miscellaneous Plastic Products725.0
10/02/15Banner CorpAmericanWest Bank NACommercial Banks, Bank Holding Companies701.5
10/30/15Blackhawk Mining LLCPatriot Coal Corp-operatingMining643.0
10/06/15Seagate Technology PLCDot Hill Systems CorpComputer and Office Equipment624.5
10/28/15AMR Holdco IncRural/Metro CorpTransportation and Shipping (except air)620.0
10/20/15NN IncPrecision Engineered ProductsMetal and Metal Products615.0
10/22/15Newell Rubbermaid IncElmers Products IncChemicals and Allied Products600.0
10/08/15Vanguard Natural Resources LLCEagle Rock Energy Partners LPOil and Gas; Petroleum Refining591.1
10/30/15Precision Castparts CorpNoranco IncAerospace and Aircraft560.0
10/01/15Discovery Communications IncEurosport SARadio and Television Broadcasting Stations536.7
10/22/15Lagardere Travel Retail SASThe Paradies Shops IncMiscellaneous Retail Trade530.0
10/05/15Vanguard Natural Resources LLCLRR Energy LPOil and Gas; Petroleum Refining503.2
10/01/15ShareholdersCapital Southwest-Control AstsChemicals and Allied Products480.0
10/05/15Medtronic PLCTwelve IncMeasuring, Medical, Photo Equipment; Clocks458.0
10/12/15SunOpta IncSGF Produce Holdings LLCFood and Kindred Products450.0
10/09/15SunOpta IncSunrise Holdings (Delaware)IncFood and Kindred Products444.0
10/02/15Rentokil Initial PLCThe Steritech Group IncBusiness Services425.0
10/30/15Patricia IndustriesBraun CorpMachinery425.0
10/14/15Investcorp Bank BSCResidential Ppty Portfolio(8)Real Estate; Mortgage Bankers and Brokers400.0
10/15/15Ajax Resources LLCW&T Offshore Inc-PermianOil and Gas; Petroleum Refining376.1
10/28/15Platform Specialty ProductsOM Grp Inc-Electn ChemChemicals and Allied Products365.0
10/14/15Sanchez Production Partners LPCatarina Midstream LLCOil and Gas; Petroleum Refining345.8
10/26/15Investor GroupRegal Lifestyle Communities InHealth Services306.3
10/15/15ITT CorpWolverine Automotive Hldg IncMetal and Metal Products300.0
10/19/15Allergan PLCAqueSys IncMeasuring, Medical, Photo Equipment; Clocks300.0
10/01/15WestRock CoSP Fiber Technologies LLCPaper and Allied Products288.5
10/29/15Primary Wind Power LLCInfigen Energy Ltd-US Wind BusElectric, Gas, and Water Distribution272.5
10/16/15FactSet Research Systems IncPortware LLCPrepackaged Software265.0
10/01/15EV Energy Partners LPBelden & Blake CorpOil and Gas; Petroleum Refining259.0
10/23/15AOL IncMillennial Media IncPrepackaged Software248.0
10/01/15Calpine CorpChampion Energy Services LLCElectric, Gas, and Water Distribution240.0
10/08/15Investor GroupUndisclosed Ppty Portfolio(24)Real Estate; Mortgage Bankers and Brokers224.0
10/06/15Hepalink USA IncCytovance Biologics IncDrugs205.7
10/01/15Markit LtdCoreOne Technologies LLCBusiness Services200.0
10/24/15Omron CorpAdept Technology IncMachinery199.3
10/15/15Valeant Pharmaceuticals IntlSynergetics USA IncMeasuring, Medical, Photo Equipment; Clocks195.7
10/05/15Blackbaud IncSmart LLCPrepackaged Software190.0
10/05/15Northwood Investors LLCSTAM-Printemps PortfolioReal Estate; Mortgage Bankers and Brokers184.1
10/01/15Federal Realty Invstmnt TrustShops At Sunset Place,FLReal Estate; Mortgage Bankers and Brokers181.0
10/15/15CTR PartnershipLiberty Nursing Ctrs-SkilledHealth Services177.0
10/22/15GTT Communications IncOne Source Networks IncPrepackaged Software175.0
10/05/15DTS InciBiquity Digital CorpCommunications Equipment172.0
10/19/15Diamond Resorts InternationalGold Key Resorts Inc-VacationHotels and Casinos167.5
10/05/15CBRE Global InvestorsGlacis-GalerieReal Estate; Mortgage Bankers and Brokers162.8
10/19/15Deluxe CorpDatamyx LLCBusiness Services160.0
10/01/15Toronto-Dominion BankNordstrom-Credit CardCredit Institutions154.0
10/21/15Legg Mason IncRARE Infrastructure LtdInvestment & Commodity Firms,Dealers,Exchanges145.8
10/01/15EnLink Midstream Partners LPMatador Resources Co-NaturalOil and Gas; Petroleum Refining143.0
10/22/15Cabot Microelectronics CorpNexPlanar CorpElectronic and Electrical Equipment142.2
10/13/15AtriCure IncnContact IncMeasuring, Medical, Photo Equipment; Clocks141.1
10/01/15Green Bancorp IncPatriot Bancshares IncCommercial Banks, Bank Holding Companies139.4
10/26/15Inland RE Acquisitions IncCommercial Real Estate(5)Real Estate; Mortgage Bankers and Brokers138.4
10/19/15Camden National CorpSBM Financial IncCommercial Banks, Bank Holding Companies135.0
10/26/15Universal Protection ServiceABM Security Services IncBusiness Services131.0
10/02/15EnerVest LtdAlta Mesa Eagle LLCOil and Gas; Petroleum Refining125.0
10/13/15Flowers Foods IncAlpine Valley Bread CoFood and Kindred Products120.0
10/13/15GHO Capital Partners LLPDNA Diagnostics Center IncBusiness Services118.4
10/31/15Denka Performance ElastomerEI du Pont-Chloroprene RubberChemicals and Allied Products117.7
10/06/15Halma PLCFiretrace USA LLCBusiness Services110.0
10/02/15Hillenbrand IncAbel Pumps LPMachinery106.6
10/27/15National Instruments CorpMicropross SASElectronic and Electrical Equipment105.1
10/01/15John Bean Technologies CorpA&B Process Systems CorpMetal and Metal Products102.0
10/01/15Home BancShares IncFlorida Business Bancgroup IncCommercial Banks, Bank Holding Companies101.6
10/01/15Investor GroupPillar at ScottsdaleReal Estate; Mortgage Bankers and Brokers97.8
10/14/15The Carlyle Group LPBlyth IncMiscellaneous Manufacturing96.8
10/09/15WSFS Financial CorpAlliance Bancorp Inc of PACommercial Banks, Bank Holding Companies95.3
10/01/15National General Holdings CorpQBE Hldg Inc-Mtg & Lender BusInsurance90.0
10/03/15Post Holdings IncWilliamette Egg Farms LLCAgriculture, Forestry, and Fishing90.0
10/15/15Dyson LTDSAKTI3 INCElectronic and Electrical Equipment90.0
10/05/15Novatel Wireless IncDigiCore Holdings LtdBusiness Services89.2
10/01/15BNLJack's Family Rest-Rest(36)Retail Trade-Eating and Drinking Places83.0
10/01/15Transcontinental IncUltra Flex Packaging CorpPaper and Allied Products80.0
10/13/15Rapid7 IncRevelOps IncPrepackaged Software71.1
10/01/15Bear State Financial IncMetropolitan National BankCommercial Banks, Bank Holding Companies70.0
10/27/15Oaktree Capital Group LLCIberCaja Banco SA-LoanCredit Institutions69.7
10/02/15Spin Master CorpCardinal Industries IncMiscellaneous Manufacturing69.5
10/19/15UMH Properties IncUndisclosed Mnfrd HomeReal Estate; Mortgage Bankers and Brokers68.6
10/16/15RadNet IncDiagnostic Imaging Grp HldgHealth Services65.4
10/08/15Investcorp International IncPOC Sweden ABMiscellaneous Manufacturing65.0
10/07/15Investor GroupRadius Bancorp IncSavings and Loans, Mutual Savings Banks63.0
10/01/15INEOS Americas LLCAxiall Corp-Aromatics BusinessChemicals and Allied Products62.9
10/13/15Viking Partners LLCShopping Center Portfolio(3)Real Estate; Mortgage Bankers and Brokers59.0
10/25/15TJX Cos IncTrade SecretRetail Trade-General Merchandise and Apparel58.7
10/02/15LHC Group IncHalcyon Hospice LLCHealth Services58.5
10/01/15Dealersocket IncDealertrack Tech-Inventory+Business Services55.0
10/28/15Amcor LtdEncon IncRubber and Miscellaneous Plastic Products55.0
10/30/15Fiera Capital CorpSamson Capital Advisors LLCInvestment & Commodity Firms,Dealers,Exchanges48.5
10/28/15Ranbaxy Pharmaceuticals IncInSite Vision IncDrugs46.2
10/29/15HCL Technologies LtdPowerObjectsBusiness Services46.0
10/13/15Zendesk IncWe Are Cloud SASPrepackaged Software45.0
10/05/15CCL Industries IncSennett Sec Prod-SpecPrinting, Publishing, and Allied Services45.0
10/02/15Condor Hospitality Trust IncHotel Portfolio(3)Hotels and Casinos42.5
10/19/15Apple Hospitality REIT IncCourtyard & Residence InnHotels and Casinos42.0
10/12/15Southwest Bancorp Inc,OKFirst Commercial BancsharesCommercial Banks, Bank Holding Companies41.8
10/06/15AR North Loop LLCRREEF Ppty Tr Inc-N Loop 101Real Estate; Mortgage Bankers and Brokers41.8
10/14/15Gilbarco IncOdysii Technologies LtdPrepackaged Software40.0
10/06/15CDI CorpEdgeRock Technologies LLCBusiness Services35.0
10/20/15Oxford Capital Group LLCBest Western Bay Harbor HotelHotels and Casinos34.5
10/07/15EM EOLO Holdings 2 BVFersa Energias Renovables-Electric, Gas, and Water Distribution33.1
10/07/15CyberArk Software LtdViewfinity IncPrepackaged Software30.5
10/01/15Ballard Power Systems IncProtonex Technology CorpElectronic and Electrical Equipment28.9
10/28/15Ladder Capital CorpWheeler RE Invest -Non-coreReal Estate; Mortgage Bankers and Brokers28.2
10/02/15Carolina Alliance BankPinnacle Bk of S CarolinaCommercial Banks, Bank Holding Companies23.3
10/16/15AgJunction IncNovariant IncBusiness Services23.3
10/19/15Northwest Bancorp IncFairfield Finl Hldg CorpCommercial Banks, Bank Holding Companies20.8
10/30/15Simmons First Natl CorpOzark Trust & Investment CorpInvestment & Commodity Firms,Dealers,Exchanges20.7
10/01/15Versar IncJohnson Controls Security SystBusiness Services20.0
10/09/15Riggs Distler & Co IncBemis LLCBusiness Services19.2
10/01/15Andover Bancorp Inc,Andover,MACommunity National Bank, PACommercial Banks, Bank Holding Companies19.0
10/08/15Inception Mining IncClavo Rico LtdMining16.6
10/01/15Farmers National Banc CorpTri State 1st Bank IncOther Financial15.3
10/01/15Towers Watson & CoBrovada Technologies IncInsurance15.2
10/01/15First Commonwealth Finl CorpFirst Community Bank, ColumbusCommercial Banks, Bank Holding Companies14.8
10/01/15National General Holdings CorpAssurant Inc-EmployeeInsurance14.0
10/24/15CapRocq Core2 RE Fund LPNorth Park Bus Park Bldg(2),NEReal Estate; Mortgage Bankers and Brokers13.8
10/01/15Standex International CorpNorthlake Engineering IncElectronic and Electrical Equipment13.5
10/30/15RPS Group PLCIris EnvironmentalMiscellaneous Services13.5
10/01/15Masonite International CorpUSA Wood Door IncWood Products, Furniture, and Fixtures13.0
10/06/15Investor GroupPenn Virginia Corp-Oil and Gas; Petroleum Refining13.0
10/15/15Aptean IncMedworxx Solutions IncPrepackaged Software13.0
10/28/15PCM IncAcrodex IncBusiness Services12.4
10/20/15Empresaria Group PLCPharmaceutical Strategies LLCDrugs12.1
10/14/15Ultra Electronics Holdings PLCFurnace Parts LLCMeasuring, Medical, Photo Equipment; Clocks12.0
10/19/15Casino Hldg Invest PartnersIsle of Capri Casinos Inc-AstsHotels and Casinos11.5
10/19/15Diligent CorpThomson Reuters-BoardLinkPrepackaged Software10.0
10/13/15Pulse Systems IncNightingale Informatix-BusPrepackaged Software9.8
10/26/15West Monroe Partners LLCEtherios IncBusiness Services9.0
10/19/15BNC Bancorp,High Point,NCCertusBk NA,Greenville,SC-BranCommercial Banks, Bank Holding Companies8.5
10/29/15General Steel Holdings IncCatalon Chemical CorpMetal and Metal Products8.2
10/21/15Lamvest888 LLCCommercial Development Co Inc-Real Estate; Mortgage Bankers and Brokers8.1
10/08/15Bascom Group LLCCourtyard on 68thReal Estate; Mortgage Bankers and Brokers7.6
10/14/15Imation CorpConnected Data IncBusiness Services7.5
10/26/15uSell.com IncBST Distribution IncWholesale Trade-Durable Goods7.1
10/01/15American Addiction Centers IncSunrise House Foundation-AstsHealth Services7.1
10/01/15DraftTeam Daily Fantasy SportsFantasy Aces LLCBusiness Services7.0
10/09/15Fenix Parts IncTri-City Auto Salvage IncWholesale Trade-Durable Goods6.9
10/01/15Rexford Industrial Realty Inc9805 6th St Industrial PptyConstruction Firms6.9
10/08/15Elevation Financial Group LLCMultifamily PptyReal Estate; Mortgage Bankers and Brokers6.8
10/21/15Gladstone Commercial CorpUndisclosed IndustrialReal Estate; Mortgage Bankers and Brokers6.5
10/01/15Premier IncInflowHealth LLCPrepackaged Software6.0
10/27/15Mazzal Holding CorpGlobal ITS IncElectronic and Electrical Equipment6.0
10/16/15Lexington Hospitality Group LLClarion Hotel Lexington ConferHotels and Casinos5.9
10/27/15XLI Technologies IncBosch International LLCElectronic and Electrical Equipment5.5
10/06/15Antworks Pte LtdBenchmark Systems of VA IncPrepackaged Software5.1
10/27/15Amana Copper LtdInternational Wastewater SysPublic Administration4.1
10/28/15Pyxis Tankers IncLookSmart LtdBusiness Services4.0
10/06/15AMN Healthcare Services IncMillican Solutions IncBusiness Services4.0
10/14/15Baceline Investments LLCPolo Wine & LiquorsReal Estate; Mortgage Bankers and Brokers3.8
10/01/15FitLife Brands InciSatori IncDrugs3.4
10/05/15St. Francis Hosp,Roslyn,NYNRAD Med Assoc PC-Radiation AsHealth Services3.3
10/14/15Baceline Investments LLCMorse & Maize CenterReal Estate; Mortgage Bankers and Brokers3.2
10/15/15Carl Capital CorpFlowWorks IncPrepackaged Software1.9
10/19/15Clean Energy HRS LLCGen Elec Intl Inc-HeatElectric, Gas, and Water Distribution1.5
10/28/15H2O Innovation IncClearlogx Inc-SpecialtyChemicals and Allied Products1.5
10/06/15Renewable Energy Group IncKiOR Columbus LLC-Cert AstsChemicals and Allied Products1.5
10/13/15Fonon CorpApplied Photonics LLCElectronic and Electrical Equipment1.1
10/01/15Mezzi Holdings IncCapital EyewearMeasuring, Medical, Photo Equipment; Clocks0.3
10/28/15National Waste Management HldgWaste Recovery Enterprises LLCSanitary Services0.3
10/19/15Akelius Residential Ppty ABUndisclosed Apartments(279),BoReal Estate; Mortgage Bankers and Brokers0.2

Financial services industry