In another sign that 2015 may be frontloaded, the volume and value of completed middle-market transactions in July dropped below the level seen in June, according to data from Thomson Reuters. (See related graphic.)

While completed deals for the first six months of the year suggested that 2015 was performing essentially on par with 2014, the July data drags the year-to-date numbers down. With seven months of data tallied, 2015 has delivered only 1,321 completed transactions valued at $164.2 billion, compared with 1,364 completed transactions valued at $184.2 billion in the first seven months of 2014.

While it may be tempting to blame the deceleration on summer vacations, it’s important to remember that July ranked as one of the strongest months for M&A in 2014. 

Adding more evidence that 2015 may not prove as robust for M&A as 2014, transaction pros continue to express more optimism about the next three months than the next 12 on Mergers & Acquisitions’ monthly surveys. And, while early-stage deal flow grew in July, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions, the pace of growth was flat. 

When asked why the M&A momentum may be slowing, dealmakers mention high prices for targets, stiff competition and concerns about the global economy, including Greece and China. Recent volatility in the stock markets is likely to add uncertainty to the dealmaking environment.

One of the biggest mid-market deals to close in July was Hormel Foods Corp.'s (NYSE: HRL) $775 million purchase of Applegate Farms, as better-for-you-food deals continue to flourish. Here's a list of other middle-market transactions to close in the month.  

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 July

 

DateAcquirerTargetTarget IndustryValue ($mil)
07/02/15Investor GroupExtendicare Holdings IncSocial Services887.0
07/13/15Hormel Foods CorpApplegate Farms LLCFood and Kindred Products775.0
07/01/15MAHLE GmbHDelphi Automotive-Thermal SysTransportation Equipment727.0
07/17/15Solera Holdings IncIdentifix IncPrinting, Publishing, and Allied Services619.8
07/08/15CA IncRally Software Dvlp CorpPrepackaged Software513.8
07/20/15Summit Materials IncLafarge N America Inc-DavenporStone, Clay, Glass, and Concrete Products450.0
07/07/15Fosun International LtdMeadowbrook Ins Grp IncInsurance433.3
07/13/15Francisco Partners ManagementClickSoftware Technologies LtdPrepackaged Software421.1
07/01/15Sabre CorpAbacus International Pte LtdTransportation and Shipping (except air)411.0
07/13/15Capmark Financial Group IncOrchard Brands CorpMiscellaneous Retail Trade410.0
07/01/15CyrusOne IncCervalis Holdings LLCBusiness Services400.0
07/23/15Oceana Group LtdDaybrook Fisheries IncAgriculture, Forestry, and Fishing382.3
07/22/15Tesoro Logistics LPQEP Midstream Partners LPElectric, Gas, and Water Distribution381.7
07/15/15Mondelez International IncKinh Do Binh Duong JSCFood and Kindred Products370.0
07/09/15Capitol Acquisition Corp IILindblad Expeditions IncTransportation and Shipping (except air)326.9
07/02/15Amdocs LtdComverse Inc-BSS Business UnitPrepackaged Software273.0
07/07/15Team IncQualspec IncOil and Gas; Petroleum Refining265.0
07/02/15NGK Spark Plug Co LtdUCI Acq Hldg (No.2) CorpTransportation Equipment257.5
07/01/15Plastipak Packaging IncSeda de Barcelona-PackagingRubber and Miscellaneous Plastic Products257.4
07/23/15Embarcadero Maritime IIIHSAM GmbHTransportation and Shipping (except air)254.5
07/01/15Renasant CorpHeritage Financial Group IncSavings and Loans, Mutual Savings Banks253.4
07/21/15American Realty Advisors LLCVulcan Inc-2201 Wlake AveReal Estate; Mortgage Bankers and Brokers251.0
07/17/15Investor GroupHypo SEE Holding AGCommercial Banks, Bank Holding Companies243.5
07/03/15HC International IncOrange Triangle IncBusiness Services240.0
07/07/15Investor GroupBeacon Capital-Office(2)Real Estate; Mortgage Bankers and Brokers225.0
07/20/15Opera Investments PLCSoloPower Systems IncElectronic and Electrical Equipment220.0
07/09/15Walgreens BootsLiz Earle Beauty Co LtdSoaps, Cosmetics, and Personal-Care Products215.2
07/20/15Integra LifeSciences Hldg CorpTEI Biosciences IncDrugs211.0
07/01/15ShareholdersSeaSpine IncMeasuring, Medical, Photo Equipment; Clocks209.8
07/01/15Pacific Ethanol IncAventine Renewable EnergyChemicals and Allied Products190.2
07/09/15Splunk IncCaspida IncPrinting, Publishing, and Allied Services190.0
07/16/15Albany Molecular Research IncGadea Grupo Farmaceutico SLDrugs175.2
07/01/15Investor GroupCommerzBk AG-Eur Loan PortfReal Estate; Mortgage Bankers and Brokers171.7
07/01/15Washington RE Investment TrustThe Wellington,Arlington,VirgiConstruction Firms167.0
07/21/15Taylor Morrison Home CorpOrleans Homebuilders-OperationConstruction Firms166.0
07/02/15Ascott Residence TrustElement New York Times Sq WHotels and Casinos163.5
07/07/15Ferro CorpNubiola Pigmentos SLChemicals and Allied Products162.4
07/07/15AMETEK IncCognex Corp-SurfaceMeasuring, Medical, Photo Equipment; Clocks160.0
07/07/15Beekman Tower Holdings LLCBeekman Residential-Beekman ToReal Estate; Mortgage Bankers and Brokers138.9
07/17/15GameStop IncGeeknet IncBusiness Services135.7
07/16/15Starwood Global OpportunityOffice Buildings(2)Real Estate; Mortgage Bankers and Brokers130.6
07/10/15American Water Works Co IncKeystone Clearwater SolutionsConstruction Firms130.0
07/01/15Pennsylvania Services CorpPennsylvania Land ResourcesOil and Gas; Petroleum Refining126.0
07/01/15Knowles CorpAudience IncElectronic and Electrical Equipment110.7
07/02/15ALLETE Clean Energy IncAES Armenia Mountain Wind LLCElectric, Gas, and Water Distribution108.0
07/13/15Compass Diversified HoldingsFresh Hemp Foods LtdFood and Kindred Products106.6
07/16/15Entercom Communications CorpLincoln Financial Media CoRadio and Television Broadcasting Stations105.0
07/29/15Investor GroupSlate Creek at JohnsonReal Estate; Mortgage Bankers and Brokers101.5
07/01/15BNC Bancorp,Thomasville,NCValley Financial,Roanoke,VACommercial Banks, Bank Holding Companies101.3
07/20/15Integra LifeSciences Hldg CorpTEI Medical IncDrugs101.0
07/23/15Aragon Holdings IncApartment Ppty Portfolio(3)Real Estate; Mortgage Bankers and Brokers100.0
07/15/15DiamondRock Hospitality CoSheraton Suites Key WestHotels and Casinos94.0
07/17/15Genco Shipping & Trading LtdBaltic Trading LtdTransportation and Shipping (except air)93.7
07/29/15Strategic Hotels & Resorts IncJW Marriott Essex House,New YoHotels and Casinos89.8
07/10/15CBRE Global InvestorsMG RE-Shopping Ctrs(2)Real Estate; Mortgage Bankers and Brokers88.9
07/30/15NeuStar IncBombora Technologies Pty LtdBusiness Services86.4
07/09/15Ashford Hospitality Trust IncBardessono Hotel & Spa,Hotels and Casinos85.0
07/01/15Janus Capital Group IncKapstream Capital Pty LtdInvestment & Commodity Firms,Dealers,Exchanges84.3
07/06/15Cardtronics IncColumbus Data Services LLCMiscellaneous Retail Trade80.0
07/27/15Mainstreet BankEagle Bancorp-Loan PortfolioCredit Institutions80.0
07/14/15Arc Logistics Partners LPUET Midstream LLCOil and Gas; Petroleum Refining74.8
07/01/15Horizon Bancorp,INPeoples Bancorp,Auburn,IndianaCommercial Banks, Bank Holding Companies73.1
07/16/15RLJ Lodging TrustHyatt Place,Washington,DCHotels and Casinos68.0
07/02/15Handy & Harman LtdJPS Industries IncStone, Clay, Glass, and Concrete Products64.0
07/17/15Apex Technology Co LtdStatic Control Components IncComputer and Office Equipment63.0
07/24/15AirBoss-Defense IncImmediate Response Tech IncTextile and Apparel Products62.0
07/02/15American Addiction Centers IncReferral Solutions Group LLCSocial Services60.0
07/16/15Alere IncUS Diagnostics IncMeasuring, Medical, Photo Equipment; Clocks60.0
07/21/15Tyco Retail Solutions IncFootFall LtdTextile and Apparel Products60.0
07/01/15Ashford Hospitality Trust IncW Atlanta Downtown HotelHotels and Casinos56.8
07/22/15Chatham Lodging TrustResidence Inn,Dedham,MAHotels and Casinos55.5
07/15/15Buckeye City-ArizonaValencia Water CoElectric, Gas, and Water Distribution55.0
07/02/15Austin Powder Asia Pacific IncTenaga Kimia Sdn BhdChemicals and Allied Products54.0
07/01/15Diversified Rest Hldgs IncBuffalo Wild Wings-Rest(18)Retail Trade-Eating and Drinking Places54.0
07/03/15EFIMatan Digital Printers LtdComputer and Office Equipment50.0
07/13/15B&G Foods IncSpartan Foods of America IncFood and Kindred Products50.0
07/30/15Lombard Medical PLCAltura Medical IncMeasuring, Medical, Photo Equipment; Clocks49.0
07/01/15Webster Capital Management LLCDover Saddlery IncMiscellaneous Retail Trade48.2
07/23/15Weston IncGreylyn Bus Pk,Charlotte,NCReal Estate; Mortgage Bankers and Brokers46.0
07/22/15InvenTrust Properties CorpThe Highlands of Flower MoundReal Estate; Mortgage Bankers and Brokers45.8
07/03/15Starlight US Multi-FamilyReserves at Alafaya,Orlando,FLReal Estate; Mortgage Bankers and Brokers42.7
07/24/15Wintrust Financial CorpCommunity Financial Shares IncCommercial Banks, Bank Holding Companies42.4
07/06/15Emerald Kalama Chemical LLCInnospec Widnes LtdChemicals and Allied Products40.5
07/30/15Quaker Chemical CorpVerkol SAOil and Gas; Petroleum Refining40.1
07/08/15Fortinet IncMeru Networks IncComputer and Office Equipment39.6
07/28/15SunPower CorpInfigen Energy Ltd-US SolarElectric, Gas, and Water Distribution37.9
07/16/15RLJ Lodging TrustHomewood Suites,Seattle,WAHotels and Casinos37.9
07/28/15Vitaligent LLCJamba Inc-Rest,California(100)Retail Trade-Eating and Drinking Places36.0
07/01/15Acadia Healthcare Co IncBelmont CenterHealth Services35.0
07/01/15Tiptree Financial IncReliance First Capital LLCReal Estate; Mortgage Bankers and Brokers34.7
07/01/15Gray Television IncKOSA-TV, CBS7,Odessa,TexasRadio and Television Broadcasting Stations33.6
07/01/15Ambarella IncVisLab srlBusiness Services30.0
07/15/15Live Ventures IncMarquis Industries IncWholesale Trade-Durable Goods30.0
07/27/15Brennan Investment Group LLCHillsdale Business Park,INReal Estate; Mortgage Bankers and Brokers30.0
07/01/15SIFCO Industries IncC Blade SpAMetal and Metal Products28.0
07/03/15BBITC Acquisition CorpAdvion IncChemicals and Allied Products28.0
07/28/15Tullett Prebon PLCMOAB Oil IncInvestment & Commodity Firms,Dealers,Exchanges26.6
07/02/15WP Carey IncLogistics Facility,OskarshamnReal Estate; Mortgage Bankers and Brokers25.5
07/21/15Bascom Group LLCSquare Apartments,Downey,CAReal Estate; Mortgage Bankers and Brokers25.5
07/01/15IDEX CorpCIDRA Precision Services LLCMeasuring, Medical, Photo Equipment; Clocks25.0
07/06/15Mesa Laboratories Inc2396081 Ontario IncBusiness Services21.3
07/07/15Wilmington Group PLCFinl Research Assoc LLC-AssetsInvestment & Commodity Firms,Dealers,Exchanges20.6
07/01/15Veritex Holdings IncIBT Bancorp IncCommercial Banks, Bank Holding Companies20.5
07/10/15Benedict Realty Group LLC11555 & 11575 Heron Bay(2)Real Estate; Mortgage Bankers and Brokers20.2
07/01/15Gray Television IncNeuhoff Family LP-KMVT-TV &Radio and Television Broadcasting Stations17.5
07/01/15Wintrust Financial CorpNorth Bank,Chicago,IllinoisCommercial Banks, Bank Holding Companies17.0
07/14/15Rexford Industrial Realty IncDanielson Court IndustrialTransportation and Shipping (except air)16.9
07/17/15Seacoast Bkg Corp of FloridaGrand Bankshares IncCommercial Banks, Bank Holding Companies16.7
07/27/15Newtek Business Services IncPremier Payments LLCPrepackaged Software16.5
07/27/15Masonite International CorpPerformance Doorset SolutionsWood Products, Furniture, and Fixtures16.0
07/07/15Travelport Worldwide LtdMobile Travel Technologies LtdPrepackaged Software15.8
07/01/15Cheyenne Light Fuel & Power CoEnergy West Wyoming IncElectric, Gas, and Water Distribution15.8
07/07/15Denver Hospitality II LLCElement Denver Park MeadowsHotels and Casinos15.5
07/01/15Investor GroupHartco IncBusiness Services13.9
07/23/15Almost Family IncIngenios HealthHealth Services13.4
07/20/15Poydras Gaming Finance CorpIntegrity Gaming ,Aurora GaminAmusement and Recreation Services13.2
07/18/15Wintrust Financial CorpSuburban Illinois Bancorp,ILCommercial Banks, Bank Holding Companies12.5
07/22/15The Descartes Sys Group IncBearware IncTransportation and Shipping (except air)11.3
07/28/15Virtusa CorpAgora Group IncBusiness Services10.4
07/22/15Wheeler REIT IncForge Capital-Sunshine PlazaReal Estate; Mortgage Bankers and Brokers10.4
07/01/15Gray Television IncNEPSK Inc-WAGM-TVRadio and Television Broadcasting Stations10.3
07/28/15Corporate Executive Board CoCEO Forum GroupBusiness Services9.5
07/14/15Amarantus Biosciences Hldg IncCutanogen CorpDrugs9.0
07/02/15CareTrust REIT IncBristol Court Assisted LivingHealth Services8.4
07/02/15CareTrust REIT IncShamrock NursingHealth Services8.3
07/09/15Spark Energy IncCenStar Energy CorpOil and Gas; Petroleum Refining8.3
07/27/15Kentucky Bancshares Inc,KYMadison Financial CorpCommercial Banks, Bank Holding Companies7.2
07/24/15First Interstate BancSystem InAbsarokee BancorpCommercial Banks, Bank Holding Companies7.2
07/01/15Huhtamaki IncPure-Stat Technologies IncPaper and Allied Products6.6
07/13/15Wheeler REIT IncChesapeake Sq Shopping Center,Real Estate; Mortgage Bankers and Brokers6.3
07/13/15ARI Network Services IncDirect Communications IncMiscellaneous Retail Trade6.3
07/08/15McSam Hotel Group LLCByblos Niagara Resort & SpaHotels and Casinos6.3
07/16/15Verris LLCEastchester Shopping CenterReal Estate; Mortgage Bankers and Brokers6.3
07/01/15Black Hills CorpMGTC-Gas TransmissionElectric, Gas, and Water Distribution6.0
07/21/15Victrex PLCKleiss Gears IncMachinery6.0
07/29/15Frutarom Industries LtdScandia Citrus LLCAgriculture, Forestry, and Fishing6.0
07/15/15Goodwill Manasota Inc2240 & 2150 Whitfield Bldgs(2)Real Estate; Mortgage Bankers and Brokers5.6
07/27/15Benchmark Holdings PLCAkvaforsk Genetics Center IncAgriculture, Forestry, and Fishing4.3
07/28/15CAI Int IncClearpointt Logistics LLCTransportation and Shipping (except air)4.1
07/24/15Engagement Labs IncKeller Fay GroupBusiness Services4.0
07/13/15Beresford Energy CorpOctava SAInvestment & Commodity Firms,Dealers,Exchanges3.9
07/09/15SITO Mobile LtdHipcricket Inc-Mobile Advg BusBusiness Services3.8
07/07/15Flora Real Properties LLC633 W Michigan LLC-RamadaHotels and Casinos3.8
07/10/15DCX-CHOL Enterprises IncSouthern California BraidingElectronic and Electrical Equipment2.5
07/31/15PRA Health Sciences IncValue Health Solutions IncAerospace and Aircraft2.5
07/02/15Wellcom Group LtdDippin' Sauce LLCMotion Picture Production and Distribution2.2
07/24/15CenterState Banks,Davenport,FLSBk FSB-Palm Beach Gardens,FLCommercial Banks, Bank Holding Companies2.0
07/20/15Hunt Family LPHunt Mining CorpMining1.1
07/24/15Strongbow Exploration IncThor Gold Alaska IncMining0.5
07/13/15Springer Energy Partners LPNcote Energy Ltd-S WeslacoOil and Gas; Petroleum Refining0.4
07/01/15Starbreeze ABPayday Productions LLCBusiness Services0.3
Key Middle-Market M&A Deals Completed in July 2015    
Source: Thomson Reuters