Deal flow rose in March for the second month in a row, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. (See related graphic.)

Dealmakers reported a significant uptick in the second two months of the year, after a sluggish January. While January is often a slow month for M&A, it was the third month in a row to decline from the high of October 2014, raising some doubts about the rosy forecast for 2015.

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