The lackluster pace of middle-market dealmaking in the first quarter of 2013 slowed even further in the second quarter, with dealmakers continuing to point to the busy fourth quarter of 2012 as the culprit. Looking at transactions worth $1 billion or less, only 418 managed to close in the quarter, according to Thomson Reuters. That’s a 5 percent drop from the 437 deals that were completed in the first quarter and about 25 percent less than the 513 middle-market deals that closed in the second quarter of 2012. At $53.7 billion, deal value was slightly higher in the second quarter than the preceding quarter’s $52.8 billion but lower than the same quarter a year ago, when deal value came in at $65.3 billion.
Topping the list of mid-market deals that were completed in the quarter is Moon Township, Pa.-based Atlas Pipeline Partners LP (NYSE: APL), which acquired Teak Midstream LLC, a processor of natural gas in the Eagle Ford Shale of south Texas, for $1 billion in cash. The deal reflects the wave of M&A activity we’re seeing in the energy sector.