After a slow start to 2013, deal flow within the middle market is proving to be just about as lackluster as it was a year earlier. The pause in dealmaking was especially apparent after the bustling fourth quarter, when many a dealmaker raced to close transactions under the more favorable 2012 tax rates.

In the first quarter, roughly 437 deals closed in the middle market, which we define as deals with price tags of $1 billion and less, according to data from Thomson Reuters. That's a 9 percent drop when held up against the 477 middle-market transactions in the first quarter of 2012. Deal value in 2013 in the first quarter, however, scored slightly better and hovered at $52.8 billion, whereas first quarter deals in 2012 had a cumulative value of $51.4 billion.

According to Tom Goldblatt, founder and managing director of Chicago advisory firm Ravinia Capital LLC, there should have been a greater tally of middle-market deals in the first quarter of 2013. Given low interest rates in the lending market, "there should be an incredible amount of deals," he complains.

Lengthening holding periods didn't help either. The median holding period for assets and portfolio investments has risen between 2007 and 2012, to 5.3 years from 3.5 years, Goldblatt points out, citing data from Pitchbook. "There's a counterintuitive effect where business owners are holding on, because they don't see a good place to park their money after the sale," Goldblatt adds. The end result is a lack of targets.

In the middle market, the first quarter managed to churn out a handful of notable deals. They include Avis Budget Group Inc.'s (Nasdaq: CAR) acquisition of Zipcar Inc., a Cambridge, Mass.-based provider of auto-sharing services, for $512.5 million, announced on Jan. 2, followed by Allergan Inc.'s (NYSE: AGN) purchase of MAP Pharmaceuticals Inc. for $944 million on Jan. 22. Also in the first quarter, Stanley Black & Decker Inc. (NYSE: SWK) completed its $850 million acquisition of Infastech Co. Ltd., a manufacturer of mechanical fasteners, from CVC Capital Partners Ltd. and Standard Chartered Private Equity Ltd. on Feb. 27.

Further up the M&A chain, there were some surprisingly encouraging signs of life. A handful of blockbuster deals at the beginning of 2013 had observers stirring over the possibility of megadeals finally making a comeback after several years of low M&A volumes.

The spinoff of AbbieVie by Abbot Laboratories (NYSE: ABT) was the biggest deal to close in the first quarter. It came in at $55.5 billion on Jan. 2. Then on Feb. 14, Berkshire Hathaway Inc. (NYSE: BRK.A)and 3G Capital announced a $23 billion purchase of H.J. Heinz Co. (NYSE: HNZ). Less than a week later, on Feb. 20, Office Depot (NYSE: ODP) and OfficeMax (NYSE: OMX) announced a $1.2 billion merger combining the second- and third-biggest office supply retailers. That agreement was unveiled less than a week after American Airlines (OTCQB: AAMRQ) and U.S. Airways (NYSE: LCC) voted for an $11 billion deal to combine the two carriers - creating the largest airline in the world. Then there was the Comcast Corp. (Nasdaq: CMCSA) purchase of General Electric Co.'s (NYSE: GE) 49 percent stake in NBCUniversal for $16.7 billion on Feb. 12 and Silver Lake Partners' proposal to take Dell Inc. (Nasdaq: DELL) private for $24.4 billion.

Indeed, deals worth $10 billion or more increased by 122 percent in the first quarter, compared with the same period a year earlier, according to Dealogic. Deals in this category totaled $159.5 billion and achieved the highest first-quarter level since 2005. All six of the $10 billion-plus global deals announced in 2013 involve U.S. companies, and five are U.S. targeted transactions.

The U.S. public markets were flat, reports Greenwich, Conn.-based Renaissance Capital. The volume of initial public offerings remained stable in the first quarter of 2013, with 31 deals raising $7.6 billion in proceeds. The firm anticipates a pickup in activity through 2013, given the rise in behind-the-scenes filing activity and ongoing strength in the overall equity markets.

"Am I ready to declare victory? No," Spencer Klein, co-head of Morrison & Foerster's global M&A practice, tells Mergers & Acquisitions. "I'm not sure we can say that the large public M&A deal is back." The big deals that have been announced all "have their own unique characteristics, and that may not suggest something broad across the market."

If the cautious attitude from 2012 continues to spill over into the next three quarters, 2013 may shape up to be yet another year where brave and bold dealmakers are few and far between.


Editor's Note: Thomson Reuters supplied the data for the chart below. It includes all deals that were completed in the first quarter of 2013 with transaction values of $1 billion or less, with U.S. companies as targets and/or acquirers. Excluded from the list are recapitalizations, self-tenders, exchange offers, repurchases, stake purchases and transactions with undisclosed values.

 

  Completed Middle-Market M&A Deals          
Date Acquirer Target Investment Bank for Target Value ($mil)    
03/26/13 Swatch Group SA Harry Winston Inc Rothschild 1,000.0    
03/28/13 Milacron LLC Mold-Masters (2007) Ltd Morgan Stanley, Houlihan Lokey 973.5    
02/08/13 Oracle Corp Eloqua Inc Morgan Stanley 967.0    
01/04/13 Rain CII Carbon LLC RUTGERS Belgium NV Goldman Sachs & Co 952.8    
01/02/13 Targa Resources Partners LP Saddle Butte Pipeline LLC-Williston Basin Barclays 950.0    
03/01/13 Allergan Inc MAP Pharmaceuticals Inc Centerview Partners LLC 944.0    
03/12/13 TPG Capital LP Ingham Enterprises Pty Ltd Investec Bank (Australia) Ltd 904.1    
01/09/13 Health Care REIT Inc Sunrise Senior Living Inc Goldman Sachs & Co, KeyBanc Capital Markets Inc 897.5    
02/27/13 Stanley Black & Decker Inc Infastech Co Ltd Goldman Sachs & Co 850.0    
02/04/13 Verint Systems Inc Comverse Technology Inc Rothschild, Goldman Sachs & Co 805.7    
03/01/13 Stryker Corp Trauson Holdings Co Ltd UBS Investment Bank, Somerley Ltd 764.0    
02/06/13 NCR Corp Retalix Ltd Jefferies & Co Inc 734.6    
02/14/13 Harbinger Group Inc Exco Resources-Conventional   725.0    
03/25/13 Lone Star Funds Wereldhave NV-US Portfolio Eastdil Secured LLC 720.0    
01/31/13 Hormel Foods Corp Unilever US-Skippy Business Lazard 700.0    
03/27/13 Toronto-Dominion Bank Epoch Holding Corp Credit Suisse Group 669.7    
01/24/13 AT&T Inc NextWave Wireless Inc Moelis & Co 649.9    
01/09/13 Expedia Inc trivago GmbH   629.4    
02/06/13 Talos Production LLC Energy Resources Tech GOM Inc Jefferies & Co Inc 620.0    
01/02/13 Prudential Financial Inc The Hartford Finl-Life Ins Bus Goldman Sachs & Co, Greenhill & Co, LLC 615.0    
02/15/13 Stifel Financial Corp KBW Inc Keefe Bruyette & Woods Inc, Bank of America Merrill Lynch 606.3    
02/01/13 Apax Partners Worldwide LLP Cole Haan Holdings Inc Goldman Sachs & Co 570.0    
02/06/13 OneStopPlus Group SPV OneStopPlus Group Peter J. Solomon Co Ltd, Rothschild 525.0    
02/15/13 Investor Group TNS Inc Greenhill & Co, LLC 521.5    
02/19/13 Summit Midstream Partners LLC Bear Tracker Energy LLC Wells Fargo Securities LLC 513.0    
03/14/13 Avis Budget Group Inc Zipcar Inc Morgan Stanley 512.5    
01/25/13 Macerich Co Green Acres Mall,Valley Stream   500.0    
02/22/13 Centaur Inc Indianapolis Downs LLC   500.0    
01/07/13 Golden Gate Capital ARR-MAZ Custom Chemicals Inc Lazard 500.0    
02/25/13 Cisco Systems Inc Intucell Ltd   475.0    
02/08/13 Gilead Sciences Inc YM BioSciences Inc Bank of America Merrill Lynch, Bloom Burton & Co 472.7    
01/31/13 DigitalGlobe Inc GeoEye Inc Goldman Sachs & Co, Stone Key Partners 466.6    
01/02/13 Sun Capital Partners Inc Rexam PLC-CTH Barclays, Rothschild 459.0    
02/21/13 Illumina Inc Verinata Health Inc   450.0    
01/31/13 Shareholders Era Group Inc Deutsche Bank, Goldman Sachs & Co, JP Morgan 425.2    
02/11/13 Brookfield Asset Management Babcock & Brown-Apartments Robert W Baird & Co Inc 414.0    
01/02/13 Massachusetts Mutual Life The Hartford Finl Svcs Grp-Ret Greenhill & Co, LLC, Goldman Sachs & Co 400.0    
03/20/13 Investor Group Mission West Properties-Bldgs   400.0    
03/13/13 Toronto-Dominion Bank Target-Credit Card Portfolio Goldman Sachs & Co 399.0    
01/07/13 Medicines Co Incline Therapeutics Inc Leerink Swann & Co 390.0    
03/13/13 PolyOne Corp Spartech Corp Barclays 389.7    
02/28/13 Salt River Project Sempra US Gas,Power-Plant   371.0    
03/05/13 Investor Group Bristal Asst Living   370.0    
03/01/13 Wright Medical Group Inc BioMimetic Therapeutics Inc Goldman Sachs & Co 369.7    
01/11/13 Halla Climate Control Corp Visteon-Climate Control Bus   367.8    
03/25/13 Undisclosed US Company Banco Popular-Assets Goldman Sachs & Co 347.5    
01/23/13 Investor Group Caribou Coffee Co Inc Moelis & Co 338.4    
02/15/13 Hilcorp Energy I LP Forest Oil Corp-Oil & Gas,TX   325.0    
02/12/13 Shire PLC Lotus Tissue Repair Inc   324.3    
01/14/13 Investor Group Wireless Infrastructure Group   321.4    
01/31/13 Linden LLC Young Innovations Inc Robert W Baird & Co Inc 315.1    
01/23/13 Watson Pharmaceuticals Inc Uteron Pharma SA Jefferies & Co Inc 305.0    
03/12/13 athenahealth Inc Epocrates Inc Piper Jaffray Cos 301.9    
03/04/13 OPKO Health Inc Cytochroma Inc   293.9    
01/11/13 Undisclosed Acquiror Atlanta Marriott Marquis   293.0    
02/14/13 HSRE-EB I LLC ING Real Estate-New York   290.0    
02/11/13 Perrigo Co Rosemont Pharmaceuticals Ltd Rothschild, PricewaterhouseCoopers 281.8    
01/02/13 Thor Equities LLC Helmsley Carlton-Ret Space   277.0    
01/08/13 Crestwood Midstream Partners Crestwood Marcellus Midstream   276.6    
01/21/13 BWAY Corp Ropak Corp Rothschild 265.0    
01/02/13 Starwood Capital Group Global Wells RE Inv-Coml Office Bldg   260.5    
01/16/13 Quad/Graphics Inc Vertis Inc Perella Weinberg Partners LP, Alvarez & Marsal, Houlihan Lokey 258.5    
03/25/13 Ramco Lion Venture LP Ramco Lion Venture LP-Shopping   256.8    
01/29/13 Wanxiang Group Corp A123 Sys Inc-Auto Grid & Coml Lazard, Blackstone Group LP 256.6    
02/07/13 Enstar Group Ltd SeaBright Holdings Inc Sandler O'Neill Partners 251.4    
01/02/13 Talmer Bancorp Inc First Place Bank   250.0    
01/31/13 Global Eagle Acquisition Corp Row 44 Inc Seabury Group 250.0    
02/06/13 Inverness Med Innovations Inc Epocal Inc Morgan Stanley 244.8    
03/11/13 Investor Group First States Inv B LP-Bldg(40)   240.0    
03/01/13 Canadian Energy Svcs & Tech Co JACAM Chemical Co Inc-Bus Asts   238.4    
03/05/13 Allscripts Healthcare dbMotion Ltd Evercore Group 235.0    
03/08/13 NBT Bancorp Inc Alliance Financial Corp,NY Keefe Bruyette & Woods Inc 230.8    
02/04/13 The Gores Group LLC Harris Broadcast Commun Morgan Stanley 225.0    
01/01/13 National Indemnity Co Clal US Holdings Inc Goldman Sachs & Co 221.0    
02/28/13 Group 1 Automotive Inc UAB Motors Participacoes SA Credit Suisse Group 208.1    
01/10/13 Google Inc EDF-Spinning Spur Project   200.0    
01/31/13 EQT Infrastructure II Westway Group Inc Evercore Partners 189.1    
03/04/13 Piedmont Office Realty Trust Arlington Gateway-Office Bldg   175.6    
02/12/13 MphasiS Ltd Digital Risk LLC Portico Capital Securities LLC 175.0    
01/31/13 Heraeus Holding GmbH Fusion UV Systems Inc   172.0    
01/04/13 LaSalle Hotel Properties The Liberty Hotel   170.0    
01/16/13 Kilroy Realty Corp Westlake Terry,Seattle,WA   170.0    
01/02/13 Onex Corp BBAM LLC   165.0    
03/26/13 7171 Southwest Parkway Advanced Micro Devices-Lone   164.0    
02/07/13 DCT Industrial Trust Inc Buildings(15)   163.6    
01/15/13 Brookdale Senior Living Inc Undisclosed Senior Living Comm   162.1    
03/12/13 Corporation Service Co Inc Melbourne IT Ltd-Digital Brand Lazard 157.4    
01/18/13 Liberty Interactive Corp Sirius XM Radio Inc   157.3    
03/14/13 Opera Software ASA Skyfire Labs Inc   155.0    
01/02/13 ProAssurance Corp MEDMARC Insurance Co Sandler O'Neill Partners 153.7    
02/18/13 Mount Kellet Capital Mgt LP Sofitel Paris Le Faubourg   150.9    
01/18/13 AssuraMed Holding Inc Invacare Supply Group Inc Jefferies & Co Inc 150.8    
01/24/13 Mohawk Industries Inc Pergo AG BNP Paribas SA 150.0    
01/01/13 Algonquin Power Co Shady Oaks Wind Power Facility   148.9    
03/05/13 Diodes Cayman Islands Co Ltd BCD Semiconductor Mnfg Ltd RBC Capital Markets 146.1    
02/28/13 Harman International Martin Professional A/S   145.3    
01/03/13 Bayer HealthCare LLC Teva Animal Health Inc   145.0    
01/02/13 QR Energy LP Quantum Resources-Oil,Gas Ppty RBC Capital Markets 145.0    
01/31/13 Global Eagle Acquisition Corp Advanced Inflight Alliance AG RBC Capital Markets 142.2    
03/21/13 HealthLease Properties REIT Senior Care Ppty Potfolio(13)   141.7    
01/31/13 Cisco Systems Inc Cariden Technologies Inc   141.0    
01/02/13 World Fuel Services Corp Multi Service Corp-Assets Raymond James & Associates Inc 137.0    
03/12/13 Summit Hotel Properties Inc Louisiana Hotel Portfolio   135.0    
02/01/13 Honeywell International Inc Saia-Burgess Controls AG   131.1    
03/05/13 EXCO Resources Inc BG Group-US Producing Assets   130.9    
02/15/13 Rockwood Holdings Inc Sachtleben Chemie GmbH   130.3    
01/09/13 Sunrise Senior Living SPV Sunrise Senior Living Mgmt Inc   130.0    
01/01/13 Gap Inc Intermix Inc   130.0    
03/07/13 Parkway Properties Inc Undisclosed Office Buildings   130.0    
03/21/13 SFX Entertainment Inc ID&T BV   130.0    
01/01/13 Synergy Pharmaceuticals Inc Callisto Pharmaceuticals Inc Brean Murray Carret & Co LLC 129.2    
03/11/13 ACI Worldwide Inc Online Resources Corp Raymond James & Associates Inc, SunTrust Robinson Humphrey 126.6    
01/02/13 Brenntag AG Altivia Corp   125.0    
02/20/13 Google Inc Channel Intelligence Inc   125.0    
01/06/13 SL Green Realty Corp 131-137 Spring Street,SoHo,NY   122.0    
01/10/13 Investcorp International Inc Real Estate Portfolio(11)   120.0    
02/01/13 Fidelity Natl Info Svcs Inc mFoundry Inc Credit Suisse Group 120.0    
01/14/13 Wells Core Office Income REIT 64 & 66 Perimeter Center East   118.5    
01/31/13 KBS RE Investment Trust II Inc Brookfield DB Inc-RBC Plaza   118.1    
03/27/13 Joseph Chetrit Miami Beach Resort & Spa   117.0    
01/02/13 Federal Realty Invstmnt Trust East Bay Bridge Shopping Ctr   116.6    
01/11/13 Investor Group Monitor Co Group LP   116.2    
01/02/13 Calumet Specialty Products NuStar Energy LP-Assets   115.0    
02/22/13 Amcor Ltd AGI-Shorewood-Gravure Assets UBS Investment Bank 114.8    
02/05/13 Optima Specialty Steel Inc KES Acquisition Co LLC Houlihan Lokey, Roth Capital Partners Inc 112.5    
01/29/13 Pebblebrook Hotel Trust Embassy Suites San Diego Bay   112.5    
01/07/13 E D & F Man Holdings Ltd Westway Feed Products LLC Evercore Partners 112.0    
02/08/13 Sun Communities Operating LP Undisclosed Recreational(10)   111.5    
01/07/13 Westcore Properties LLC The Clorox Co-Office Building   110.0    
03/15/13 Genesys Telecom Labs Inc Angel.com Inc Evercore Partners 110.0    
03/04/13 Curtiss-Wright Corp Phoenix Armaturen-Werke DC Advisory 109.7    
03/18/13 BGI Complete Genomics Inc Jefferies & Co Inc 108.0    
03/01/13 Niacet Corp Kemira ChemSolutions BV Lincoln International 108.0    
01/02/13 Rush Enterprises Inc MVI Group-Certain Assets   107.0    
01/07/13 Glimcher Realty Trust University Park Village   105.0    
01/10/13 Digital River Inc LML Payment Systems Inc William Blair & Co, MNP LLP 102.1    
03/21/13 Swiftpage Sage Group PLC-Non-core Bus   101.2    
01/02/13 Pernix Therapeutics Holdings Cypress Pharmaceutical Inc Jefferies & Co Inc 101.0    
01/17/13 Kennedy-Wilson Holdings Inc Undisclosed UK RE Assets(29)   100.8    
01/18/13 Questcor Pharmaceuticals Inc BioVectra Inc   100.0    
01/14/13 JBS USA Holdings Inc XL Foods Inc-XL Lakeside   100.0    
02/07/13 Imagination Tech Grp PLC MIPS Technologies Inc JP Morgan 100.0    
01/21/13 Recordati SpA Lundbeck LLC-Product Portfolio   100.0    
01/16/13 Ashkenazy Acquisition Corp Harborplace Mall,Baltimore,MD   98.5    
03/04/13 Legacy Supply Chain Services Vitran Corp Inc-Supply Chain BB&T Capital Markets 97.0    
01/02/13 Rouse Properties Inc Mall at Turtle Creek,Jonesboro Savills PLC 96.3    
02/19/13 The Hillman Cos Inc H Paulin & Co Ltd Ernst & Young LLP 95.8    
01/02/13 Korn/Ferry International Personnel Decisions Intl   95.0    
03/22/13 Immucor Inc Hologic Inc-LIFECODES Business   95.0    
02/19/13 Global Partners LP Cascade Kelly Holdings LLC   95.0    
02/08/13 Investor Group Terracina Ppty,Ontario,CA   95.0    
02/11/13 Seagate Technology PLC Solyndra LLC-Assets Lazard 90.3    
01/02/13 Atlantic Power Corp Ridgeline Energy Holdings Inc   88.0    
03/27/13 Investor Group Peninsula Shopping Center,CA   87.3    
02/06/13 Independent Music Group Inc Nichicon-Capacitor Business   86.0    
03/08/13 JDS Uniphase Corp Arieso Ltd Arma Partners LLP 85.0    
03/08/13 Hyatt Hotels Corp Driskill Hotel   85.0    
03/04/13 Analogic Corp Ultrasonix Medical Corp Leerink Swann & Co 82.9    
01/15/13 GSI Group Inc NDS Surgical Imaging LLC   82.5    
01/15/13 Undisclosed Joint Venture FGP West Street-Retail Bank   80.1    
02/04/13 Global Partners LP Basin Transload LLC   80.0    
03/04/13 International Forest Prod Ltd Rayonier Inc-Wood Products Bus   80.0    
03/19/13 NPS Pharmaceuticals Inc NPS Pharm Inc-Assets   80.0    
01/16/13 Digital Realty Trust Inc Bouygues Telecom-RE Portfolio Societe General Corporate 79.7    
03/20/13 RLJ Lodging Trust Humble Oil Complex,Houston,TX   79.5    
03/06/13 Pernix Therapeutics Holdings Somaxon Pharmaceuticals Inc Stifel Nicolaus & Co Inc 79.3    
02/14/13 Coastal Credit Merger Sub Inc White River Capital Inc Milestone Advisors LLC, Houlihan Lokey 77.7    
01/15/13 Alconix Corp Univertical Corp Lincoln International 77.5    
01/02/13 Rubenstein Real Estate Co LC Paxton Towne Centre,Harrisburg   76.8    
02/04/13 Iconix Brand Group Inc Buffalo Intl-Buffalo David   76.6    
03/14/13 Chesapeake Lodging Trust Hyatt Place New York Midtown S   76.2    
01/16/13 IQE Kopin Corp-III-V Assets   75.0    
01/07/13 Education Realty Trust Inc Undisclosed Community(2)   74.0    
01/02/13 PartnerRe Ltd Presidio Excess Ins Svcs Inc RBC Capital Markets 72.0    
03/04/13 Forward Air Corp Total Quality Inc BB&T Capital Markets 71.0    
02/01/13 BioScrip Inc HomeChoice Partners Inc   70.0    
03/21/13 Baxter International Inc Inspiration Biopharma-Assets Evercore Partners, Hottinguer Corporate Finance 70.0    
03/14/13 The Orbach Group LLC Dermot Co-Apartment Bldgs   70.0    
01/10/13 Bio-Rad Laboratories Inc MorphoSys AG-Serotec Research Piper Jaffray Cos 69.9    
03/01/13 UMH Properties Inc Undisclosed Manufactured(10)   67.5    
02/20/13 Cupric Canyon Capital LLC Hana Mining Ltd Scotiabank 67.1    
03/18/13 Suncoke Energy Inc Visa Steel Ltd-Coke Division   66.8    
01/29/13 Waarmenk Holding Ltd Eurodrip SA Houlihan Lokey 66.4    
01/31/13 Luxco Inc Beam Inc-Brands   65.0    
01/13/13 Payne Financial Group Inc Western States Ins Agcy   64.0    
02/28/13 Castleton Commodities Intl LLC Constellation Energy-Assets Stifel Nicolaus & Co Inc 63.0    
01/25/13 Sequential Brands Group Inc Heelys Inc Roth Capital Partners Inc 62.0    
03/05/13 Freepoint Resources LLC Bucking Horse Energy Inc-Asts BMO Capital Markets 61.0    
01/22/13 Phillips Edison-ARC Shopping Undisclosed Grocery-Anchored   60.5    
02/13/13 Summit Hotel Properties Inc Holiday Inn Express,California   60.5    
01/03/13 Mission Broadcasting Inc Newport TV LLC-TV Stations(2)   60.0    
02/05/13 Undisclosed Acquiror Westbay Portfolio   59.3    
02/12/13 Saban Capital Group Inc RE Capital Partners USA-Assets   57.7    
02/05/13 Xylem Inc Pims Group Ltd PricewaterhouseCoopers 57.0    
02/19/13 ICON PLC Cross Country-Clinical Trial   55.8    
03/08/13 Investor Group Oticas Carol   55.5    
02/15/13 Trustmark Corp,Jackson,MS BancTrust Financial Group Inc Keefe Bruyette & Woods Inc 55.4    
02/27/13 3D Systems Corp Geomagic Inc   55.0    
03/04/13 CalAmp Corp Wireless Matrix USA Inc   53.0    
02/06/13 Cousins Properties Inc MSREF/Cousins Terminus 200 LLC   53.0    
03/22/13 Inland American Lodging Group Andaz San Diego   53.0    
01/02/13 Taanen LP Bassline Productions Inc   53.0    
01/21/13 Haley Real Estate Group LLC Multifamily Properties(4)   51.2    
01/31/13 Vishay Precision Group Inc George Kelk Corp KPMG 50.7    
01/02/13 Orlando Health Inc Physician Associates LLC   50.0    
02/25/13 Flowers Foods Inc Bimbo Bakeries USA-Cert Asts   50.0    
02/14/13 Vitamin Shoppe Inc Super Supplements Inc Cascadia Capital 50.0    
01/10/13 WaveDivision Holdings LLC Black Rock Cable Inc   50.0    
02/15/13 Le Duff America Inc Mimis Cafe Lazard 50.0    
03/11/13 Capstone Natural Resources Undisclosed Oil & Gas Ppty   50.0    
03/15/13 Pacific Premier Bancorp Inc First Associations Bank,Dallas Samco Capital Markets 49.4    
03/22/13 Undisclosed Acquiror Charter Hall Retail REIT-Asset   49.0    
03/22/13 Undisclosed Acquiror Charter Hall Retail-Ppty(3)   49.0    
03/21/13 Phillips Edison-ARC Shopping Kleinwood,Murray,Vineyard Ctr   48.8    
01/02/13 Moog Inc Broad Reach Engineering Co   48.0    
02/04/13 TrueBlue Inc MDT Personnel LLC   48.0    
02/04/13 JW Resources Xinergy Ltd-Mining Operations   47.2    
03/06/13 Grubb & Ellis Healthcare REIT Medical Offices Portfolio(5)   47.0    
03/06/13 Aurora Networks Inc Harmonic Inc-Cable Access Jefferies & Co Inc 46.0    
01/02/13 Lexmark International Inc Acuo Technologies LLC America's Growth Capital 45.0    
03/15/13 Hitz Holdings USA Inc NAC International Inc Lazard 45.0    
03/22/13 Linedata Services SA CapitalStream Inc   45.0    
01/03/13 Phillips Edison-ARC Shopping AG/WP Fairlawn Owner LLC-Ast   42.2    
03/05/13 MarketAxess Holdings Inc Xtrakter Ltd   41.0    
02/25/13 Undisclosed Acquiror Alexandria RE Equities-Assets   40.3    
02/26/13 Solta Medical Inc Sound Surgical Technologies William Blair & Co 40.0    
02/13/13 Granite Real Estate Inc DP Partners-Income Producing   39.8    
01/23/13 Preferred Apartment Ashford Park,Atlanta,Georgia   39.4    
02/06/13 Burton Property Group LLC Jubilee Square Shopping Center   37.0    
03/18/13 IDEX Corp FTL Seals Technology Ltd   36.3    
01/23/13 Summit Hotel Properties Inc Hyatt Hotels Corp-Hotels(3)   36.1    
02/19/13 Nexstar Broadcasting Inc KGPE-TV,Fresno,CA Moelis & Co 35.4    
02/12/13 Undisclosed Acquiror Orlando Fashion Square,FL   35.0    
02/06/13 Chatham Lodging Trust Courtyard by Marriott Houston   34.8    
03/13/13 Carey Watermark Investors Inc Courtyard Pittsburgh Shadyside   34.6    
03/06/13 Health Diagnostics Management Undisclosed Stand-Up MRI(12)   34.4    
03/21/13 Moog Inc Aspen Motion Technologies Inc Lazard 34.0    
03/04/13 CarePoint Healthcare Universal Health Care Group   33.3    
02/19/13 Elementis Specialties Inc Hi-Mar Specialty Chemicals LLC KPMG 33.0    
01/24/13 Excel Trust Inc Tracy Pavilion,Tracy,CA   32.0    
03/05/13 Perceptive Software LLC AccessVia Inc Petsky Prunier LLC 31.5    
01/31/13 Cerberus Capital Management LP Liberbank SA-Unsecured Loan PricewaterhouseCoopers 30.6    
02/08/13 Next Angel LLC Vivaro Corp   30.5    
01/23/13 Preferred Apartment Lake Cameron,Apex   30.4    
02/27/13 JB Howell LLC Champions Walk Apartments   30.1    
01/04/13 Hanergy Holding Group Ltd MiaSole Goldman Sachs & Co 30.0    
01/31/13 Blackfoot Telecommun Grp FairPoint Communications-Idaho   30.0    
01/23/13 A&B Properties Inc Waianae Mall   29.8    
03/06/13 Sandmartin Intl Hldg Ltd Pro Brand International Inc KPMG 29.4    
02/01/13 Liberty Utilities Co United Water Inc-Arkansas   28.6    
02/01/13 Liberty Utilities Co United Waterwork-Utility Asts   28.6    
01/09/13 Procera Networks Inc Vineyard Networks Inc   28.4    
01/29/13 Saratoga Harness Racing Inc Fitzgeralds Black Hawk Casino Houlihan Lokey 28.0    
01/08/13 Chatham Lodging Trust Hampton Inn Portland Downtown   28.0    
02/21/13 Retail Opportunity Invest Corp Diamond Bar Town Center   27.4    
02/04/13 Fairfield Residential LLC Windshire Terrace,Middletown   27.0    
01/03/13 Tricon Capital Group Inc Rental Portfolio,Charlotte   26.0    
03/01/13 Kameda Seika Co Ltd Mary's Gone Crackers Inc   25.7    
01/22/13 MG Properties Group Waterstone Apartments,Tracy,CA   25.3    
02/04/13 Investor Group Nationwide Acceptance Corp Houlihan Lokey 25.2    
02/22/13 Emerald Portfolio LLC First South Bank-Loan   25.1    
01/10/13 City Holding Co,Charleston,WV Community Financial,Stauton,VA Scott & Stringfellow Financial 25.0    
03/01/13 Grove Isle Yacth & Tennis LLC Grove Isle Associates LLLP   24.4    
01/31/13 Cerberus Capital Management LP Banco Castilla-Unsecured Loan PricewaterhouseCoopers 24.0    
01/16/13 Milestone Capital Inc ITX SA   23.9    
01/29/13 MSCI Inc Investor Force Holdings Inc Credit Suisse Group 23.5    
03/04/13 Key Technology Inc Visys NV   23.2    
01/03/13 Sterling Construction Co Inc Ralph L Wadsworth Constr Co LLC   23.1    
01/02/13 Atlas Financial Holdings Inc Camelot Services Inc StoneRidge Advisors LLC 23.0    
01/03/13 Phunware Inc TapIt Media Group Inc Siemer & Associates LLC 23.0    
02/04/13 Friedman Corp ALBAT+WIRSAM Software GmbH Corum Group Ltd. 22.9    
02/08/13 Batanga Inc Bolsa de Mulher SA   22.9    
01/30/13 Pinnacle Entertainment Inc Retama Partners Ltd   22.8    
01/24/13 Koch Media GmbH Volition Inc FTI Consulting Inc 22.3    
01/16/13 MiTAC Information Systems Corp 39889 Eureka Drive Ppty-Plant   22.1    
01/03/13 Zayo Group LLC Litecast Baltimore LLC   22.0    
01/24/13 Choice Ethanol Hldg of Fargo Nedak Ethanol-Ethanol Plant   22.0    
02/04/13 IndCor Properties Inc Crossroads Distribution Center   22.0    
01/03/13 Inland Real Estate Corp Valparaiso Walk,Valparaiso   21.9    
01/03/13 LRR Energy LP Lime Rock-OK Oil & Gas Tudor Pickering & Co LLC 21.0    
01/03/13 Lightstone Value Plus REIT Inc Marriott-branded Hotels(3)   21.0    
01/23/13 Preferred Apartment McNeil Ranch,Austin,Texas   21.0    
02/01/13 Truckee Gaming LLC Affinity Gaming LLC-Casino Jefferies & Co Inc 20.9    
01/24/13 Cubic Transp Sys Inc Webtech Wireless Inc-NextBus   20.8    
01/02/13 Great Lakes Dredge & Dock Corp Terra Contracting LLC   20.0    
01/22/13 Evergreen Co Crestview Village Shopping   20.0    
01/29/13 Wargaming.net Day 1 Studios LLC   20.0    
03/01/13 LHC Group Inc Addus HealthCare-Home Business The Braff Group 20.0    
01/22/13 CBRE Inc Aviva PLC-Gold Portfolio   19.8    
01/22/13 MG Properties Group Terramonte Apartments,Pomona   19.3    
01/28/13 TriMas Corp Martinic Engineering Inc   19.0    
02/19/13 MDC Realty Advisors USA Inc CIM Group LP-Market Lofts Ret   19.0    
01/31/13 Marlin Equity Partners LLC Sycamore Networks-Intelligent Blackstone Group LP 18.8    
02/01/13 Natus Medical Inc Grass Tech-Product Grp Bus   18.6    
03/15/13 Pure Multi-Family REIT LP Laguna Luxury Apartments   17.5    
02/15/13 Webzen Inc Gala-Net Inc   17.5    
01/11/13 LCNB Corp First Capital Bancshares Inc Sterne Agee & Leach Inc 17.3    
03/04/13 Investor Group Smith Media-TV Stations(2)   16.9    
01/31/13 Exelis Inc C4i   16.0    
01/02/13 Heilind Electronics Inc Interstate Connecting   16.0    
02/01/13 AngioDynamics Inc Microsulis Medical Ltd   16.0    
01/17/13 Select Comfort Corp Comfortaire Corp   15.5    
01/14/13 Everest Energy Ltd Northcote Energy Ltd   15.5    
02/18/13 Micro Focus International PLC Progress Software Corp-Assets   15.0    
02/28/13 Wabash National Corp Beall Corp-Certain Assets   15.0    
01/01/13 Kentucky First Federal Bancorp CKF Bancorp Inc,Danville,KY RP Financial LC 13.9    
03/22/13 Sampont Properties LLC Valcenters-Shopping Center   13.9    
01/16/13 Bowie Refined Coal LLC Headwaters Inc-Coal Cleaning   13.8    
01/29/13 Bascom Arizona Ventures LLC Alpine Ridge Apartments   13.6    
03/01/13 Kofac PLC Altosoft Corp   13.5    
01/30/13 Hackman Capital Catalyst Paper-Snowflake Mill   13.5    
02/01/13 Pac Continental Corp,Eugene,OR Century Bank,Eugene,Oregon McAdams Wright Ragen Inc 13.4    
01/25/13 ROC Service Co LLC L&L Backhoe Inc   13.2    
02/28/13 As Seen On TV Inc eDiets.com Inc Cassel Salpeter & Co LLC 13.0    
02/08/13 High Street Capital LLC ShoreMaster Inc   13.0    
01/22/13 Progenics Pharmaceuticals Inc Molecular Insight Pharm Inc   12.9    
01/02/13 Nu Skin Enterprises Inc NOX Technologies Inc   12.5    
03/13/13 Carneros Wine Alliance EPR Properties-Crush Facility   12.5    
02/21/13 Retail Opportunity Invest Corp Bernardo Heights Plaza   12.4    
01/07/13 Digital Realty Trust Inc Undisclosed Data Center,Sydney   12.3    
01/14/13 Accelrys Inc Vialis AG UBS Investment Bank 12.3    
02/26/13 Quadrant 4 Systems Corp Momentum Mobility   12.2    
03/25/13 SLR International Corp Strategic Engineering &   12.2    
03/01/13 Upper Canada Gold Corp Pine Tree-Josephine Ppty,CA   12.0    
01/31/13 Investor Group Ballard Power-Material Product BMO Capital Markets 12.0    
03/11/13 American Residential Ppty Inc MACK Cos-Rental Properties(93)   12.0    
01/24/13 Kite Realty Group Trust Undisclosed Publix Supermarket   11.6    
02/23/13 National Retail Properties Inc Pawn America Minnesota-Stores   11.0    
02/25/13 The O'Gara Group Inc Commercial Armored Vehicles Rothschild Inc. 10.0    
01/07/13 BioMarin Pharmaceutical Inc Zacharon Pharmaceuticals Inc William Blair & Co 10.0    
01/18/13 Chandler Industries Inc Stremel Manufacturing LLC   10.0    
01/23/13 Nufarm Ltd Clearly Chemical Corp   10.0    
02/01/13 OpenTable Inc Foodspotting Inc   10.0    
03/01/13 Polycom Inc Sentri Inc   10.0    
02/05/13 GSE Holding Inc SynTec LLC   10.0    
02/28/13 Baxter Healthcare Corp Genmab A/S-Mfg Facility   10.0    
02/04/13 Juniper Networks Inc Webscreen Systems Ltd   10.0    
01/03/13 SE Missouri Hospital Dexter Hospital LLC   9.8    
03/18/13 Calpian Inc Pipeline Data Inc-Certain Asts   9.8    
02/11/13 Cornerstone Healthcare Partner IP-Winston Salem-Danby House   9.7    
02/12/13 Matson Inc Reef Shipping Ltd-Asset PricewaterhouseCoopers 9.6    
02/01/13 Havana Gold LLC Scott's Liquid Gold-RE Assets   9.5    
02/12/13 XPO Logistics Inc East Coast Air Charter Inc   9.3    
02/13/13 Phillips Edison-ARC Shopping Macland Pointe Shopping Center   9.2    
01/25/13 Kenactiv Innovations Inc Kenactiv Innovations Inc   8.9    
03/15/13 American Rlty Capital Ppty Inc FedEx Corp-Distn Facility   8.8    
01/02/13 Investor Group Justice Corp-Certain Assets,TN   8.5    
01/30/13 Agree Realty Corp Dick's Sporting Goods-Store   8.5    
02/15/13 BBCN Bancorp Inc Pacific International Bancorp Keefe Bruyette & Woods Inc 8.2    
01/07/13 Euromoney Institutional Invest TTI/Vanguard   8.0    
01/24/13 Gildan Activewear Inc PGT Inc-Manufacturing Facility   8.0    
02/13/13 Idaho State Gold Co LLC Lemhi Gold Trust LLC   7.7    
02/25/13 Heska Corp Cuattro Veterinary USA LLC   7.7    
03/08/13 Altoona Apartments LP Quad & Triangle Apartments,PA   6.8    
02/28/13 Sterling Financial Corp American Heritage Holdings LLC Sandler O'Neill Partners 6.5    
01/03/13 Furmanite Corp ENGlobal Corp-Inspection Svcs   6.5    
01/17/13 Urstadt Biddle Properties Inc Property Portfolio(3)   6.5    
01/07/13 GFA Federal Credit Union Monadnock Community Bank Inc   6.4    
02/11/13 Half Off Depot Inc CrowdSavings.com LLC   6.4    
03/04/13 Agree Realty Corp Single Tenant Assets,US(3)   6.4    
03/04/13 MacAulay-Brown Inc Luna Innovations-SSC Division   6.1    
02/06/13 MRG Copper LLC Victoria Gold Corp-Big Springs   6.0    
02/18/13 37th Ave Realty Associates LLC China-Non Performing Loans   6.0    
01/16/13 Excel Corp Excel Business Solutions Inc   5.7    
01/04/13 Rexford Industrial LLC Distribution Warehouse,CA   5.6    
01/17/13 Undisclosed Acquiror Agree Realty-Walgreensa   5.6    
03/01/13 PowerSecure Inc Lime Energy Svcs-Certain Asts   5.6    
01/21/13 Strategic Growth Bancorp Inc Mile High Banks   5.5    
01/11/13 Delek Renewables LLC Beacon Energy-Biodiesel Assets Ardour Capital Investments LLC 5.3    
03/15/13 Medbox Inc MedVed LLC   5.2    
03/25/13 Armadillo Resources Ltd Dimari Enterprises-Flagstaff   5.1    
01/09/13 Bruckmann Rosser Sherrill & Co Royal Robbins Inc   5.0    
03/13/13 AMP Holding Inc Workhorse Custom Chassis-Plant   5.0    
03/20/13 Spindle Inc MeNetwork Inc   5.0    
01/31/13 Ventas AH Midwest LLC Arbor House of Midwest City   4.9    
01/10/13 Heritage Financial Corp,WA Northwest Commercial Bank,WA McAdams Wright Ragen Inc 4.8    
01/28/13 Century Exploration New McMoRan Exploration Co-Ppty   4.6    
02/28/13 Premier Holding Corp The Power Co USA LLC   4.3    
01/22/13 Investor Group Andes Gourmet SA   4.0    
02/15/13 Salem Media of Ohio Inc WJKR-FM,Columbus,OH   4.0    
02/01/13 MEGTEC Systems Inc TurboSonic Technologies Inc Houlihan Capital LLC 3.9    
03/01/13 NetDimensions Ltd eHealthcareIT LLC   3.5    
02/21/13 Heritage-Crystal Clean Inc Mirachem LLC   3.3    
01/08/13 Big Mojo Capital Inc CapGain Properties Inc   3.2    
01/18/13 TigerLogic Corp Storycode Inc   3.1    
01/10/13 Rawhide Mining LLC Pilot Gold-Regent exploration   3.1    
03/05/13 Rick's Cabaret Intl Inc Adult Business   3.0    
01/14/13 Croda International PLC Innovachem LLC   2.8    
02/11/13 Green Dot Holdings LLC MGPI Processing Inc   2.8    
03/13/13 Undisclosed Acquiror MPG Ingredients-Bioplastics   2.8    
01/02/13 IBEX Technologies Inc Bio-Research Products Inc   2.7    
01/23/13 Undisclosed Acquiror AmericInn Hotel,Lakewood   2.6    
03/04/13 RBC Bearings Inc Western Precision Aero LLC   2.6    
01/04/13 Bri-Chem Corp General Supply Co   2.5    
03/04/13 Rhino Exploration Inc World Ventures Inc-Sleeper   2.4    
01/09/13 Olie Inc EnCanSol Capital Corp   2.4    
01/30/13 Navitas Systems LLC A123 Systems Inc-Govt Business Lazard, Blackstone Group LP 2.3    
02/01/13 IPG Investment Advisors LLC InterBolsa Panama SA   2.2    
01/01/13 Prosperity Bancshares Inc,TX East Texas Financial Services Commerce Street Capital LLC 2.0    
02/21/13 RASM Properties LLC Red Lion Inn & Suites Missoula   2.0    
03/13/13 Pennsylvania American Water Co Indian Rocks POA Inc   1.7    
01/22/13 Undisclosed Acquiror Santa Ana Square,Santa Ana   1.6    
01/14/13 Exco Technologies Ltd BE & H Extrusion Dies Inc   1.5    
01/07/13 30DC Inc MagCast   1.3    
02/14/13 Undisclosed Acquiror Guesthouse Inn,Ellenton,FL   1.3    
02/05/13 Undisclosed Acquiror Maricopa Project,San Joaquin   1.3    
03/06/13 Sutron Corp Sabio Instruments Inc   1.2    
02/25/13 Wild Craze Inc Crescent Moon-Toy Related Asts   1.2    
01/01/13 University Bk,Ann Arbor,MI Ann Arbor Insurance Centre Inc   1.1    
02/18/13 Amherst Real Estate Capital China-Non Performing Loans   1.1    
02/26/13 Clayton Bancshares Inc Kinderhook State Bank,   1.1    
01/31/13 Aduro BioTech Inc BioSante Pharmaceuticals-Asts   1.0    
03/04/13 Advanced Photonix Inc Silonex Inc-Certain Assets   0.9    
01/19/13 Grant Milliron Mansfield Motorsport Speedway   0.8    
03/14/13 GreenHunter Water LLC Undisclosed Barging Terminal   0.8    
01/07/13 Carmanah Technologies Corp Spot Devices Inc-Assets   0.7    
02/25/13 Wild Craze Inc FlipOutz LLC-Certain Assets   0.6    
03/05/13 Thurston Energy LLC Activa Resources AG-Non-Core   0.6    
02/28/13 Missouri-American Water Co Meramec Sewer Co   0.5    
01/02/13 Alliance Technologies Inc Emineo Group Inc Generational Equity 0.5    
01/16/13 Midway Gold Corp Western Pacific Res-Meridian   0.5    
02/06/13 Indiana American Water Co Inc Mecca Water Works Inc   0.4    
02/11/13 Tucana Holdings Inc Rimrock Mining Inc   0.4    
02/02/13 Compassionate Care Realty LLC Undisclosed Office-retail Bldg   0.4    
02/14/13 The Valley Theater Co Princess Theatre   0.4    
03/20/13 Sonora Res Corp Yale Resources Ltd-Los Amoles   0.3    
02/05/13 Strata-X Energy Ltd Oil & Gas Properties,Illinois   0.3    
01/10/13 Reven Housing REIT Inc Single Family Homes(4)   0.3    
01/08/13 Cassel Properties Ltd Regent Pacific Properties Inc   0.3    
02/06/13 AVM Licensing Corp SureScreen Medical Inc   0.3    
03/13/13 Legg Mason Inc Fauchier Partners LLP   0.1    
02/19/13 Canwealth Minerals Corp USG1 Inc   0.1    
             
Notes:            
Source: Thomson Reuters            
             
           

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