The middle market is facing the least hospitable M&A climate in years. With confidence low, credit tight and politics uncertain, the volume of deals that closed in the first quarter fell to levels last seen in the wake of the Lehman Bros. collapse. And while some sunlight peeked through the clouds as corporate divestitures soared at the end of the quarter, the moment didn’t last. Dealmakers on the lookout for signs of change in the spring found little to justify their hopes that activity in the second half of the year will prove more fruitful.
A look at the recent data on deal volume and value is discouraging. According to Mergers & Acquisitions’ analysis of the numbers from Thomson Reuters, only 330 middle-market transactions closed in the first quarter of 2016, the lowest deal volume for any period since the first quarter of 2009. (See related chart). At that point in time, the financial world was reeling from Lehman’s bankruptcy, and merely 236 mid-market deals were completed.
One factor contributing to the M&A slow-down is the tightening of credit, as reported in depth in our May cover story. In February, the Availability of Financing component of our Mid-Market M&A Conditions Index (MACI) was at its lowest level since we began the monthly polls in 2013. The Availability of Financing has been rising since the low point but is still under 50, indicating a contraction.
Traditional banks continue to face regulatory scrutiny about how much leverage they should supply to private equity transactions, which has caused them to shy away from lending to PE-backed deals. Capital constraints and shareholder activism are putting pressure on publicly-traded business development companies, or BDCs. And collateralized loan obligation, or CLO, issuances are decreasing because of risk retention regulations. Non-traditional lenders have stepped up, but the loan environment is still challenging for PE firms trying to close deals.
At $59.4 billion, deal value in the first quarter of 2016 was the lowest since the same period in 2012 (also an election year). The first quarter of 2012 was another low point for the middle market in recent history. But in the case of 2012, the fourth quarter made up for the loss, and the total for the year proved healthy. Many dealmakers tell Mergers & Acquisitions they hope for a similar turnaround later in 2016.
One trend that may help boost M&A later in the year is that many corporations are engaged in a disciplined practice of shedding slow-growth product lines to focus on faster-growing brands. In March, the Divestitures component of MACI soared to 88.3. Among the companies divesting are Newell Rubbermaid (NYSE: NWL) and Procter & Gamble Co. (NYSE: PG). Although the Divestitures score dropped down to 56.5 in April, that’s still on the expansion side of the index, and we expect to see more corporate spin-offs throughout 2016.
In the short term, one cause of the paralysis in M&A is the uncertainty of an election year. A telling example is found in the health care sector. As we reported in the May issue of Mergers & Acquisitions, expectations for M&A in health care have plummeted over the last year, according to the Mid-Market Pulse (MMP), a sentiment indicator based on our monthly surveys. Previously, the health care industry received the highest scores of the six high-growth sectors we measure. In recent years, consolidation in the sector has been driven by the Affordable Care Act, as providers have wielded M&A to become more efficient. Many poll respondents expressed uncertainty about the future of the ACA, due to the potential for a political party change in the presidency.
Which presidential candidate would be more auspicious for dealmaking overall is debatable. Although traditionally, Republicans are perceived as more business-friendly, the current campaign season is anything but traditional. One recent survey conducted by Intralinks reports that 46 percent of U.S. transaction professionals believe presumptive Republican nominee Donald Trump would have a negative impact on M&A, as compared with 31 percent saying the same of Democratic frontrunner Hillary Clinton.
Certainty is one of the prerequisites for a healthy M&A environment. One thing is certain. Whoever wins the presidency, once the election is over, there will be more certainty.
See the table below for middle-market transactions that closed in Q1.
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 $1 billion or less; they must be completed (not just announced) within the timeframe designated; and they must include at least one U.S. company in the role of buyer and/or seller. Excluded from our charts are: recapitalizations; self tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed values, buyers or sellers. Our data provider is Thomson Reuters, which updates its databases continuously. We use the data available at press time.
Key Middle-Market M&A Deals Completed in Q1 2016
Date | Acquirer | Target | Target Industry | Value ($mil) |
---|---|---|---|---|
02/01/16 | Coty Inc | Hypermarcas SA-Beauty Business | Soaps, Cosmetics, and Personal-Care Products | 986.0 |
03/01/16 | Sun Life Assurance Co of Canad | Disability ReIns Mgmt Svcs Inc | Insurance | 975.0 |
01/22/16 | DSV A/S | UTi Worldwide Inc | Transportation and Shipping (except air) | 970.8 |
01/15/16 | Pinnacle Foods Inc | Boulder Brands Inc | Wholesale Trade-Nondurable Goods | 962.5 |
03/03/16 | Entergy Corp | Union Power Partners-Union | Electric, Gas, and Water Distribution | 948.0 |
02/04/16 | Icahn Enterprises LP | The PEP Boys-Manny Moe & Jack | Miscellaneous Retail Trade | 894.0 |
03/09/16 | Lupin Ltd | GAVIS Pharms LLC,Novel Labs | Drugs | 880.0 |
02/02/16 | NetApp Inc | SolidFire Inc | Computer and Office Equipment | 870.0 |
01/26/16 | Amadeus IT Group SA | Navitaire Inc | Prepackaged Software | 830.0 |
02/01/16 | comScore Inc | Rentrak Corp | Business Services | 813.2 |
02/05/16 | Mattress Firm Holding Corp | HMK Mattress Holdings LLC | Retail Trade-Home Furnishings | 780.0 |
03/01/16 | Fluor Corp | Stork Holding BV | Machinery | 756.2 |
03/22/16 | Lone Star Funds | N&W Global Vending SpA | Machinery | 751.4 |
03/14/16 | Western Gas Partners LP | Springfield Pipeline LLC | Oil and Gas; Petroleum Refining | 750.0 |
01/15/16 | Protective Life Corp | Genworth Life & Annuity-In-for | Insurance | 661.0 |
03/01/16 | Country Club Plaza KC | Highwoods Ppty Inc-Country | Real Estate; Mortgage Bankers and Brokers | 660.0 |
02/01/16 | TransCanada Corp | Talen Energy Corp-Ironwood | Electric, Gas, and Water Distribution | 654.0 |
02/11/16 | IHS Inc | Oil Price Information Service | Business Services | 650.0 |
01/11/16 | Kinross Gold Corp | Barrick Gold Corp-Bald Mtain & | Mining | 610.0 |
01/01/16 | Treasury Wine Estates Ltd | Diageo PLC-US & UK Wine Op | Food and Kindred Products | 600.0 |
02/01/16 | Financial Engines Inc | Mutual Fund Store LLC | Investment & Commodity Firms,Dealers,Exchanges | 584.0 |
02/01/16 | Blackstone Group LP | Immofinanz AG-Logistics | Real Estate; Mortgage Bankers and Brokers | 580.7 |
03/22/16 | Rizvi Traverse Management LLC | RealD Inc | Communications Equipment | 560.1 |
02/01/16 | CACI International Inc | L-3 Natl Sec Solutions Inc | Business Services | 550.0 |
03/01/16 | Sazerac Co Inc | Brown-Forman-Brand Assets | Food and Kindred Products | 543.5 |
01/21/16 | Svenska Cellulosa AB SCA | Wausau Paper Corp | Paper and Allied Products | 514.5 |
01/14/16 | Horizon Pharma PLC | Crealta Pharmaceuticals LLC | Drugs | 510.0 |
02/05/16 | Calpine Corp | Granite Ridge Hldg-Energy Ctr | Electric, Gas, and Water Distribution | 500.0 |
02/18/16 | Cipla (EU) Ltd | InvaGen Pharmaceuticals Inc | Drugs | 500.0 |
03/15/16 | GTCR LLC | Lytx Inc | Business Services | 500.0 |
02/05/16 | Haosheng Investment Co Ltd | ARCAS Automotive Group LLC | Transportation Equipment | 491.2 |
01/07/16 | Dover Corp | Tokheim-Dispenser & System Bus | Machinery | 474.3 |
02/13/16 | FNB Corp,Naples,Hermitage,PA | Metro Bancorp Inc,Harrisburg | Commercial Banks, Bank Holding Companies | 463.5 |
02/29/16 | Wipro Ltd | HealthPlan Holdings Inc | Insurance | 460.0 |
01/07/16 | Lamar Advertising Co | Clear Channel Outdoor Hldg-Ass | Advertising Services | 458.5 |
03/02/16 | Harrison Street Re Capital LLC | Campus Crest Communities Inc | Investment & Commodity Firms,Dealers,Exchanges | 455.2 |
01/15/16 | PulteGroup Inc | JW Homes LLC-Certain Assets | Construction Firms | 450.0 |
03/01/16 | Yadkin Financial Corp | NewBridge Bancorp | Commercial Banks, Bank Holding Companies | 449.4 |
02/01/16 | CST Brands Inc | Flash Foods Inc | Retail Trade-Food Stores | 425.0 |
01/07/16 | Symrise AG | Pinova Holdings Inc | Chemicals and Allied Products | 417.0 |
02/16/16 | Gray Television Inc | Schurz Commun Inc-Tv & Radio | Radio and Television Broadcasting Stations | 415.3 |
02/11/16 | NuVasive Inc | Ellipse Technologies Inc | Measuring, Medical, Photo Equipment; Clocks | 410.0 |
02/01/16 | Mallinckrodt PLC | The Medicines Co-Hemostasis | Drugs | 410.0 |
03/04/16 | Select Medical Holdings Corp | Physiotherapy Assoc Hldg Inc | Health Services | 400.0 |
03/17/16 | Thales SA | Vormetric Inc | Prepackaged Software | 400.0 |
02/04/16 | MAP Fee Owner LLC | Brandywine Rlty Tr-Office | Real Estate; Mortgage Bankers and Brokers | 398.1 |
03/01/16 | DaVita HealthCare Partners Inc | The Everett Clinic Inc | Health Services | 385.0 |
01/29/16 | NorthStar Asset Mgmt Grp Inc | Townsend Holdings LLC | Investment & Commodity Firms,Dealers,Exchanges | 380.0 |
02/24/16 | RREEF Funds LLC | West 8th,Seattle,Washington | Real Estate; Mortgage Bankers and Brokers | 370.0 |
02/10/16 | Astellas Pharma Inc | Ocata Therapeutics Inc | Drugs | 362.7 |
02/01/16 | Kinder Morgan Inc | BP Products NA-Terminals(15) | Oil and Gas; Petroleum Refining | 350.0 |
02/02/16 | Securitas AB | Diebold Inc-Business | Electronic and Electrical Equipment | 350.0 |
03/25/16 | Littelfuse Inc | TE Connectivity-Circuit Bus | Electronic and Electrical Equipment | 350.0 |
03/02/16 | Sinclair Broadcast Group Inc | Tennis Channel Inc | Radio and Television Broadcasting Stations | 350.0 |
02/01/16 | ArcLight Capital Partners LLC | TransMontaigne GP LLC | Oil and Gas; Petroleum Refining | 350.0 |
01/15/16 | Zayo Group Holdings Inc | MTS Allstream Holdings Inc | Telecommunications | 348.5 |
03/09/16 | Web.com Group Inc | Yodle Inc | Advertising Services | 342.0 |
02/23/16 | Comtech Telecommun Corp | TeleCommunication Systems Inc | Prepackaged Software | 329.7 |
01/11/16 | Liberty Utilities Co | Park Water Co | Electric, Gas, and Water Distribution | 327.0 |
03/11/16 | SS&C Technologies Holdings Inc | Citigroup Inc-Alternative Inv | Investment & Commodity Firms,Dealers,Exchanges | 321.0 |
03/04/16 | Cisco Systems Inc | Leaba Semiconductor Ltd | Electronic and Electrical Equipment | 320.0 |
03/09/16 | ISQ Global Infrastructure Fund | WPX Energy Inc-San Juan Basin | Oil and Gas; Petroleum Refining | 309.0 |
02/04/16 | Honeywell International Inc | COM DEV International Ltd | Electronic and Electrical Equipment | 308.4 |
03/01/16 | Cerberus Capital Management LP | Avon Prod Inc-N Amer Bus | Soaps, Cosmetics, and Personal-Care Products | 300.0 |
03/09/16 | Trend Micro Inc | TippingPoint Technologies Inc | Computer and Office Equipment | 300.0 |
02/26/16 | Computer Sciences Corp | UXC Ltd | Business Services | 296.7 |
01/05/16 | Omnicell Inc | Aesynt Inc | Prepackaged Software | 275.0 |
01/05/16 | Smith & Nephew PLC | Blue Belt Holdings Inc | Measuring, Medical, Photo Equipment; Clocks | 275.0 |
01/14/16 | FireEye Inc | iSIGHT Partners Inc | Business Services | 275.0 |
01/07/16 | Sinocare Inc | Nipro Diagnostics Inc | Measuring, Medical, Photo Equipment; Clocks | 273.0 |
01/04/16 | CONMED Corp | SurgiQuest Inc | Measuring, Medical, Photo Equipment; Clocks | 265.0 |
01/13/16 | HEICO Electn Tech Corp | Robertson Fuel Systems LLC | Aerospace and Aircraft | 255.0 |
03/21/16 | Summit Materials Inc | Boxley Materials Co | Stone, Clay, Glass, and Concrete Products | 252.1 |
02/01/16 | Hudson's Bay Co | Gilt Groupe Inc | Miscellaneous Retail Trade | 250.0 |
03/16/16 | Keane Group Holdings LLC | Trican Well Svc Ltd-US Asts | Construction Firms | 247.0 |
01/06/16 | UOP LLC | Thomas Russell LLC | Construction Firms | 240.0 |
01/01/16 | Metro-Goldwyn-Mayer Inc | UAMG LLC | Motion Picture Production and Distribution | 233.9 |
02/03/16 | Cubic Corp | GATR Technologies Inc | Communications Equipment | 232.5 |
03/22/16 | RPX Corp | Inventus LLC | Business Services | 232.0 |
01/04/16 | Westinghouse Electric Co LLC | CB&I Stone & Webster Inc | Business Services | 229.0 |
02/08/16 | Prestige Brands Holdings Inc | DenTek Oral Care Inc | Soaps, Cosmetics, and Personal-Care Products | 225.0 |
03/17/16 | IDEX Corp | Akron Brass Co | Metal and Metal Products | 224.2 |
02/03/16 | AIM Aerospace Inc SPV | AIM Aerospace Inc | Aerospace and Aircraft | 220.0 |
01/05/16 | Shorenstein Realty Services LP | Bank of America Plaza,Atlanta | Real Estate; Mortgage Bankers and Brokers | 220.0 |
02/03/16 | Investor Group | Resolution Ppty-Designer | Real Estate; Mortgage Bankers and Brokers | 218.6 |
02/29/16 | AptarGroup Inc | MegaPlast GmbH | Rubber and Miscellaneous Plastic Products | 215.9 |
03/02/16 | Greystar Equity Partners VIII | The Chelsea,Chelsea,NY | Real Estate; Mortgage Bankers and Brokers | 211.3 |
03/21/16 | Helen of Troy Ltd | Steel Technology LLC | Miscellaneous Manufacturing | 210.0 |
01/26/16 | Northwood Investors LLC | CeGeREAL SA | Investment & Commodity Firms,Dealers,Exchanges | 208.7 |
01/05/16 | TransDigm Group Inc | Breeze-Eastern Corp | Aerospace and Aircraft | 205.9 |
02/03/16 | Endologix Inc | TriVascular Technologies Inc | Measuring, Medical, Photo Equipment; Clocks | 202.8 |
03/03/16 | Fiserv Inc | ACI Worldwide Inc-Cmnty Finl | Prepackaged Software | 200.0 |
01/15/16 | Investor Group | Eastridge Mall,San Jose,CA | Real Estate; Mortgage Bankers and Brokers | 200.0 |
01/20/16 | Brunswick Corp | CYBEX International Inc | Miscellaneous Manufacturing | 195.0 |
01/04/16 | Quality Systems Inc | HealthFusion Holdings Inc | Prepackaged Software | 190.0 |
01/04/16 | Audax Group LP | Centric Health Corp-Operations | Health Services | 188.0 |
02/18/16 | Chr Hansen Holding A/S | Nutrition Physiology Corp | Business Services | 185.0 |
01/07/16 | Limetree Bay Holdings LLC | Hovensa LLC-St Croix Refinery | Oil and Gas; Petroleum Refining | 184.0 |
02/29/16 | Investcorp Real Estate Group | 733 10th Street,Washington,DC | Real Estate; Mortgage Bankers and Brokers | 180.0 |
01/31/16 | Ligand Pharmaceuticals Inc | Open Monoclonal Technology Inc | Drugs | 178.0 |
01/29/16 | Global Jet Capital Inc | Gen Elec Co-Corporate | Credit Institutions | 175.0 |
01/26/16 | Tyco International PLC | ShopperTrak Corp | Business Services | 175.0 |
01/04/16 | Church & Dwight Co Inc | Spencer Forrest Inc | Soaps, Cosmetics, and Personal-Care Products | 175.0 |
02/08/16 | DRA Advisors LLC | Triangle Town Ctr | Real Estate; Mortgage Bankers and Brokers | 174.0 |
01/19/16 | Armada Hoffler Properties Inc | Retail Center Portfolio(11) | Retail Trade-General Merchandise and Apparel | 170.5 |
02/05/16 | AMETEK Inc | Brookfield Engineering Labs | Measuring, Medical, Photo Equipment; Clocks | 167.0 |
02/01/16 | Onexim Sports & Entertainment | Barclays Center | Amusement and Recreation Services | 162.6 |
01/14/16 | Liberty Intl Holdings Inc | Cia de Seg Genes Penta | Insurance | 162.6 |
01/29/16 | Guardian Life Ins Co | Avesis Inc | Insurance | 162.3 |
01/04/16 | AMN Healthcare Services Inc | BE Smith Inc | Business Services | 160.0 |
02/29/16 | Piper Jaffray Cos | Simmons & Co International | Investment & Commodity Firms,Dealers,Exchanges | 160.0 |
01/14/16 | Federal Realty Invstmnt Trust | Real Estate Property Portfolio | Real Estate; Mortgage Bankers and Brokers | 154.0 |
01/14/16 | Sabre Corp | Trust Group of Companies | Transportation and Shipping (except air) | 154.0 |
03/31/16 | Swiss Re Corporate Solutions | IHC Risk Solutions LLC | Insurance | 152.5 |
02/02/16 | The Michaels Companies Inc | Lamrite West Inc | Retail Trade-General Merchandise and Apparel | 150.0 |
03/04/16 | Investor Group | Immobiliare Laurentiana Srl | Real Estate; Mortgage Bankers and Brokers | 142.4 |
02/05/16 | Halma PLC | CenTrak Inc | Measuring, Medical, Photo Equipment; Clocks | 140.0 |
03/01/16 | The Dow Chemical Co | Chemours Co-Aniline Facility | Chemicals and Allied Products | 140.0 |
03/15/16 | BlueRoad Ventures | Brauwin RE-Ret Asts(48) | Real Estate; Mortgage Bankers and Brokers | 139.0 |
01/08/16 | Investor Group | LaSalle Invest Mgmt- BEST | Real Estate; Mortgage Bankers and Brokers | 138.9 |
03/21/16 | Heritage Insurance Hldg Inc | Zephyr Insurance Co Inc | Insurance | 134.0 |
02/02/16 | Hillenbrand Inc | Red Valve Co Inc | Metal and Metal Products | 131.9 |
01/21/16 | AMETEK Inc | ESP/SurgeX | Measuring, Medical, Photo Equipment; Clocks | 130.0 |
01/20/16 | CryoLife Inc | On-X Life Technologies Inc | Measuring, Medical, Photo Equipment; Clocks | 130.0 |
02/01/16 | AvalonBay Communities Inc | DSF Grp-Halstead 800 Madison | Real Estate; Mortgage Bankers and Brokers | 129.7 |
03/17/16 | CalAmp Corp | LoJack Corp | Communications Equipment | 129.3 |
02/23/16 | Haymaker Minerals & Royalties | Chesapeake Energy-minerals | Oil and Gas; Petroleum Refining | 128.0 |
02/01/16 | Westmoreland Coal Co | BHP Billiton Ltd-San Juan Mine | Mining | 127.0 |
02/05/16 | Pozen Inc | Tribute Pharm Canada Inc | Drugs | 125.2 |
02/01/16 | Onexim Sports & Entertainment | Brooklyn Nets Basketball Team | Amusement and Recreation Services | 125.1 |
01/11/16 | Juno Therapeutics Inc | AbVitro Inc | Drugs | 124.9 |
03/01/16 | Honeywell International Inc | RSI Video Technologies | Business Services | 123.0 |
02/01/16 | Pacific Premier Bancorp Inc | Security California Bancorp | Commercial Banks, Bank Holding Companies | 118.9 |
01/12/16 | PTC Inc | Kepware Inc | Prepackaged Software | 118.0 |
03/04/16 | DSW Inc | eBuys Inc | Business Services | 117.5 |
02/01/16 | Balchem Corp | Albion Laboratories Inc | Drugs | 111.5 |
01/06/16 | Preferred Apartment Communitie | The Village,Orlando,Florida | Real Estate; Mortgage Bankers and Brokers | 110.7 |
02/15/16 | Investor Group | Lion Walk Shopping Centre | Real Estate; Mortgage Bankers and Brokers | 110.4 |
03/17/16 | First Midwest Bancorp Inc | NI Bancshares Corp,IL | Savings and Loans, Mutual Savings Banks | 105.5 |
01/20/16 | WestRock Co | Cenveo Inc-Packaging Business | Paper and Allied Products | 105.0 |
02/29/16 | GoPro Inc | Vemory Inc | Prepackaged Software | 105.0 |
02/16/16 | PGT Inc | WinDoor Inc | Metal and Metal Products | 105.0 |
03/29/16 | Thai Hot Investment Co Ltd | Alliance HealthCare Svcs Inc | Health Services | 102.5 |
02/01/16 | Hooker Furniture Corp | Home Meridian Intl Inc | Wood Products, Furniture, and Fixtures | 100.0 |
03/03/16 | Zagg Inc | Mophie Inc | Rubber and Miscellaneous Plastic Products | 100.0 |
03/17/16 | Related Coml Portfolio Ltd | Related Cos LP-60 Columbus | Real Estate; Mortgage Bankers and Brokers | 100.0 |
01/13/16 | Advantech Co Ltd | B+B SmartWorx Inc | Electronic and Electrical Equipment | 99.9 |
02/25/16 | Scripps Networks Interactive | The Travel Channel LLC | Radio and Television Broadcasting Stations | 99.0 |
03/21/16 | Celladon Corp | Eiger BioPharmaceuticals Inc | Drugs | 92.7 |
02/08/16 | Gateway Realty Holdings Ltd | Multi-family Properties,CT | Real Estate; Mortgage Bankers and Brokers | 92.5 |
01/25/16 | Rambus Inc | Smart Card Software Ltd | Prepackaged Software | 92.3 |
03/28/16 | Finmarc Management Inc | First Potomac Rlty Tr-Cert | Real Estate; Mortgage Bankers and Brokers | 90.5 |
01/07/16 | Allergan PLC | Anterios Inc | Drugs | 90.0 |
01/21/16 | Westbrook Partners LLC | Synergy Invests LLC & Green | Real Estate; Mortgage Bankers and Brokers | 90.0 |
02/29/16 | Harmonic Inc | Thomson Video Networks SASU | Telecommunications | 90.0 |
03/01/16 | German American Bancorp,IN | River Valley Bancorp | Commercial Banks, Bank Holding Companies | 87.2 |
01/08/16 | Taylor Morrison Home Corp | Acadia Homes & Neighborhoods | Construction Firms | 85.0 |
01/11/16 | Sotheby's | Art Agcy Partners Hldg LP | Business Services | 85.0 |
02/18/16 | Aegion Corp | Underground Solutions Inc | Construction Firms | 85.0 |
02/08/16 | Heartland Financial USA Inc | CIC Bancshares Inc | Commercial Banks, Bank Holding Companies | 83.5 |
02/19/16 | RBB Bancorp | TFC Holding Co | Commercial Banks, Bank Holding Companies | 83.3 |
01/28/16 | Joes Jeans Inc | Robert Graham Holdings LLC | Retail Trade-General Merchandise and Apparel | 82.5 |
01/06/16 | The Wolff Co LLC | One Observatory Park | Real Estate; Mortgage Bankers and Brokers | 82.5 |
02/01/16 | A&B Properties Inc | Manoa Marketplace | Real Estate; Mortgage Bankers and Brokers | 82.4 |
03/03/16 | Ampco-Pittsburgh Corp | Akers AB | Metal and Metal Products | 80.0 |
02/09/16 | Almirall SA | Thermigen LLC | Measuring, Medical, Photo Equipment; Clocks | 80.0 |
03/14/16 | Seacoast Bkg Corp of Florida | Floridian Financial Group Inc | Commercial Banks, Bank Holding Companies | 78.6 |
01/15/16 | Liberty Bank,Middletown,CT | Naugatuck Valley Finl Corp | Savings and Loans, Mutual Savings Banks | 77.8 |
01/04/16 | Kennedy Wilson Inc | Moraleja Green Commercial Ctr | Real Estate; Mortgage Bankers and Brokers | 77.2 |
03/01/16 | Orora Ltd | Integracolor LLC | Printing, Publishing, and Allied Services | 77.0 |
02/05/16 | Investor Group | Menin Dvlp Inc-Shoppes | Real Estate; Mortgage Bankers and Brokers | 77.0 |
01/04/16 | Prosperity Bancshares Inc | Tradition Bancshares Inc | Commercial Banks, Bank Holding Companies | 76.9 |
03/04/16 | Vestar Development Co | Bowles Crossing,,Littleton | Real Estate; Mortgage Bankers and Brokers | 76.0 |
02/07/16 | Woodford Creek Farms LLP | Christensen-Hog Farm | Agriculture, Forestry, and Fishing | 75.8 |
03/14/16 | Shareholders | QIG Group LLC | Business Services | 75.7 |
03/15/16 | II-VI Inc | ANADIGICS Inc | Electronic and Electrical Equipment | 75.5 |
03/14/16 | CTS Corp | CTG Advanced Materials LLC | Miscellaneous Retail Trade | 73.0 |
02/03/16 | PolyOne Corp | Kraton Performance-Business | Rubber and Miscellaneous Plastic Products | 72.0 |
02/07/16 | Seaboard Foods LLC | Christensen & Feedlots-Cert A | Agriculture, Forestry, and Fishing | 71.9 |
01/01/16 | Park Sterling Corp | First Capital Bancorp | Commercial Banks, Bank Holding Companies | 71.8 |
01/04/16 | First Merchants Corp | Ameriana Bancorp | Commercial Banks, Bank Holding Companies | 69.6 |
02/04/16 | Xylem Inc | Tideland Signal Corp | Measuring, Medical, Photo Equipment; Clocks | 69.0 |
03/07/16 | RealPage Inc | NWP Svcs Corp | Business Services | 68.0 |
03/02/16 | CenterState Banks,Davenport,FL | Cmnty Bk of S Florida Inc | Commercial Banks, Bank Holding Companies | 66.9 |
03/24/16 | Meridian Bioscience Inc | Magellan Biosciences Inc | Measuring, Medical, Photo Equipment; Clocks | 66.0 |
01/05/16 | CoreLogic Inc | RELS LLC | Business Services | 65.0 |
01/29/16 | Diamond Resorts International | Intrawest Resort Club Group Co | Hotels and Casinos | 63.9 |
01/04/16 | Amedisys Inc | Infinity HomeCare LLC | Health Services | 63.0 |
02/01/16 | Homestreet Inc | Orange County Business Bank | Commercial Banks, Bank Holding Companies | 62.7 |
02/08/16 | Classic Hotels & Resorts | FireSky Resort & Spa | Hotels and Casinos | 62.5 |
01/11/16 | ExamWorks Group Inc | ABI Document Support Svcs Inc | Business Services | 62.0 |
01/04/16 | Navigant Consulting Inc | McKinnis Consulting Services | Investment & Commodity Firms,Dealers,Exchanges | 62.0 |
01/07/16 | Eagle Creek Renewable Energy | Verso Androscoggin Power LLC | Electric, Gas, and Water Distribution | 62.0 |
03/30/16 | Actuant Corp | FourQuest MENAC | Oil and Gas; Petroleum Refining | 60.0 |
02/29/16 | Fortuna Realty Group LLC | Wyndham Garden Manhattan | Hotels and Casinos | 60.0 |
02/04/16 | Boardwalk Properties FL | Bar Invest Grp-multifamily | Real Estate; Mortgage Bankers and Brokers | 59.0 |
03/11/16 | Ameris Bancorp | Jacksonville Bancorp Inc | Commercial Banks, Bank Holding Companies | 58.9 |
03/15/16 | Prophet Equity LLC | Total Plastics(AM Castle & Co) | Wholesale Trade-Nondurable Goods | 55.0 |
01/08/16 | Northfield Bancorp Inc | Hopewell Valley Community Bank | Commercial Banks, Bank Holding Companies | 52.8 |
01/06/16 | First Cash Finl Services Inc | Maxi Prenda SA de CV-Pawn(166) | Miscellaneous Retail Trade | 52.0 |
02/18/16 | Cipla (EU) Ltd | Exelan Pharmaceuticals Inc | Wholesale Trade-Nondurable Goods | 50.0 |
02/25/16 | MindTree Ltd | Magnet 360 LLC | Business Services | 50.0 |
01/29/16 | Southern BancShares(NC)Inc | Heritage Bankshares Inc,VA | Commercial Banks, Bank Holding Companies | 48.3 |
02/16/16 | Sooner Pipe LLC | MRC Global Inc-US OCTG Bus | Wholesale Trade-Durable Goods | 48.0 |
01/25/16 | Retail Ppty of Americas Inc | Merrifield Town Center II | Real Estate; Mortgage Bankers and Brokers | 45.7 |
03/02/16 | Digital Barriers PLC | Brimtek Inc | Electronic and Electrical Equipment | 45.0 |
01/04/16 | Amcor Ltd | Deluxe Packages | Paper and Allied Products | 45.0 |
01/08/16 | RNTS Media NV | Heyzap Inc | Prepackaged Software | 45.0 |
02/08/16 | Infoblox Inc | IID | Business Services | 45.0 |
03/31/16 | Ascent Aerospace LLC | Gemcor II LLC | Metal and Metal Products | 44.0 |
02/01/16 | II-VI Inc | EpiWorks Inc | Electronic and Electrical Equipment | 43.0 |
03/17/16 | magicJack VocalTec Ltd | North American Telecommunicati | Prepackaged Software | 42.0 |
02/29/16 | Citizens Bus Bnk,Ontario,CA | County Commerce Bank,Ventura | Commercial Banks, Bank Holding Companies | 41.3 |
01/07/16 | Lakeland Bancorp Inc | Pascack Bancorp Inc | Commercial Banks, Bank Holding Companies | 40.8 |
02/24/16 | Blommer Chocolate Co | Chocolate Manufacturing Plant | Food and Kindred Products | 40.0 |
02/02/16 | Tower Semiconductor Ltd | Maxim Integrated Prod-fabricat | Electronic and Electrical Equipment | 40.0 |
01/13/16 | ADVA Optical Networking SE | Overture Networks Inc | Prepackaged Software | 40.0 |
02/01/16 | Larkin Community Hospital | Palm Springs General Hospital | Health Services | 40.0 |
02/12/16 | Huvepharma Inc | Zoetis Inc-certain assets | Drugs | 40.0 |
01/04/16 | Cedar Realty Trust Inc | E River Pk Shopping | Real Estate; Mortgage Bankers and Brokers | 39.0 |
01/15/16 | Ainsworth Game Technology Ltd | Nova Technologies LLC | Miscellaneous Manufacturing | 38.0 |
01/05/16 | Almost Family Inc | Long Term Solutions Inc | Health Services | 37.0 |
01/29/16 | Learning Technologies Group | Rustici Software LLC | Prepackaged Software | 37.0 |
01/07/16 | Peak Resorts Inc | Hunter Mountain Ski Bowl Inc | Hotels and Casinos | 36.8 |
01/01/16 | Digirad Corp | Project Rendezvous Hldg Corp | Health Services | 36.0 |
01/25/16 | Sterno Products LLC | Northern International Inc | Electronic and Electrical Equipment | 35.4 |
01/08/16 | NexTier Inc | Eureka Financial Corp | Savings and Loans, Mutual Savings Banks | 35.3 |
02/03/16 | Clean Harbors Inc | Vertex Energy Inc-Re-Refinery | Sanitary Services | 35.0 |
01/29/16 | Control4 Corp | Pakedge Device & Software Inc | Communications Equipment | 32.7 |
01/19/16 | CIENA Corp | TeraXion Inc-High Speed | Metal and Metal Products | 31.9 |
01/19/16 | ExamWorks Group Inc | Advanced Medical Reviews Inc | Health Services | 30.0 |
03/31/16 | Wintrust Financial Corp | Generations Bancorp Inc | Commercial Banks, Bank Holding Companies | 30.0 |
01/08/16 | Investor Group | Interocean Transportation Inc | Transportation and Shipping (except air) | 30.0 |
02/10/16 | Constellation Healthcare Tech | MDRx Enterprises Inc | Health Services | 30.0 |
02/12/16 | Driftwood Hospitality Mgmt LLC | Saratoga Hilton,New York | Hotels and Casinos | 30.0 |
03/03/16 | GBC Oil Co Ltd | Stream Oil & Gas Ltd | Oil and Gas; Petroleum Refining | 29.3 |
02/02/16 | Synoptek Inc | EarthLink-IT Services Business | Business Services | 29.0 |
03/02/16 | Natl Storage Affiliates Trust | NAI Norwood Grp Inc-Granite | Transportation and Shipping (except air) | 28.8 |
03/01/16 | Amedisys Inc | Associated Home Care | Health Services | 28.0 |
03/01/16 | Fidelity Southern Corp | Amer Enterprise Bankshares Inc | Commercial Banks, Bank Holding Companies | 27.0 |
01/04/16 | Urban Edge Properties | Pan Bay Ctr,Rego Pk,New York | Real Estate; Mortgage Bankers and Brokers | 27.0 |
01/25/16 | Retail Ppty of Americas Inc | Shoppes at Hagerstown | Real Estate; Mortgage Bankers and Brokers | 27.0 |
03/01/16 | Superior Uniform Group Inc | Bamko Inc | Business Services | 26.8 |
01/15/16 | Premier Finl Bancorp,WV | First National Bankshares Corp | Commercial Banks, Bank Holding Companies | 26.5 |
03/30/16 | Kohan Retail Investment Group | Pennsylvania REIT-Lycoming | Real Estate; Mortgage Bankers and Brokers | 26.4 |
02/09/16 | CieNA Healthcare Mgmt Inc | Laurel Health Care Co | Health Services | 25.8 |
01/11/16 | IFC | City Mart Holdings Co Ltd | Real Estate; Mortgage Bankers and Brokers | 25.0 |
02/15/16 | Genesis Energy LP | Deepwater Gateway LLC | Oil and Gas; Petroleum Refining | 25.0 |
02/29/16 | Lippert Components Inc | Flair Interiors Inc - Cert | Wood Products, Furniture, and Fixtures | 25.0 |
02/29/16 | Patrick Industries Inc | Parkland Plastics Inc | Rubber and Miscellaneous Plastic Products | 25.0 |
01/12/16 | KBR Inc | Weatherly Inc | Construction Firms | 24.5 |
02/18/16 | KeepItSafe Inc | InterCloud Sys Inc-Online | Business Services | 24.0 |
03/24/16 | Entertainment One Ltd | Renegade 83 Inc | Radio and Television Broadcasting Stations | 23.0 |
02/12/16 | Argosy Private Equity | Nationwide Industries Inc | Metal and Metal Products | 22.5 |
01/12/16 | Allied Motion Technologies Inc | Heidrive GmbH | Transportation Equipment | 21.9 |
01/14/16 | InvenTrust Properties Corp | Sonterra Village Shopping | Real Estate; Mortgage Bankers and Brokers | 21.5 |
02/25/16 | Investor Group | APR Energy PLC | Electric, Gas, and Water Distribution | 20.5 |
01/07/16 | Militello Capital | Viera at Whitemarsh Apartments | Real Estate; Mortgage Bankers and Brokers | 20.4 |
02/08/16 | Flamel Technologies SA | FSC Holdings LLC | Investment & Commodity Firms,Dealers,Exchanges | 20.3 |
01/26/16 | Marathon Asset Management LP | Parque Comercial Bahia Azul | Real Estate; Mortgage Bankers and Brokers | 20.1 |
03/24/16 | Revere Bank,Laurel,Maryland | Blueridge Bank,Frederick,MD | Commercial Banks, Bank Holding Companies | 20.0 |
01/04/16 | Gulf Island Shipyards LLC | LEEVAC Shipyards LLC | Transportation Equipment | 20.0 |
02/10/16 | AiNet | One Market Center,Baltimore,MD | Business Services | 20.0 |
03/10/16 | Revizer Technologies Ltd | sterkly LLC | Prepackaged Software | 20.0 |
01/04/16 | Vishay Precision Group Inc | Stress-Tek Inc | Measuring, Medical, Photo Equipment; Clocks | 20.0 |
02/08/16 | Perk.com Inc | Viggle Inc-Viggle Business | Prepackaged Software | 19.7 |
03/16/16 | Renewable Energy Group Inc | Sanimax Energy LLC-Biodiesel | Electric, Gas, and Water Distribution | 19.5 |
03/16/16 | Bain Capital LLC | Asia Pacific Medical Group | Health Services | 19.3 |
01/06/16 | Hempel Cos | Ryan Cos US Inc-Ret Portfolio | Real Estate; Mortgage Bankers and Brokers | 19.2 |
01/31/16 | Analogic Corp | Oncura Partners Diagnostics | Health Services | 19.0 |
02/01/16 | Sevcon Inc | BASSI Srl | Electronic and Electrical Equipment | 19.0 |
02/04/16 | Merit Medical Systems Inc | CryoLife Inc-HeRO Graft | Measuring, Medical, Photo Equipment; Clocks | 18.5 |
01/31/16 | TSC Auto ID Technology Co Ltd | Printronix Inc | Computer and Office Equipment | 18.0 |
02/08/16 | Addus HealthCare Inc | S Shore Home Health Svcs Inc | Health Services | 18.0 |
02/08/16 | GTT Communications Inc | Telnes Broadband | Business Services | 18.0 |
03/09/16 | Barnes & Noble Education Inc | LoudCloud Systems Inc | Business Services | 17.9 |
01/22/16 | StatPro Group PLC | Investor Analytics LLC | Investment & Commodity Firms,Dealers,Exchanges | 16.0 |
03/08/16 | Park Lawn Corp | Midwest Memorial Group LLC | Real Estate; Mortgage Bankers and Brokers | 16.0 |
02/02/16 | Carter Validus Mission | Alpharetta Data Ctr III Ppty | Real Estate; Mortgage Bankers and Brokers | 15.8 |
01/01/16 | Amer Riviera Bk,Santa Barbara | Bank of Santa Barbara,CA | Commercial Banks, Bank Holding Companies | 15.4 |
03/07/16 | Spark Therapeutics Inc | Genable Technologies Ltd | Drugs | 15.2 |
01/05/16 | Liquor Stores NA Ltd | Birchfield Ventures LLC | Miscellaneous Retail Trade | 15.0 |
03/28/16 | General Atomics International | Miltec Corp | Aerospace and Aircraft | 14.6 |
01/06/16 | Financial Institutions Inc | Courier Capital Corp | Investment & Commodity Firms,Dealers,Exchanges | 14.0 |
01/13/16 | Carbonite Inc | EVault Inc | Business Services | 14.0 |
01/11/16 | SurModics Inc | NorMedix Inc | Health Services | 14.0 |
03/02/16 | Boditech Med Inc | Immunostics Inc | Drugs | 13.6 |
03/02/16 | Cantel Medical Corp | N Amer Science Assoc-Division | Measuring, Medical, Photo Equipment; Clocks | 13.5 |
01/29/16 | PBB Bancorp | First Mountain Bank,CA | Commercial Banks, Bank Holding Companies | 13.4 |
01/21/16 | Gramercy Property Trust Inc | Parthenon Metal-Warehouse | Metal and Metal Products | 12.0 |
03/22/16 | Propel Business Solutions Inc | Conversion Innovations Inc | Prepackaged Software | 11.8 |
01/04/16 | WisdomTree Investments Inc | GreenHaven Commodity Services | Investment & Commodity Firms,Dealers,Exchanges | 11.8 |
03/04/16 | SP Jagged Peak LLC | Jagged Peak Inc | Prepackaged Software | 11.5 |
01/11/16 | Kimco Realty Corp | Owings Mills Mall | Real Estate; Mortgage Bankers and Brokers | 11.5 |
01/13/16 | New Media Investment Group Inc | Times Publishing Co-Erie | Printing, Publishing, and Allied Services | 11.5 |
02/01/16 | CLARCOR Inc | TDC Filter Mnfg Inc-Asts | Machinery | 11.0 |
03/03/16 | Patrick Industries Inc | The Progressive Group Inc | Wholesale Trade-Durable Goods | 11.0 |
01/13/16 | Ultralife Corp | Accutronics Ltd | Electronic and Electrical Equipment | 10.9 |
02/02/16 | Carter Validus Mission | Waco Data Center | Business Services | 10.7 |
01/27/16 | Lippert Components Inc | Highwater Marine-Furniture | Transportation Equipment | 10.0 |
01/13/16 | MiMedX Group Inc | Stability Inc | Measuring, Medical, Photo Equipment; Clocks | 10.0 |
Source: Thomson Reuters |