Completed middle-market transactions dipped in November, hampered by the Thanksgiving holiday and suffering by contrast with a robust October. Nevertheless, 2014 is on track to surpass recent years in deal volume and value. (See related charts.)

When it comes to deal volume, November yielded just 164 closed transactions, down from 249 in October. But with 2,203 deals completed in the first 11 months of the year, 2014 is on track to beat 2012 and 2013 in the number of closed deals.

In deal value, November generated only $21.7 billion, less than the $29.4 billion in October. But with $293 billion worth of deals produced in the first 11 months, 2014 is poised to deliver the best year in since 2007 when it comes to dollars changing hands.

The contrast between November and October is traditionally high. October got a boost from a plethora of networking conferences, such as ACG Philadelphia’s M&A East, ACG Global’s EuroGrowth and ACG Chicago’s Capital Connection; whereas dealmaking slowed down in November, due, at least in part, to Thanksgiving.

As the year drew to a close, dealmakers shifted their focus from sourcing deals to closing them. This shift was evident in our Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. Dealmakers polled in November reported less growth in early-stage deal flow than in the previous month but an increased rate of deal completions. 

The biggest middle-market transaction to close in November was the purchase by Platform Specialty Products Corp. (NYSE: PAH) of Chemtura AgroSolutions for nearly $1 billion. The deal marked the second of three recent acquisitions by the specialty chemicals maker in the crop protection space. In October, Platform completed its acquisition of Agriphar for $383 million and announced its intention to buy agricultural chemicals maker Arysta LifeScience Ltd. from PE firm Permira Holdings Ltd. for $3.51 billion.

Below is a list of selected middle-market M&A deals completed in November 2014.

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 November 2014

Date Acquirer Target Target Industry Value ($mil)
11/03/14 Platform Specialty Products Chemtura AgroSolutions Chemicals and Allied Products 989.3
11/18/14 NorthWestern Corp PPL Montana-Hydroelectric Electric, Gas, and Water Distribution 900.0
11/14/14 News Corp Move Inc Real Estate; Mortgage Bankers and Brokers 899.2
11/05/14 Ajinomoto North America Inc Windsor Quality Foods Co Ltd Food and Kindred Products 800.0
11/17/14 Actavis PLC Durata Therapeutics Inc Drugs 799.8
11/04/14 Surgery Center Holdings Inc Symbion Inc Health Services 792.0
11/05/14 Investor Group St Regis Hotel-Ret Condominium Construction Firms 700.0
11/18/14 Intel Corp LSI Corp-Axxia Networking Bus Electronic and Electrical Equipment 650.0
11/13/14 Lone Star Funds Hyatt Hotels Corp-Hotels(38) Hotels and Casinos 590.0
11/13/14 Shareholders Enova International Inc Credit Institutions 569.9
11/07/14 Capmark Financial Group Inc Bluestem Brands Inc Miscellaneous Retail Trade 565.0
11/07/14 Calpine Corp Exelon Corp-Fore River Electric, Gas, and Water Distribution 530.0
11/13/14 Expedia Inc Wotif.com Holdings Ltd Business Services 486.1
11/20/14 Solera Holdings Inc CAP Automotive Ltd Business Services 463.9
11/19/14 Health Care REIT Inc HealthLease Properties REIT Investment & Commodity Firms,Dealers,Exchanges 438.1
11/05/14 Raytheon Co Blackbird Technologies Inc Measuring, Medical, Photo Equipment; Clocks 420.0
11/25/14 Aetna Inc bswift LLC Prepackaged Software 400.0
11/05/14 Investor Group Einstein Noah Rest Group Inc Retail Trade-Eating and Drinking Places 376.0
11/17/14 Rocky Mtain Resource Hldg LLC Online Yearbook Printing, Publishing, and Allied Services 357.7
11/05/14 Atlas Resource Partners LP Eagle Ford Shale Oil & Gas Oil and Gas; Petroleum Refining 339.0
11/03/14 Symphony Technology Group LLC McGraw-Hill Construction Business Services 320.0
11/03/14 Valley National Bancorp,NJ 1st United Bancorp,Boca Raton Commercial Banks, Bank Holding Companies 305.5
11/05/14 ICF International Inc Olson Inc Business Services 295.0
11/05/14 Norma Group SE National Diversified Sales Inc Metal and Metal Products 285.0
11/24/14 Investor Group 1111 Third Ave,Second & Spring Real Estate; Mortgage Bankers and Brokers 280.0
11/12/14 American Energy - NonOp LLC Double Eagle Energy-Oil & Gas Oil and Gas; Petroleum Refining 251.0
11/03/14 Enlink Midstream Operating LP Gulf Coast Gas Pipeline Assets Oil and Gas; Petroleum Refining 235.0
11/05/14 Candlebrook Properties LLC Trinitas Ventures-Student Hotels and Casinos 230.0
11/14/14 The Toro Co Nrthn Star Inds Inc-BOSS Machinery 227.3
11/14/14 Eagle Materials Inc CRS Proppants LLC Mining 225.0
11/25/14 Treasury Group Ltd Northern Lights Capital Group Investment & Commodity Firms,Dealers,Exchanges 221.5
11/17/14 Multi-Employer Property Trust Clarion Partners-Office Bldg Real Estate; Mortgage Bankers and Brokers 216.0
11/19/14 Avis Budget Group Inc Budget Rent a Car of Southern Repair Services 210.0
11/07/14 Hyatt Hotels Corp Hyatt Regency Lost Pines Hotels and Casinos 208.0
11/21/14 MegaChips Corp SiTime Corp Electronic and Electrical Equipment 200.0
11/18/14 Teledyne Technologies Inc Bolt Technology Corp Machinery 191.2
11/03/14 Essex Property Trust Inc Palm Valley Apartments,San Jos Real Estate; Mortgage Bankers and Brokers 180.0
11/07/14 Platinum Equity LLC Bemis Co Inc-MACtac Paper and Allied Products 170.0
11/18/14 Archer Daniels Midland Co Specialty Commodities Inc Food and Kindred Products 170.0
11/20/14 Investor Group Pan West Engineers Business Services 168.0
11/03/14 Melrose Industries PLC Eclipse Inc Metal and Metal Products 158.0
11/14/14 Genesis Energy LP Mid Ocean Tanker Co LLC-MT Transportation Equipment 157.0
11/14/14 Pinnacle Foods Inc Garden Protein International Food and Kindred Products 153.9
11/03/14 Hines Global REIT Inc GPT Grp-818 Bourke St Office Real Estate; Mortgage Bankers and Brokers 152.5
11/06/14 KFH Capital Investment Co Hotel Portfolio(2),Manhattan Hotels and Casinos 141.5
11/09/14 EZchip Semiconductor Ltd Tilera Corp Electronic and Electrical Equipment 130.0
11/01/14 Post Holdings Inc American Blanching Co Food and Kindred Products 128.0
11/24/14 CorEnergy Infrastructure Trust MoGas Pipeline LLC Electric, Gas, and Water Distribution 125.0
11/17/14 Mid-Con Energy Properties LLC Eastern Shelf,Coke,Texas Oil and Gas; Petroleum Refining 120.0
11/17/14 Paragon Offshore PLC Prospector Offshore Drilling Oil and Gas; Petroleum Refining 112.7
11/03/14 Dolby Laboratories Inc Doremi Labs Inc Electronic and Electrical Equipment 112.5
11/10/14 AGS Property Corp DRA Advisors-Broward Financial Real Estate; Mortgage Bankers and Brokers 112.0
11/12/14 Bcre Brack Cap 627 Greenwich Street,NY Real Estate; Mortgage Bankers and Brokers 105.0
11/03/14 WP Carey Inc Apply AS-Headquarters Real Estate; Mortgage Bankers and Brokers 100.0
11/13/14 Techne Corp CyVek Inc Business Services 95.0
11/13/14 Loja Real Estate LLC Dominick's Finer Foods-Grocery Retail Trade-Food Stores 95.0
11/30/14 SS&C Technologies Holdings Inc DST Global Solutions Ltd Business Services 95.0
11/11/14 Devonshire REIT Inc Shopping Centers(3) Oil and Gas; Petroleum Refining 88.4
11/01/14 Central Glass Co Ltd Guardian Automotive Products Transportation Equipment 87.0
11/14/14 SilverRange Financial Partners North Atlantic Refining Ltd Oil and Gas; Petroleum Refining 85.6
11/18/14 Rooster Energy Ltd Morrison Well Services LLC Oil and Gas; Petroleum Refining 85.0
11/03/14 ZAIS Financial Corp GMFS LLC Real Estate; Mortgage Bankers and Brokers 83.0
11/20/14 Laboratory Corp of America LipoScience Inc Measuring, Medical, Photo Equipment; Clocks 81.7
11/20/14 Pebblebrook Hotel Trust Hotel Palomar LA-Westbrook Hotels and Casinos 78.7
11/19/14 Pluralsight LLC Smarterer Inc Prepackaged Software 75.0
11/10/14 Macerich Co Fashion Outlets of Chicago LLC Real Estate; Mortgage Bankers and Brokers 70.0
11/03/14 Cardtronics Inc Aegis Security Services Ltd Business Services 68.3
11/01/14 Old National Bancorp LSB Financial Corp Savings and Loans, Mutual Savings Banks 65.9
11/03/14 CST Brands Inc Nice N Easy Grocery Shoppes Retail Trade-Food Stores 65.0
11/01/14 Lozier Corp Leggett & Platt Inc-store fixt Wood Products, Furniture, and Fixtures 62.0
11/03/14 Exelon Corp Integrys Energy Services Inc Electric, Gas, and Water Distribution 60.0
11/12/14 Pebblebrook Hotel Trust The Win Colonnade Coral Gables Hotels and Casinos 59.4
11/12/14 Shareholders Ashfortd-Asset Management Bus Investment & Commodity Firms,Dealers,Exchanges 57.8
11/19/14 Carey Watermark Investors Inc Kansas City Marriott Country Hotels and Casinos 56.7
11/05/14 TerraForm Power Inc Hudson Energy Solar Corp Electric, Gas, and Water Distribution 56.0
11/10/14 INVISA Inc Uniroyal Engineered Products Textile and Apparel Products 55.0
11/13/14 Century Communities Inc Peachtree Communities Inc Real Estate; Mortgage Bankers and Brokers 55.0
11/24/14 Speed Commerce Inc Fifth Gear LLC Business Services 55.0
11/01/14 Columbia Banking System Inc Intermountain Cmnty Bancorp Savings and Loans, Mutual Savings Banks 52.1
11/20/14 Steadfast Apartment REIT Inc Century Crest at Barrett Real Estate; Mortgage Bankers and Brokers 49.0
11/17/14 California State Teachers Sys Frost Bk Tower,One Amer Ctr, Real Estate; Mortgage Bankers and Brokers 48.7
11/03/14 Raven Industries Inc Integra Plastics Inc Chemicals and Allied Products 48.0
11/03/14 American Hotel Inc Properties Oklahoma Portfolio,OK(4) Hotels and Casinos 48.0
11/07/14 First Merchants Corp Community Bancshares,Indiana Commercial Banks, Bank Holding Companies 47.3
11/06/14 Aegean Capital LLC Massachusetts Mutual-Buildings Real Estate; Mortgage Bankers and Brokers 47.1
11/11/14 Investor Group Multifamily Properties(2) Real Estate; Mortgage Bankers and Brokers 46.0
11/03/14 Cornerstone OnDemand Inc Evolv Inc Prepackaged Software 44.5
11/28/14 Anglo American PLC Copper Creek Project,Arizona Mining 44.0
11/18/14 TransAtlantic Petroleum Ltd Stream Oil & Gas Ltd Oil and Gas; Petroleum Refining 41.5
11/18/14 Rooster Energy Ltd Cochon Properties LLC Oil and Gas; Petroleum Refining 40.0
11/18/14 Investor Group Walgreen Co-Ppty Portfolio(5) Real Estate; Mortgage Bankers and Brokers 39.0
11/03/14 Great Lakes Dredge & Dock Corp Magnus Pacific Corp Construction Firms 39.0
11/04/14 CECO Environmental Corp Emtrol LLC Machinery 38.0
11/13/14 Medicus Homecare Inc Beatmungspflege 24 GmbH Health Services 36.7
11/24/14 Synalloy Corp Specialty Pipe & Tube Inc Wholesale Trade-Durable Goods 36.5
11/07/14 Indigo Creek Apartments SPV Indigo Creek Real Estate; Mortgage Bankers and Brokers 35.0
11/20/14 Homeland Uranium Inc Pinon Ridge Mining LLC Mining 33.0
11/04/14 Sunshine Kaidi New Energy Grp Rentech Inc - Alt Tech PDU Chemicals and Allied Products 31.5
11/20/14 The Descartes Sys Group Inc AirClic Inc Prepackaged Software 29.7
11/06/14 Whitestone REIT Fulton Ranch Towne Center,Chan Real Estate; Mortgage Bankers and Brokers 29.3
11/18/14 JI Kislak Inc Alicante Villa Apartments LLC Real Estate; Mortgage Bankers and Brokers 29.3
11/03/14 First Bus Finl Svcs Inc Aslin Group Inc Commercial Banks, Bank Holding Companies 27.9
11/24/14 Altisource Portfolio Solutions Owners Advantage LLC Business Services 27.0
11/27/14 Randall & Quilter Invest Hldgs Accredited Holding Corp Insurance 25.0
11/03/14 PDI Inc RedPath Integrated Pathology Health Services 24.8
11/04/14 Cantel Medical Corp IMS Srl Drugs 24.6
11/25/14 OM Group Inc Ener-Tek International Inc Electronic and Electrical Equipment 24.0
11/10/14 Document Technologies Inc Hudson Legal eDiscovery Business Services 23.0
11/01/14 Heritage Commerce Corp BVF/CSNK Acquisition Corp Investment & Commodity Firms,Dealers,Exchanges 22.5
11/03/14 Strategic Storage Trust II Inc Raleigh/Myrtle Beach Portfolio Transportation and Shipping (except air) 22.1
11/03/14 TheStreet Inc Management Diagnostics Ltd Business Services 21.0
11/14/14 WP Carey Inc Pratt Inds(USA)Inc-Mnfg Paper and Allied Products 21.0
11/17/14 Valeant Pharmaceuticals Intl Nicox Inc Measuring, Medical, Photo Equipment; Clocks 20.0
11/17/14 Hubbell Power Systems Inc RFL Electronics Inc Electronic and Electrical Equipment 20.0
11/18/14 Phillips Edison-ARC Grocery Southfield Shopping Center Real Estate; Mortgage Bankers and Brokers 18.9
11/04/14 Aon Benfield Securities Inc Safe Brokers SA Investment & Commodity Firms,Dealers,Exchanges 18.8
11/06/14 Whitestone REIT Promenade at Fulton Ranch,Chan Real Estate; Mortgage Bankers and Brokers 18.6
11/03/14 Quaker Chemical Corp Binol AB Oil and Gas; Petroleum Refining 18.5
11/04/14 Carrols Restaurant Group Inc Heartland Food-Restaurants(64) Retail Trade-Eating and Drinking Places 18.0
11/14/14 Sierra Bancorp,Porterville,CA Santa Clara Valley Bank NA,CA Commercial Banks, Bank Holding Companies 15.3
11/17/14 Shutterfly Inc Groovebook Prepackaged Software 14.5
11/12/14 RDX Technologies Corp M2 Renewables Inc Electric, Gas, and Water Distribution 14.0
11/03/14 West Corp GroupCast LLC Prepackaged Software 13.5
11/11/14 Alidade Capital LLC Mirabay Village,Apollo Beach,F Real Estate; Mortgage Bankers and Brokers 13.0
11/04/14 MaxLinear Inc Physpeed Co Ltd Electronic and Electrical Equipment 11.8
11/17/14 Colony American Finance LLC Archetype Credit-Loans Credit Institutions 11.6
11/24/14 Novacap TMT IV LP Dialogic Inc Business Services 11.2
11/05/14 Wheeler REIT Inc Crockett Square Real Estate; Mortgage Bankers and Brokers 9.8
11/10/14 Patrick Industries Inc Charleston Corp Transportation Equipment 9.6
11/14/14 Eastern Virginia Bankshares Virginia Co Bank,Newport News Commercial Banks, Bank Holding Companies 9.6
11/05/14 Lightstone Value Plus Real Hampton Inn & Suites,Florida Hotels and Casinos 9.4
11/19/14 Toledo Riverfront Hotel LLC Grand Plaza Hotel,Toledo,Ohio Hotels and Casinos 8.5
11/25/14 Ansell Capital Corp BriaCell Therapeutics Corp Drugs 7.8
11/06/14 Xero Ltd Monchilla Inc Prepackaged Software 7.5
11/12/14 K2 Private Investors LP Amer Cadastre LLC-Land Records Business Services 7.2
11/03/14 Central States Trucking Co Multi-Modal Trucking Inc Transportation and Shipping (except air) 6.8
11/08/14 Banc of California NA,Irvine Popular Commun Bk-California Commercial Banks, Bank Holding Companies 5.4
11/19/14 Mavenir Systems Inc Stoke Inc Telecommunications 4.8
11/25/14 Investor Group Action Products Marketing Corp Construction Firms 3.2
11/14/14 Wi2Wi Corp Precision Devices Inc-Cert Electronic and Electrical Equipment 3.1
11/17/14 United Bancshares Inc,Columbus Ohio State Bank,Marion,Ohio Commercial Banks, Bank Holding Companies 3.0
11/25/14 Investor Group PPM Information Solutions Inc Prepackaged Software 2.6
11/03/14 RCI Hospitality Holdings Inc Robust Energy-Certain Assets Food and Kindred Products 2.6
11/20/14 Chuma Holdings Inc Paul Shively & Associates Inc Personal Services 2.0
11/18/14 Profire Energy Inc VIM Injection Management Inc Machinery 1.8
11/14/14 LB Foster Co Balfour Beatty-Railroad Tuning Transportation Equipment 1.6
11/18/14 Allegiance Equity Corp CGX Life Sciences Inc Drugs 0.9
11/04/14 American CareSource Hldgs Inc MedHelp Urgent Care Health Services 0.9
11/06/14 America Greener Tech Inc Soft Wave Innovations-Certain Electric, Gas, and Water Distribution 0.8
11/20/14 PI-2 Texas LLC Heinen & Associates LLC Investment & Commodity Firms,Dealers,Exchanges 0.6
11/04/14 World Assurance Group Inc Halton Universal Brands Inc Business Services 0.4
11/04/14 Viking Investments Group Inc Tanager Energy Inc-Joffre Oil and Gas; Petroleum Refining 0.4
11/04/14 Pennsylvania American Water Co Hamiltonban-Wastewater Sys Public Administration 0.3
11/20/14 Integrated Energy Solutions Orbit Oil Inc Wholesale Trade-Nondurable Goods 0.3
11/18/14 Parts Authority Inc Miller Auto Parts-Stores Wholesale Trade-Durable Goods 0.1

Source: Thomson Reuters

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