Counselor Top 40 distributor Proforma (asi/300094) has entered an agreement to purchase Counselor Top 40 distributor Safeguard (asi/316203) from its parent company Deluxe Corp. The deal, which Proforma said will expand its annual revenue by nearly $180 million, is arguably the largest distributor acquisition in recent memory.

“As a family business, we’ve always believed that growth should strengthen – not change – who we are. This acquisition reflects that belief,” said Vera Muzzillo, CEO of Proforma, a member of the Counselor Power 50 list of the most influential people in promo. “We’re proud of our roots as a family business, and we are equally proud to see our family grow.”

Muzzillo called the deal a “perfect partnership,” noting that she and her team were “so impressed by the team and culture at Safeguard.”

Vera Muzzillo, Proforma (asi/300094)

Deluxe Corp., a publicly traded firm with 2025 revenue of $2.1 billion, has agreed to sell specified assets of its business conducted under the “Safeguard” and “Safeguard Business Systems” brands for an aggregate purchase price of approximately $25 million, according to reports. Proforma will pay $12 million at closing and the balance in three equal annual installments on each anniversary of the closing date.

The transaction is expected to close in the first quarter of 2026. As part of the deal, Deluxe has agreed to three-year noncompetition and nonsolicitation obligations related to the Safeguard business.

“While we identified this partnership as a strategic opportunity some time ago, it was only in recent months that momentum aligned, and discussions culminated in this important agreement,” said Mark Byers, general manager of promotional solutions and president of Safeguard at Deluxe. “We are confident Safeguard’s customers and people are in good hands with Proforma.”

To promote a positive integration, Proforma has assembled dedicated onboarding teams to welcome nearly 150 Safeguard distributorships and their people to Proforma’s network of distributor owners, sales professionals and support center team members.

“Our goal is to make this transition seamless by honoring existing relationships, thoughtfully aligning processes, and ensuring every team member feels supported from day one,” said Tim Nale, chief brand officer at Proforma. “We’ve leveraged our industry-leading technology, decades of experience and strong history of acquisitions to design an intentional onboarding plan that focuses on open communication and support.”

Newly welcomed members of the Proforma Network will have access to Proforma’s suite of business success software.

“We’re incredibly excited to welcome Safeguard’s people to our network and look forward to investing in their continued growth,” said Brian Roney, chief revenue officer at Proforma. “We are eager to support them with Proforma’s industry-leading technology platforms designed to secure new opportunities with prospects and customers, accelerate sales performance, and achieve unique business goals.”

Michael Roney, chief strategy officer at Proforma, also played a major role in the success of this agreement. He served as an essential liaison between both organizations, according to Proforma.

“The opportunity to join Proforma and Safeguard is more than a business transaction – we’re joining two networks of talented people who share a commitment to innovation and values,” said Roney. “This venture positions our network for sustainable growth while preserving the culture and integrity that have defined Proforma for generations.”

Doug Kordel, Proforma’s president and chief legal officer, echoed the collaboration: “Today’s agreement marks a defining moment for Proforma and for the print and promotional products industry. We’re proud of how our teams came together with a clear commitment to advancement, integrity and long-term value creation. And while this milestone is significant, we see it as the foundation for what comes next – we’re just getting started.”

Safeguard is a wholly owned subsidiary of Deluxe, which has been around for over 110 years and traces its origins back to the invention of the checkbook.

Founded in 1978, Proforma is a family-owned and -operated technology and business success leader in printing, promotional products, packaging and e-commerce solutions. More than 140 of its distributor owners have earned spots on the Inc. 5000 list of fastest-growing private companies to date. Plus, more than 300 distributor owners have achieved membership in Proforma’s Million and Multi-Million Dollar Club, earning annual sales ranging from $1 million to nearly $50 million.

Proforma is the fourth-largest distributor in the industry, with 2024 North American promotional products revenue of $662 million. Deluxe/Safeguard ranked 19th on Counselor’s most recent Top 40 list, with 2024 North American promo revenue of $131.9 million.