Early-stage deal flow flourished in February, lifting overall deal flow above the sluggish level reported in January, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. (See related graphic.)

The MACI results reflected the annual shift to new business after a post-holiday pause. The focus on new deals was particularly apparent in the Leads score, which soared to 69.7, up from January’s dismal 48. As transactions initiated in the previous year wound down, the score for Completed Deals dropped to 44.3, down from 54.3.

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.

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