Although M&A pros polled in November experienced less growth in early-stage deal flow than in October, they reported an increased rate of deal completions, 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 Composite score dipped to 56.8 in November, from 59.9 in October, as the scores for Leads and Signed Letters declined.

However, the Completed Deals score rose in November to 64.0, from 57.7 in October. The scores likely reflect a natural shift in focus from deal sourcing to deal closing that occurs typically at the end of the year.

December is expected to be more fruitful. In 2013, October and December each delivered 260 deals, making them among the year’s most successful months when it comes to inking middle-market M&A.

The MACI is a diffusion index. Readings above 50 indicate an expansion in M&A activity, and readings below 50 indicate a contraction.

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