Traditionally, December is a strong month for M&A, as private equity firms and strategic buyers race to close deals by the end of the year. In keeping with that phenomenon, December delivered 156 completed middle-market transactions, up slightly from November’s tally of 134, according to Thomson Reuters. Despite the increase, however, deal volume was significantly lower than the previous December, which generated 209 completed transactions.

In another sign of weakness in the middle market, December’s composite score on the Mid-Market M&A Conditions Index (MACI) indicated a contraction in dealmaking for the first time since Mergers & Acquisitions began our monthly surveys in the fall of 2013. Survey respondents cited a wide range of issues dampening deal flow, including rising interest rates, slowing economic growth, uncertainty about the upcoming elections and fears about terrorism throughout the world.

The biggest mid-market transaction to close in December was the purchase by Sensata Technologies Holding NV (NYSE: ST) of Custom Sensors & Technologies Inc. for $1 billion. “This acquisition further extends our sensing content beyond automotive markets and builds scale in pressure sensing," said Sensata CEO Martha Sullivan. The acquisition of Custom follows Sensata’s $1 billion purchase of Shrader International, which makes tire-pressure monitors, from PE firm Madison Dearborn Partners LLC, which closed in October 2014.

Below is a list of selected middle-market M&A deals completed in October 2014.

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. We use the data available at press time.

Date Acquirer Target Target Industry Value ($mil)
12/01/15 Sensata Tech Hldg NV Custom Sensors & Tech-Sensing Electronic and Electrical Equipment 1,000.0
12/21/15 Investor Group Westfield Connecticut Post Real Estate; Mortgage Bankers and Brokers 955.5
12/30/15 EnerVest Ltd Range Resources Corp-Nora Asts Oil and Gas; Petroleum Refining 876.0
12/09/15 Catterton Partners Corp Steiner Leisure Ltd Personal Services 834.0
12/21/15 Investor Group Wfield Mainfield,CA Real Estate; Mortgage Bankers and Brokers 813.9
12/07/15 Integrated Silicon Solution Integrated Silicon Solution Electronic and Electrical Equipment 813.4
12/21/15 KKR & Co LP Gestamp Asetym Solar SL Electric, Gas, and Water Distribution 800.0
12/08/15 Siris Capital Group LLC Premiere Global Services Inc Business Services 655.1
12/11/15 Intercontinental Exchange Inc Trayport Ltd Prepackaged Software 646.2
12/01/15 Capital One Financial Corp Gen Elec Co-US healthcare Fin Credit Institutions 595.0
12/31/15 Blucora Inc HDV Holdings Inc Investment & Commodity Firms,Dealers,Exchanges 580.0
12/18/15 TierPoint LLC Windstream Hldg Inc-Data Bus Telecommunications 575.0
12/17/15 Carlyle Power Partners Rhode Island State Energy Cent Electric, Gas, and Water Distribution 490.0
12/28/15 IHS Inc CARPROOF Corp Business Services 470.0
12/18/15 New Flyer Industries Inc Motor Coach Industries Intl Transportation Equipment 455.0
12/01/15 Korn/Ferry International HG (Luxembourg) SARL Business Services 454.2
12/22/15 Cisco Systems Inc Lancope Inc Prepackaged Software 452.5
12/09/15 NeuStar Inc MarketShare Partners LLC Business Services 450.0
12/21/15 Ball Corp Latapack Ball Embalagens Ltda Metal and Metal Products 417.4
12/08/15 Investcorp Bank BSC Office & Industrial Ppty Real Estate; Mortgage Bankers and Brokers 400.0
12/10/15 Acuity Brands Inc Juno Lighting LLC Electronic and Electrical Equipment 385.0
12/17/15 Google Inc bebop Technologies Inc Prepackaged Software 380.2
12/04/15 Sequential Brands Group Inc Martha Stewart Living Printing, Publishing, and Allied Services 360.9
12/01/15 Stock Bldg Supply Hldg Inc Building Materials Holding Construction Firms 348.5
12/21/15 Meggitt PLC EDAC Tech Corp-Composites Div Aerospace and Aircraft 340.0
12/22/15 Seneca Coal Resources LLC Cliffs Natural Resources-North Mining 318.0
12/04/15 Integrated Device Tech Inc Zentrum Mikroelektronik Electronic and Electrical Equipment 307.0
12/08/15 DW Crossland Owner LLC Extended Stay America-Hotel Po Hotels and Casinos 285.0
12/30/15 NeoGenomics Inc Clarient Inc Health Services 275.2
12/09/15 IDI Inc Fluent Inc Prepackaged Software 255.0
12/01/15 Genesis Healthcare Inc Revera Inc-Skilled Nursing(24) Health Services 240.0
12/29/15 Fossil Group Inc Misfit Inc Measuring, Medical, Photo Equipment; Clocks 236.0
12/18/15 New Mountain Capital LLC Equian LLC Prepackaged Software 225.0
12/21/15 NeuStar Inc TNS Inc-Caller Authentication Business Services 220.0
12/10/15 Glanbia PLC thinkThin LLC Food and Kindred Products 217.0
12/01/15 Valley National Bancorp,NJ CNLBancshares Inc Commercial Banks, Bank Holding Companies 207.0
12/23/15 Cambridge Holdco Corp Ability Computers & Software Prepackaged Software 189.0
12/01/15 Perion Network Ltd Undertone Networks Inc Advertising Services 180.0
12/18/15 Kroger Co Roundy's Inc Retail Trade-Food Stores 177.8
12/21/15 Ingram Micro Inc DOCdata Nederland ,DOCdata Int Business Services 176.0
12/16/15 AMC Entertainment Holdings Inc Starplex Cinemas Motion Picture Production and Distribution 172.0
12/04/15 Investor Group Colony Square,Atlanta,Georgia Real Estate; Mortgage Bankers and Brokers 170.0
12/29/15 All Web Leads Inc InsuranceQuotes.com Insurance 165.0
12/18/15 Blackstone Group LP Southern Cross West Tower Real Estate; Mortgage Bankers and Brokers 159.9
12/23/15 Hawkins Inc Stauber Ingredients Inc Drugs 157.0
12/16/15 John Wood Group PLC The Infinity Group Construction Firms 150.0
12/31/15 ORLEN Upstream Sp zoo FX Energy Inc Oil and Gas; Petroleum Refining 146.1
12/23/15 FortBay LLC Mtain View's Village Lake Apar Real Estate; Mortgage Bankers and Brokers 145.0
12/07/15 Community Bank System Inc Oneida Financial Corp Savings and Loans, Mutual Savings Banks 142.3
12/10/15 News + Media Capital Group LL DB Nevada Holdings Inc Printing, Publishing, and Allied Services 140.0
12/01/15 TRC Cos Inc Willbros US Hldg-Professional Construction Firms 130.0
12/01/15 Brooks Automation Inc BioStorage Technologies Inc Transportation and Shipping (except air) 127.0
12/10/15 Apollo Education Group Inc Career Partner GmbH Educational Services 121.2
12/22/15 Warburg Pincus LLC ITG Investment-Energy Research Business Services 120.5
12/15/15 Honeywell International Inc Sigma-Aldrich -Res Chem Bus Business Services 119.0
12/01/15 Kimco Realty Corp Christown Spectrum Real Estate; Mortgage Bankers and Brokers 115.3
12/18/15 New York Life Insurance Co Mainstreet Capital-Water Ridge Real Estate; Mortgage Bankers and Brokers 115.0
12/17/15 Waterton Precious Metals Fund Barrick Gold Corp-Spring Mining 110.0
12/08/15 Cerberus Capital Management LP PaxVax Inc Drugs 105.0
12/30/15 EVO Payments International LLC Universalpay Entidad de Pago Business Services 103.1
12/01/15 Heartland Financial USA Inc Premier Valley Bank,Fresno,CA Commercial Banks, Bank Holding Companies 97.3
12/30/15 Riverside Co Euromed SA Drugs 86.7
12/07/15 D Cubed Group LLC Kysor Panel Systems Inc Machinery 85.0
12/22/15 Preferred Apartment Lenox Village Multifamily Real Estate; Mortgage Bankers and Brokers 77.6
12/31/15 DuPont Dyadic Intl Inc-Enzyme & Tech Drugs 75.0
12/23/15 Pandora Media Inc Rdio Inc-key assets Prepackaged Software 75.0
12/01/15 Madison Industries Inc Kennametal Inc-Non-core Buses Machinery 70.0
12/14/15 Enviva Partners LP Enviva Pellets Southampton LLC Wood Products, Furniture, and Fixtures 65.5
12/21/15 Cantabio Pharmaceuticals Inc Gardedam Therapeutics Inc Drugs 64.6
12/21/15 Ashford Hospitality Prime Inc Ritz-Carlton,St Thomas Hotels and Casinos 64.0
12/01/15 Central Garden & Pet Co Natl Consumers Outdoors-pet be Wholesale Trade-Nondurable Goods 61.0
12/09/15 M/A-COM Technology Hldg FiBest Ltd Communications Equipment 60.0
12/21/15 Olshan Properties Hilton Orrington,Evanston Hotels and Casinos 60.0
12/11/15 Direct Energy Business LLC Panoramic Power Ltd Prepackaged Software 60.0
12/17/15 ALPHAEON Corp LensAR Inc Measuring, Medical, Photo Equipment; Clocks 59.0
12/15/15 Albany Molecular Research Inc Whitehouse Analytical Labs LLC Health Services 56.0
12/17/15 CooperSurgical Inc Research Instruments Ltd Measuring, Medical, Photo Equipment; Clocks 51.0
12/22/15 Publicis Touchpoint Solutions PDI Inc-Coml Svcs Bus Business Services 47.6
12/22/15 Avcorp Industries Inc HITCO Carbon Composites-Div Electronic and Electrical Equipment 47.0
12/15/15 Suburban Propane Partners LP Propane USA Electric, Gas, and Water Distribution 45.0
12/23/15 Agenus Inc PhosImmune Inc Drugs 44.9
12/09/15 TransUnion LLC Trustev Ltd Business Services 44.0
12/07/15 GoldOller RE Invests LLC Bonita Fountains,Orlando,FL Real Estate; Mortgage Bankers and Brokers 42.8
12/18/15 Cubic Corp TeraLogics LLC Business Services 39.0
12/14/15 M/A-COM Technology Hldg Aeroflex Hldg Corp-Diodes Bus Electronic and Electrical Equipment 38.0
12/31/15 River Financial Corp Keystone Bancshares Inc Commercial Banks, Bank Holding Companies 36.7
12/07/15 InvenTrust Properties Corp Price Plaza,Katy,Texas Real Estate; Mortgage Bankers and Brokers 35.8
12/07/15 InvenTrust Properties Corp Rio Pinar Plaza,Florida Real Estate; Mortgage Bankers and Brokers 34.0
12/21/15 Velsor Properties LLC Newington Business Park Center Real Estate; Mortgage Bankers and Brokers 32.5
12/08/15 Fusion Telecommun Intl Inc Fidelity Voice & Data Co Prepackaged Software 30.0
12/30/15 Midatech Pharma PLC Galena Biopharma Inc-Zuplenz Drugs 29.8
12/07/15 Midatech Pharma PLC DARA Biosciences Inc Drugs 29.7
12/07/15 First Capital Inc,Corydon,IN Peoples Bancorp Inc Of Bullitt Commercial Banks, Bank Holding Companies 29.5
12/07/15 First Capital Inc,Corydon,IN Peoples Bank of Bullitt County Investment & Commodity Firms,Dealers,Exchanges 29.5
12/22/15 Momentum Telecom Inc Alteva Inc Telecommunications 28.2
12/22/15 Flight Centre Travel Group Ltd StudentUniverse LLC Transportation and Shipping (except air) 28.0
12/01/15 ABF Logistics Inc Bear Transp Svcs LP Transportation and Shipping (except air) 26.0
12/04/15 ESSA Bancorp Inc Eagle National Bancorp Inc Commercial Banks, Bank Holding Companies 24.7
12/18/15 Aggero Group Shops of Grand Avenue Real Estate; Mortgage Bankers and Brokers 24.5
12/31/15 California Bank of Commerce Pan Pacific Bank,Fremont,CA Commercial Banks, Bank Holding Companies 24.3
12/09/15 Strat Aero plc Aero Kinetics Aerospace and Aircraft 24.0
12/28/15 Steel Partners Holdings LP CoSine Communications Inc Paper and Allied Products 23.3
12/11/15 Citizens Finl Svcs Inc First Natl Bk,Fredericksburg Commercial Banks, Bank Holding Companies 23.2
12/01/15 Achieva Credit Union Calusa Bank,Venice,Florida Commercial Banks, Bank Holding Companies 23.2
12/01/15 Fastprint Hong Kong Ltd Xcerra Corp-Semiconductor Electronic and Electrical Equipment 23.0
12/21/15 Edgewater Technology Inc M2 Dynamics Inc Business Services 22.7
12/29/15 Maxus Realty Trust Inc Villaggio,Bossier,LA Real Estate; Mortgage Bankers and Brokers 22.1
12/09/15 PolyOne Corp Magenta Master Fibres Srl Chemicals and Allied Products 22.0
12/04/15 Merchants Bancshares Inc,VT Nuvo Bank & Trust Co Commercial Banks, Bank Holding Companies 21.8
12/04/15 Slate Office REIT North Branch Marketplace,MN Real Estate; Mortgage Bankers and Brokers 20.9
12/08/15 Enghouse Systems Ltd CTI Group(Holdings)Inc Prepackaged Software 20.5
12/10/15 Books-A-Million Inc SPV Books-A-Million Inc Miscellaneous Retail Trade 20.5
12/02/15 Fondo de Inversion Capital Signature Exchange Inc Investment & Commodity Firms,Dealers,Exchanges 20.4
12/24/15 HC2 Holdings Inc United Teacher Assoc Ins Co, Insurance 20.0
12/01/15 Egyptian Amer Entrp Fund Sarwa Capital Investment & Commodity Firms,Dealers,Exchanges 20.0
12/23/15 Clean Power Holdings LLC AG Power Jerome,AG Power DCD Oil and Gas; Petroleum Refining 19.9
12/18/15 United Medical Systems Inc USMD Hldg Inc-Lithotripsy Div Health Services 19.8
12/08/15 Greenbacker Renewable Energy Fairfield Wind LLC-Fairfield Electric, Gas, and Water Distribution 19.0
12/29/15 Investor Group LifeSize Communications Inc Communications Equipment 17.5
12/04/15 Argan Inc The Roberts Co Construction Firms 17.5
12/22/15 Broadtree Homes Inc reBOUND Residential LLC-Port Real Estate; Mortgage Bankers and Brokers 17.1
12/01/15 Nevada Gold & Casinos Inc Club Fortune Casino Amusement and Recreation Services 16.8
12/22/15 Pennsylvania American Water Co Fairview Township-Wastewater Electric, Gas, and Water Distribution 16.8
12/17/15 CSW Industrials Inc AC Leak Freeze Machinery 16.8
12/23/15 Kaplan Inc SmartPros Ltd Educational Services 16.4
12/11/15 Abzena PLC The Chemistry Research Sol LLC Business Services 14.7
12/17/15 Investor Group Stolen Spirits NZ Ltd Food and Kindred Products 14.0
12/01/15 PCM Inc Sysax Inc-Cert B2B Asts Retail Trade-Home Furnishings 14.0
12/18/15 Kunene Resources Ltd Department 13 LLC Prepackaged Software 12.4
12/30/15 Transcat Inc Spectrum Technologies Inc Business Services 11.8
12/24/15 Hydro International PLC M2 Renewables Inc Electric, Gas, and Water Distribution 11.0
12/01/15 Q2 Holdings Inc Social Money Investment & Commodity Firms,Dealers,Exchanges 10.6
12/17/15 NRL Energy Natl Reference Lab for Breast Health Services 10.1
12/28/15 Espec Corp Qualmark Corp Measuring, Medical, Photo Equipment; Clocks 9.8
12/04/15 Baylake Corp NEW Bancshares Inc,Wisconsin Commercial Banks, Bank Holding Companies 9.7
12/14/15 Suncrest Bk,Visalia,California Sutter Cmnty Bk,Yuba,CA Commercial Banks, Bank Holding Companies 9.4
12/08/15 Phifer Inc Wire Co Holdings Inc Metal and Metal Products 8.8
12/15/15 Excelsior Mining Corp Nord Resources Corp-Assets Mining 8.4
12/07/15 Sucampo Pharmaceuticals Inc R-Tech Ueno Ltd Drugs 7.8
12/04/15 Compactor Rentals of America ISA-Waste Services Segment Sanitary Services 7.5
12/15/15 Cemtrex Inc Advanced Industrial Svcs Inc Construction Firms 7.4
12/23/15 Oak Valley Bancorp Mother Lode Bank,Sonora,CA Commercial Banks, Bank Holding Companies 7.3
12/04/15 Progenics Pharmaceuticals Inc EXINI Diagnostics AB Prepackaged Software 7.1
12/04/15 Old Line Bancshares Inc Regal Bancorp Inc Commercial Banks, Bank Holding Companies 5.8
12/17/15 Blue Sphere Corp Agricerere S.r.l. Electric, Gas, and Water Distribution 5.7
12/08/15 Investor Group Portfolios Of Loans(2) Real Estate; Mortgage Bankers and Brokers 4.9
12/28/15 Sack Lunch Productions Inc Slide the City LLC Amusement and Recreation Services 4.2
12/02/15 National Waste Management Hldg Gateway Rolloff Services LP Sanitary Services 3.5
12/22/15 Opto Circuits(India)Ltd Criticare Systems Inc Measuring, Medical, Photo Equipment; Clocks 3.2
12/18/15 GSI Group Inc SkyeTek Inc Prepackaged Software 2.6
12/04/15 Perk.com Inc Corona Labs Inc Prepackaged Software 2.3
12/14/15 Kentucky Frontier Gas LLC Public Gas Co Inc-Kentucky Electric, Gas, and Water Distribution 1.9
12/02/15 Powersecure International Inc ESCO Energy Services Co Construction Firms 1.8
12/09/15 Graphene 3D Lab Graphene Laboratories Inc Electronic and Electrical Equipment 1.7
12/29/15 PositiveID Corp E-N-G Mobile Systems Inc Transportation Equipment 1.0
12/02/15 Gilla Inc The Mad Alchemist LLC Wholesale Trade-Nondurable Goods 0.5
12/01/15 Symmetry Surgical Inc Insightra Medical Inc-assets Wholesale Trade-Durable Goods 0.4
12/01/15 ADSTEC Corp Transgenomic Inc-Genetic Unit Drugs 0.3
12/15/15 Whitebox Advisors LLC Adanac Molybdenum Corp Mining 0.3
12/09/15 Grocery Outlet Inc Fresh & Easy Neighborhood-Stor Retail Trade-Food Stores 0.2
         

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