Branded merchandise has its first major splash deal of 2026, as Proforma (PPAI 196835, Platinum) has reached an agreement to acquire Safeguard Business Systems, the promotional products arm of Deluxe (PPAI 187418, Platinum).
The deal is expected to add roughly $180 million in annual revenue to Proforma’s bottom line, according to the principals announcing the sale, Proforma CEO Vera Muzzillo and Deluxe President Mark Byers.
“As a family business, we’ve always believed that growth should strengthen, not change, who we are. This acquisition reflects that belief,” Muzzillo says. “We’re proud of our roots as a family business, and we are equally proud to see our family grow.”
The acquisition includes nearly 140 distributor sales organizations, earning as much as $16 million in revenue per year, that will transition to Proforma franchises. Another $40 million in company-owned business will transfer from publicly traded Deluxe to Proforma in the move.
Vera Muzzillo
CEO, Proforma
“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,” says 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.”
- The deal is believed to be the largest acquisition by a distributor in branded merchandise industry history, although not all of Safeguard’s revenue comes from promotional products.
- Byers said just over half of Safeguard’s revenue is derived from printed products, primarily office materials.
In terms of scale at the time of the deal, Proforma’s big buy tops iPROMOTEu’s 2024 acquisition of AIA, which had brought in just under $155 million the previous year.
Combined revenues for Proforma and Safeguard would settle at around $850 million.
“We are building to $1 billion,” Muzzillo says. “And for us, we believe that happens by creating success one distributor at a time. We can be the engine for distributors who want the tools and resources to succeed. That’s who we are.”
- In 2025, Proforma ranked No. 3 in the PPAI 100 measure of industry leadership and reported revenue of $662 million from the prior year.
- Deluxe, for its Safeguard business, ranked No. 18. Its revenue had grown nearly 15% from 2023-24. Its operations are headquartered in Minneapolis, but distributors are spread throughout the country.
An Ongoing Partnership
Muzzillo and Byers say they had been discussing Safeguard’s potential sale for quite some time before identifying Proforma as the right fit in recent months. The respective businesses have been partners, with Proforma relying on Safeguard’s print manufacturing capabilities for certain product segments, which both sides expect to continue.
“From Deluxe’s side, timing is everything,” says Byers, who described Safeguard’s verticals as not a strategic priority for the larger Deluxe business. “We’re going to continue to build a payments and data company.
“Safeguard is a very proud organization with a 70-year history, and we wanted to make sure that we put it and the distributors who are part of it into the best position to succeed.”
Mark Byers
President, Deluxe
Muzzillo credited her son, Michael Roney, for his leadership in setting the table for the acquisition, including establishing onboarding initiatives for the distributors transitioning to Proforma. After a brief hiatus from the family company to pursue his own business interests, Roney rejoined Proforma as senior vice president last year.
“The opportunity to join Proforma and Safeguard is more than a business transaction,” Roney says. “We’re joining two networks of talented people who share a commitment to innovation and values. This venture positions our network for sustainable growth while preserving the culture and integrity that have defined Proforma for generations.”
The deal is expected to close in March. Muzzillo called things “business as usual” for the immediate future.
Proforma’s onboarding efforts will include personalized transition help for each Safeguard distributor.
“We’ve always had a tremendous amount of respect for Safeguard and Deluxe,” Muzzillo says. “We always knew that they were a well-run organization with a great culture. … We are going to be careful to make the Safeguard distributors feel cared for.
“It’s all about relationships, it’s all about people. You want people to feel that they’re in good hands, and we want to make sure they feel as much a part of the Proforma family as they have felt with Safeguard for 70 years.”
