Yielding a meager 121 completed middle-market deals, January was the least productive month since 1991, based on analyzing data from Thomson Reuters all the way back to 1978. Deal volume for the first month of the year was half that of the same month in the previous year. Total deal value generated in January 2016 was at the lowest point since 2009. (See related chart, showing 10 years of January data.)

The month followed a down year and a dismal fourth quarter for the middle market, which Mergers & Acquisitions defines as deals valued between $10 million on the low end and $1 billion on the high end. The 2015 tally of completed deals fell 200 transactions short of the previous year, a decline of 8 percent. The fourth quarter showed a dramatic dip, with 167 fewer deals closed than the same period a year earlier, representing a 26 percent drop.

In January, for the second month in a row, the Composite score on Mergers & Acquisitions’ Mid-Market M&A Conditions Index (MACI) indicated a contraction. December was the first time the Composite score moved into negative territory since Mergers & Acquisitions began our monthly surveys in the fall of 2013. The component scores for Leads, Signed Letters and Availability of Financing were all at their lowest recorded levels in January, suggesting we will see a prolonged slowdown in the first half of 2016. Participants cited a wide range of concerns, including stock market volatility, declining energy prices, rising interest rates, the slowing of China’s economy and uncertainty in an election year. For more, see Mid-Market M&A Come to a Dead Stop, or is This a Momentary Pause. Having seen many economic cycles come and go, they may be motivated to get out while the going is good. Take Mergers & Acquisitions’ monthly survey.

 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. For the accompanying chart, data was collected on Feb. 1, 2016. For this article, we also analyzed data going back to 1978 that was collected on Feb. 8, 2016.

DateAcquirerTargetTarget IndustryValue ($mil)
01/22/16DSV A/SUTi Worldwide IncTransportation and Shipping (except air)970.8
01/15/16Pinnacle Foods IncBoulder Brands IncWholesale Trade-Nondurable Goods962.5
01/26/16Amadeus IT Group SANavitaire IncPrepackaged Software830.0
01/15/16Protective Life CorpGenworth Life & Annuity-In-forInsurance661.0
01/11/16Kinross Gold CorpBarrick Gold Corp-Bald Mtain &Mining610.0
01/01/16Treasury Wine Estates LtdDiageo PLC-US & UK Wine OpFood and Kindred Products600.0
01/21/16Svenska Cellulosa AB SCAWausau Paper CorpPaper and Allied Products514.5
01/14/16Horizon Pharma PLCCrealta Pharmaceuticals LLCDrugs510.0
01/07/16Dover CorpTokheim-Dispenser & System BusMachinery474.3
01/07/16Lamar Advertising CoClear Channel Outdoor Hldg-AssAdvertising Services458.5
01/15/16PulteGroup IncJW Homes LLC-Certain AssetsConstruction Firms450.0
01/07/16Symrise AGPinova Holdings IncChemicals and Allied Products417.0
01/15/16Zayo Group Holdings IncMTS Allstream Holdings IncTelecommunications348.5
01/11/16Liberty Utilities CorpPark Water CoElectric, Gas, and Water Distribution327.0
01/05/16Omnicell IncAesynt IncPrepackaged Software275.0
01/14/16FireEye InciSIGHT Partners IncBusiness Services275.0
01/07/16Sinocare IncNipro Diagnostics IncMeasuring, Medical, Photo Equipment; Clocks273.0
01/04/16CONMED CorpSurgiQuest IncMeasuring, Medical, Photo Equipment; Clocks265.0
01/13/16HEICO Electn Tech CorpRobertson Fuel Systems LLCAerospace and Aircraft255.0
01/06/16UOP LLCThomas Russell LLCConstruction Firms240.0
01/04/16Westinghouse Electric Co LLCCB&I Stone & Webster IncBusiness Services229.0
01/05/16Shorenstein Realty Services LPBank of America Plaza,AtlantaReal Estate; Mortgage Bankers and Brokers220.0
01/26/16Northwood Investors LLCCeGeREAL SAInvestment & Commodity Firms,Dealers,Exchanges208.7
01/05/16TransDigm Group IncBreeze-Eastern CorpAerospace and Aircraft205.9
01/15/16Investor GroupEastridge Mall,San Jose,CAReal Estate; Mortgage Bankers and Brokers200.0
01/20/16Brunswick CorpCYBEX International IncMiscellaneous Manufacturing195.0
01/04/16Quality Systems IncHealthFusion Holdings IncPrepackaged Software190.0
01/04/16Audax Group LPCentric Health Corp-OperationsHealth Services188.0
01/07/16Limetree Bay Holdings LLCHovensa LLC-St Croix RefineryOil and Gas; Petroleum Refining184.0
01/26/16Tyco International PLCShopperTrak CorpBusiness Services175.0
01/19/16Armada Hoffler Properties IncRetail Center Portfolio(11)Retail Trade-General Merchandise and Apparel170.5
01/14/16Liberty Intl Holdings IncCia de Seg Genes PentaInsurance162.6
01/04/16AMN Healthcare Services IncBE Smith IncBusiness Services160.0
01/14/16Federal Realty Invstmnt TrustReal Estate Property PortfolioReal Estate; Mortgage Bankers and Brokers154.0
01/14/16Sabre CorpTrust Group of CompaniesTransportation and Shipping (except air)154.0
01/08/16Investor GroupLaSalle Invest Mgmt- BESTReal Estate; Mortgage Bankers and Brokers138.9
01/20/16CryoLife IncOn-X Life Technologies IncMeasuring, Medical, Photo Equipment; Clocks130.0
01/11/16Juno Therapeutics IncAbVitro IncDrugs124.9
01/12/16PTC IncKepware IncPrepackaged Software118.0
01/20/16WestRock CoCenveo Inc-Packaging BusinessPaper and Allied Products105.0
01/13/16Advantech Co LtdB+B SmartWorx IncElectronic and Electrical Equipment99.9
01/25/16Rambus IncBell Identification BVPrepackaged Software92.2
01/07/16Allergan PLCAnterios IncDrugs90.0
01/11/16Sotheby'sArt Agcy Partners Hldg LPBusiness Services85.0
01/28/16Joes Jeans IncRobert Graham Holdings LLCRetail Trade-General Merchandise and Apparel82.5
01/15/16Liberty Bank,Middletown,CTNaugatuck Valley Finl CorpSavings and Loans, Mutual Savings Banks77.8
01/04/16Prosperity Bancshares IncTradition Bancshares IncCommercial Banks, Bank Holding Companies76.9
01/01/16Park Sterling CorpFirst Capital BancorpCommercial Banks, Bank Holding Companies71.8
01/04/16First Merchants CorpAmeriana BancorpCommercial Banks, Bank Holding Companies69.6
01/05/16CoreLogic IncRELS LLCBusiness Services65.0
01/29/16Diamond Resorts InternationalIntrawest Resort Club Group CoHotels and Casinos63.9
01/04/16Amedisys IncInfinity HomeCare LLCHealth Services63.0
01/11/16ExamWorks Group IncABI Document Support Svcs IncBusiness Services62.0
01/04/16Navigant Consulting IncMcKinnis Consulting ServicesInvestment & Commodity Firms,Dealers,Exchanges62.0
01/07/16Eagle Creek Renewable EnergyVerso Androscoggin Power LLCElectric, Gas, and Water Distribution62.0
01/08/16Northfield Bancorp IncHopewell Valley Community BankCommercial Banks, Bank Holding Companies52.8
01/06/16First Cash Finl Services IncMaxi Prenda SA de CV-Pawn(166)Miscellaneous Retail Trade52.0
01/25/16Retail Ppty of Americas IncMerrifield Town Center IIReal Estate; Mortgage Bankers and Brokers45.7
01/04/16Amcor LtdDeluxe PackagesPaper and Allied Products45.0
01/08/16RNTS Media NVHeyzap IncPrepackaged Software45.0
01/07/16Lakeland Bancorp IncPascack Bancorp IncCommercial Banks, Bank Holding Companies40.8
01/04/16Cedar Realty Trust IncE River Pk ShoppingReal Estate; Mortgage Bankers and Brokers39.0
01/15/16Ainsworth Game Technology LtdNova Technologies LLCMiscellaneous Manufacturing38.0
01/05/16Almost Family IncLong Term Solutions IncHealth Services37.0
01/29/16Learning Technologies GroupRustici Software LLCPrepackaged Software37.0
01/07/16Peak Resorts IncHunter Mountain Ski Bowl IncHotels and Casinos36.8
01/01/16Digirad CorpProject Rendezvous Hldg CorpHealth Services36.0
01/25/16Sterno Products LLCNorthern International IncElectronic and Electrical Equipment35.4
01/08/16NexTier IncEureka Financial CorpSavings and Loans, Mutual Savings Banks35.3
01/19/16CIENA CorpTeraXion Inc-High SpeedMetal and Metal Products31.9
01/19/16ExamWorks Group IncAdvanced Medical Reviews IncHealth Services30.0
01/08/16Investor GroupInterocean Transportation IncTransportation and Shipping (except air)30.0
01/04/16Urban Edge PropertiesPan Bay Ctr,Rego Pk,New YorkReal Estate; Mortgage Bankers and Brokers27.0
01/25/16Retail Ppty of Americas IncShoppes at HagerstownReal Estate; Mortgage Bankers and Brokers27.0
01/12/16KBR IncWeatherly IncConstruction Firms24.5
01/12/16Allied Motion Technologies IncHeidrive GmbHTransportation Equipment21.9
01/14/16InvenTrust Properties CorpSonterra Village ShoppingReal Estate; Mortgage Bankers and Brokers21.5
01/07/16Militello CapitalViera at Whitemarsh ApartmentsReal Estate; Mortgage Bankers and Brokers20.4
01/26/16Marathon Asset Management LPParque Comercial Bahia AzulReal Estate; Mortgage Bankers and Brokers20.1
01/04/16Gulf Island Shipyards LLCLEEVAC Shipyards LLCTransportation Equipment20.0
01/04/16Vishay Precision Group IncStress-Tek IncMeasuring, Medical, Photo Equipment; Clocks20.0
01/06/16Hempel CosRyan Cos US Inc-Ret PortfolioReal Estate; Mortgage Bankers and Brokers19.2
01/31/16Analogic CorpOncura Partners DiagnosticsHealth Services19.0
01/22/16StatPro Group PLCInvestor Analytics LLCInvestment & Commodity Firms,Dealers,Exchanges16.0
01/01/16Amer Riviera Bk,Santa BarbaraBank of Santa Barbara,CACommercial Banks, Bank Holding Companies15.4
01/05/16Liquor Stores NA LtdBirchfield Ventures LLCMiscellaneous Retail Trade15.0
01/06/16Financial Institutions IncCourier Capital CorpInvestment & Commodity Firms,Dealers,Exchanges14.0
01/13/16Carbonite IncEVault IncBusiness Services14.0
01/11/16SurModics IncNorMedix IncHealth Services14.0
01/29/16PBB BancorpFirst Mountain Bank,CACommercial Banks, Bank Holding Companies13.4
01/04/16WisdomTree Investments IncGreenHaven Commodity ServicesInvestment & Commodity Firms,Dealers,Exchanges11.8
01/11/16Kimco Realty CorpOwings Mills MallReal Estate; Mortgage Bankers and Brokers11.5
01/13/16New Media Investment Group IncTimes Publishing Co-EriePrinting, Publishing, and Allied Services11.5
01/13/16Ultralife CorpAccutronics LtdElectronic and Electrical Equipment10.9
01/13/16MiMedX Group IncStability IncMeasuring, Medical, Photo Equipment; Clocks10.0
01/04/16Versant Coml Brkg IncOffice Bldg Portfolio(2)Real Estate; Mortgage Bankers and Brokers9.1
01/05/16Ferro CorpFerer Dis TicaretStone, Clay, Glass, and Concrete Products9.0
01/07/16ShoreTel IncCorvisa LLCPrepackaged Software8.5
01/18/16Viking Partners LLCOverland Pointe Marketplace,KSReal Estate; Mortgage Bankers and Brokers8.5
01/05/16Warba Bank KSCATEL Capital Grp-EquipInvestment & Commodity Firms,Dealers,Exchanges8.2
01/04/16Riverview Financial CorpCitizens Natl Bk,Meyersdale,PACommercial Banks, Bank Holding Companies8.0
01/14/16Arc Logistics Partners LPGulf Oil LP-Refined ProdWholesale Trade-Nondurable Goods8.0
01/06/16Umatrin Holding LtdU MATRIN Worldwide Sdn BhdBusiness Services7.5
01/06/16iMedX Australia Pty LtdOzeScribe Pty LtdHealth Services7.2
01/04/16Agenus IncXOMA Corp-Mnfg FacilitiesDrugs6.0
01/15/16USA Technologies IncVendScreen IncComputer and Office Equipment5.6
01/05/16SuperCom LtdLeaders in Cmnty AlternativesBusiness Services3.0
01/26/16New Pride CorpSH Maintain Co LtdRepair Services2.2
01/03/16Liberty UniversityNew London AirportAir Transportation and Shipping1.8
01/14/16Medical Facilities CorpIntegrated Med Delivery LLCHealth Services1.8
01/04/16CannaVestCanX IncPrepackaged Software0.5
01/15/16Mobivity Holdings CorpLivelenz IncPrepackaged Software0.5
01/26/16Equimaxx LLCMagnifico Sp zooBusiness Services0.3
01/01/16Blackstone Ventures IncLattice Biologics IncHealth Services0.1
Source: Thomson Reuters