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

 

Date Acquirer Target Target Industry Value ($mil)
07/02/15 Investor Group Extendicare Holdings Inc Social Services 887.0
07/13/15 Hormel Foods Corp Applegate Farms LLC Food and Kindred Products 775.0
07/01/15 MAHLE GmbH Delphi Automotive-Thermal Sys Transportation Equipment 727.0
07/17/15 Solera Holdings Inc Identifix Inc Printing, Publishing, and Allied Services 619.8
07/08/15 CA Inc Rally Software Dvlp Corp Prepackaged Software 513.8
07/20/15 Summit Materials Inc Lafarge N America Inc-Davenpor Stone, Clay, Glass, and Concrete Products 450.0
07/07/15 Fosun International Ltd Meadowbrook Ins Grp Inc Insurance 433.3
07/13/15 Francisco Partners Management ClickSoftware Technologies Ltd Prepackaged Software 421.1
07/01/15 Sabre Corp Abacus International Pte Ltd Transportation and Shipping (except air) 411.0
07/13/15 Capmark Financial Group Inc Orchard Brands Corp Miscellaneous Retail Trade 410.0
07/01/15 CyrusOne Inc Cervalis Holdings LLC Business Services 400.0
07/23/15 Oceana Group Ltd Daybrook Fisheries Inc Agriculture, Forestry, and Fishing 382.3
07/22/15 Tesoro Logistics LP QEP Midstream Partners LP Electric, Gas, and Water Distribution 381.7
07/15/15 Mondelez International Inc Kinh Do Binh Duong JSC Food and Kindred Products 370.0
07/09/15 Capitol Acquisition Corp II Lindblad Expeditions Inc Transportation and Shipping (except air) 326.9
07/02/15 Amdocs Ltd Comverse Inc-BSS Business Unit Prepackaged Software 273.0
07/07/15 Team Inc Qualspec Inc Oil and Gas; Petroleum Refining 265.0
07/02/15 NGK Spark Plug Co Ltd UCI Acq Hldg (No.2) Corp Transportation Equipment 257.5
07/01/15 Plastipak Packaging Inc Seda de Barcelona-Packaging Rubber and Miscellaneous Plastic Products 257.4
07/23/15 Embarcadero Maritime III HSAM GmbH Transportation and Shipping (except air) 254.5
07/01/15 Renasant Corp Heritage Financial Group Inc Savings and Loans, Mutual Savings Banks 253.4
07/21/15 American Realty Advisors LLC Vulcan Inc-2201 Wlake Ave Real Estate; Mortgage Bankers and Brokers 251.0
07/17/15 Investor Group Hypo SEE Holding AG Commercial Banks, Bank Holding Companies 243.5
07/03/15 HC International Inc Orange Triangle Inc Business Services 240.0
07/07/15 Investor Group Beacon Capital-Office(2) Real Estate; Mortgage Bankers and Brokers 225.0
07/20/15 Opera Investments PLC SoloPower Systems Inc Electronic and Electrical Equipment 220.0
07/09/15 Walgreens Boots Liz Earle Beauty Co Ltd Soaps, Cosmetics, and Personal-Care Products 215.2
07/20/15 Integra LifeSciences Hldg Corp TEI Biosciences Inc Drugs 211.0
07/01/15 Shareholders SeaSpine Inc Measuring, Medical, Photo Equipment; Clocks 209.8
07/01/15 Pacific Ethanol Inc Aventine Renewable Energy Chemicals and Allied Products 190.2
07/09/15 Splunk Inc Caspida Inc Printing, Publishing, and Allied Services 190.0
07/16/15 Albany Molecular Research Inc Gadea Grupo Farmaceutico SL Drugs 175.2
07/01/15 Investor Group CommerzBk AG-Eur Loan Portf Real Estate; Mortgage Bankers and Brokers 171.7
07/01/15 Washington RE Investment Trust The Wellington,Arlington,Virgi Construction Firms 167.0
07/21/15 Taylor Morrison Home Corp Orleans Homebuilders-Operation Construction Firms 166.0
07/02/15 Ascott Residence Trust Element New York Times Sq W Hotels and Casinos 163.5
07/07/15 Ferro Corp Nubiola Pigmentos SL Chemicals and Allied Products 162.4
07/07/15 AMETEK Inc Cognex Corp-Surface Measuring, Medical, Photo Equipment; Clocks 160.0
07/07/15 Beekman Tower Holdings LLC Beekman Residential-Beekman To Real Estate; Mortgage Bankers and Brokers 138.9
07/17/15 GameStop Inc Geeknet Inc Business Services 135.7
07/16/15 Starwood Global Opportunity Office Buildings(2) Real Estate; Mortgage Bankers and Brokers 130.6
07/10/15 American Water Works Co Inc Keystone Clearwater Solutions Construction Firms 130.0
07/01/15 Pennsylvania Services Corp Pennsylvania Land Resources Oil and Gas; Petroleum Refining 126.0
07/01/15 Knowles Corp Audience Inc Electronic and Electrical Equipment 110.7
07/02/15 ALLETE Clean Energy Inc AES Armenia Mountain Wind LLC Electric, Gas, and Water Distribution 108.0
07/13/15 Compass Diversified Holdings Fresh Hemp Foods Ltd Food and Kindred Products 106.6
07/16/15 Entercom Communications Corp Lincoln Financial Media Co Radio and Television Broadcasting Stations 105.0
07/29/15 Investor Group Slate Creek at Johnson Real Estate; Mortgage Bankers and Brokers 101.5
07/01/15 BNC Bancorp,Thomasville,NC Valley Financial,Roanoke,VA Commercial Banks, Bank Holding Companies 101.3
07/20/15 Integra LifeSciences Hldg Corp TEI Medical Inc Drugs 101.0
07/23/15 Aragon Holdings Inc Apartment Ppty Portfolio(3) Real Estate; Mortgage Bankers and Brokers 100.0
07/15/15 DiamondRock Hospitality Co Sheraton Suites Key West Hotels and Casinos 94.0
07/17/15 Genco Shipping & Trading Ltd Baltic Trading Ltd Transportation and Shipping (except air) 93.7
07/29/15 Strategic Hotels & Resorts Inc JW Marriott Essex House,New Yo Hotels and Casinos 89.8
07/10/15 CBRE Global Investors MG RE-Shopping Ctrs(2) Real Estate; Mortgage Bankers and Brokers 88.9
07/30/15 NeuStar Inc Bombora Technologies Pty Ltd Business Services 86.4
07/09/15 Ashford Hospitality Trust Inc Bardessono Hotel & Spa, Hotels and Casinos 85.0
07/01/15 Janus Capital Group Inc Kapstream Capital Pty Ltd Investment & Commodity Firms,Dealers,Exchanges 84.3
07/06/15 Cardtronics Inc Columbus Data Services LLC Miscellaneous Retail Trade 80.0
07/27/15 Mainstreet Bank Eagle Bancorp-Loan Portfolio Credit Institutions 80.0
07/14/15 Arc Logistics Partners LP UET Midstream LLC Oil and Gas; Petroleum Refining 74.8
07/01/15 Horizon Bancorp,IN Peoples Bancorp,Auburn,Indiana Commercial Banks, Bank Holding Companies 73.1
07/16/15 RLJ Lodging Trust Hyatt Place,Washington,DC Hotels and Casinos 68.0
07/02/15 Handy & Harman Ltd JPS Industries Inc Stone, Clay, Glass, and Concrete Products 64.0
07/17/15 Apex Technology Co Ltd Static Control Components Inc Computer and Office Equipment 63.0
07/24/15 AirBoss-Defense Inc Immediate Response Tech Inc Textile and Apparel Products 62.0
07/02/15 American Addiction Centers Inc Referral Solutions Group LLC Social Services 60.0
07/16/15 Alere Inc US Diagnostics Inc Measuring, Medical, Photo Equipment; Clocks 60.0
07/21/15 Tyco Retail Solutions Inc FootFall Ltd Textile and Apparel Products 60.0
07/01/15 Ashford Hospitality Trust Inc W Atlanta Downtown Hotel Hotels and Casinos 56.8
07/22/15 Chatham Lodging Trust Residence Inn,Dedham,MA Hotels and Casinos 55.5
07/15/15 Buckeye City-Arizona Valencia Water Co Electric, Gas, and Water Distribution 55.0
07/02/15 Austin Powder Asia Pacific Inc Tenaga Kimia Sdn Bhd Chemicals and Allied Products 54.0
07/01/15 Diversified Rest Hldgs Inc Buffalo Wild Wings-Rest(18) Retail Trade-Eating and Drinking Places 54.0
07/03/15 EFI Matan Digital Printers Ltd Computer and Office Equipment 50.0
07/13/15 B&G Foods Inc Spartan Foods of America Inc Food and Kindred Products 50.0
07/30/15 Lombard Medical PLC Altura Medical Inc Measuring, Medical, Photo Equipment; Clocks 49.0
07/01/15 Webster Capital Management LLC Dover Saddlery Inc Miscellaneous Retail Trade 48.2
07/23/15 Weston Inc Greylyn Bus Pk,Charlotte,NC Real Estate; Mortgage Bankers and Brokers 46.0
07/22/15 InvenTrust Properties Corp The Highlands of Flower Mound Real Estate; Mortgage Bankers and Brokers 45.8
07/03/15 Starlight US Multi-Family Reserves at Alafaya,Orlando,FL Real Estate; Mortgage Bankers and Brokers 42.7
07/24/15 Wintrust Financial Corp Community Financial Shares Inc Commercial Banks, Bank Holding Companies 42.4
07/06/15 Emerald Kalama Chemical LLC Innospec Widnes Ltd Chemicals and Allied Products 40.5
07/30/15 Quaker Chemical Corp Verkol SA Oil and Gas; Petroleum Refining 40.1
07/08/15 Fortinet Inc Meru Networks Inc Computer and Office Equipment 39.6
07/28/15 SunPower Corp Infigen Energy Ltd-US Solar Electric, Gas, and Water Distribution 37.9
07/16/15 RLJ Lodging Trust Homewood Suites,Seattle,WA Hotels and Casinos 37.9
07/28/15 Vitaligent LLC Jamba Inc-Rest,California(100) Retail Trade-Eating and Drinking Places 36.0
07/01/15 Acadia Healthcare Co Inc Belmont Center Health Services 35.0
07/01/15 Tiptree Financial Inc Reliance First Capital LLC Real Estate; Mortgage Bankers and Brokers 34.7
07/01/15 Gray Television Inc KOSA-TV, CBS7,Odessa,Texas Radio and Television Broadcasting Stations 33.6
07/01/15 Ambarella Inc VisLab srl Business Services 30.0
07/15/15 Live Ventures Inc Marquis Industries Inc Wholesale Trade-Durable Goods 30.0
07/27/15 Brennan Investment Group LLC Hillsdale Business Park,IN Real Estate; Mortgage Bankers and Brokers 30.0
07/01/15 SIFCO Industries Inc C Blade SpA Metal and Metal Products 28.0
07/03/15 BBITC Acquisition Corp Advion Inc Chemicals and Allied Products 28.0
07/28/15 Tullett Prebon PLC MOAB Oil Inc Investment & Commodity Firms,Dealers,Exchanges 26.6
07/02/15 WP Carey Inc Logistics Facility,Oskarshamn Real Estate; Mortgage Bankers and Brokers 25.5
07/21/15 Bascom Group LLC Square Apartments,Downey,CA Real Estate; Mortgage Bankers and Brokers 25.5
07/01/15 IDEX Corp CIDRA Precision Services LLC Measuring, Medical, Photo Equipment; Clocks 25.0
07/06/15 Mesa Laboratories Inc 2396081 Ontario Inc Business Services 21.3
07/07/15 Wilmington Group PLC Finl Research Assoc LLC-Assets Investment & Commodity Firms,Dealers,Exchanges 20.6
07/01/15 Veritex Holdings Inc IBT Bancorp Inc Commercial Banks, Bank Holding Companies 20.5
07/10/15 Benedict Realty Group LLC 11555 & 11575 Heron Bay(2) Real Estate; Mortgage Bankers and Brokers 20.2
07/01/15 Gray Television Inc Neuhoff Family LP-KMVT-TV & Radio and Television Broadcasting Stations 17.5
07/01/15 Wintrust Financial Corp North Bank,Chicago,Illinois Commercial Banks, Bank Holding Companies 17.0
07/14/15 Rexford Industrial Realty Inc Danielson Court Industrial Transportation and Shipping (except air) 16.9
07/17/15 Seacoast Bkg Corp of Florida Grand Bankshares Inc Commercial Banks, Bank Holding Companies 16.7
07/27/15 Newtek Business Services Inc Premier Payments LLC Prepackaged Software 16.5
07/27/15 Masonite International Corp Performance Doorset Solutions Wood Products, Furniture, and Fixtures 16.0
07/07/15 Travelport Worldwide Ltd Mobile Travel Technologies Ltd Prepackaged Software 15.8
07/01/15 Cheyenne Light Fuel & Power Co Energy West Wyoming Inc Electric, Gas, and Water Distribution 15.8
07/07/15 Denver Hospitality II LLC Element Denver Park Meadows Hotels and Casinos 15.5
07/01/15 Investor Group Hartco Inc Business Services 13.9
07/23/15 Almost Family Inc Ingenios Health Health Services 13.4
07/20/15 Poydras Gaming Finance Corp Integrity Gaming ,Aurora Gamin Amusement and Recreation Services 13.2
07/18/15 Wintrust Financial Corp Suburban Illinois Bancorp,IL Commercial Banks, Bank Holding Companies 12.5
07/22/15 The Descartes Sys Group Inc Bearware Inc Transportation and Shipping (except air) 11.3
07/28/15 Virtusa Corp Agora Group Inc Business Services 10.4
07/22/15 Wheeler REIT Inc Forge Capital-Sunshine Plaza Real Estate; Mortgage Bankers and Brokers 10.4
07/01/15 Gray Television Inc NEPSK Inc-WAGM-TV Radio and Television Broadcasting Stations 10.3
07/28/15 Corporate Executive Board Co CEO Forum Group Business Services 9.5
07/14/15 Amarantus Biosciences Hldg Inc Cutanogen Corp Drugs 9.0
07/02/15 CareTrust REIT Inc Bristol Court Assisted Living Health Services 8.4
07/02/15 CareTrust REIT Inc Shamrock Nursing Health Services 8.3
07/09/15 Spark Energy Inc CenStar Energy Corp Oil and Gas; Petroleum Refining 8.3
07/27/15 Kentucky Bancshares Inc,KY Madison Financial Corp Commercial Banks, Bank Holding Companies 7.2
07/24/15 First Interstate BancSystem In Absarokee Bancorp Commercial Banks, Bank Holding Companies 7.2
07/01/15 Huhtamaki Inc Pure-Stat Technologies Inc Paper and Allied Products 6.6
07/13/15 Wheeler REIT Inc Chesapeake Sq Shopping Center, Real Estate; Mortgage Bankers and Brokers 6.3
07/13/15 ARI Network Services Inc Direct Communications Inc Miscellaneous Retail Trade 6.3
07/08/15 McSam Hotel Group LLC Byblos Niagara Resort & Spa Hotels and Casinos 6.3
07/16/15 Verris LLC Eastchester Shopping Center Real Estate; Mortgage Bankers and Brokers 6.3
07/01/15 Black Hills Corp MGTC-Gas Transmission Electric, Gas, and Water Distribution 6.0
07/21/15 Victrex PLC Kleiss Gears Inc Machinery 6.0
07/29/15 Frutarom Industries Ltd Scandia Citrus LLC Agriculture, Forestry, and Fishing 6.0
07/15/15 Goodwill Manasota Inc 2240 & 2150 Whitfield Bldgs(2) Real Estate; Mortgage Bankers and Brokers 5.6
07/27/15 Benchmark Holdings PLC Akvaforsk Genetics Center Inc Agriculture, Forestry, and Fishing 4.3
07/28/15 CAI Int Inc Clearpointt Logistics LLC Transportation and Shipping (except air) 4.1
07/24/15 Engagement Labs Inc Keller Fay Group Business Services 4.0
07/13/15 Beresford Energy Corp Octava SA Investment & Commodity Firms,Dealers,Exchanges 3.9
07/09/15 SITO Mobile Ltd Hipcricket Inc-Mobile Advg Bus Business Services 3.8
07/07/15 Flora Real Properties LLC 633 W Michigan LLC-Ramada Hotels and Casinos 3.8
07/10/15 DCX-CHOL Enterprises Inc Southern California Braiding Electronic and Electrical Equipment 2.5
07/31/15 PRA Health Sciences Inc Value Health Solutions Inc Aerospace and Aircraft 2.5
07/02/15 Wellcom Group Ltd Dippin' Sauce LLC Motion Picture Production and Distribution 2.2
07/24/15 CenterState Banks,Davenport,FL SBk FSB-Palm Beach Gardens,FL Commercial Banks, Bank Holding Companies 2.0
07/20/15 Hunt Family LP Hunt Mining Corp Mining 1.1
07/24/15 Strongbow Exploration Inc Thor Gold Alaska Inc Mining 0.5
07/13/15 Springer Energy Partners LP Ncote Energy Ltd-S Weslaco Oil and Gas; Petroleum Refining 0.4
07/01/15 Starbreeze AB Payday Productions LLC Business Services 0.3
Key Middle-Market M&A Deals Completed in July 2015        
Source: Thomson Reuters        

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