Deluxe to buy Celero Commerce for USD $625 million
Mon, 22nd Jun 2026 (Today)
Deluxe has agreed to acquire payments company Celero Commerce for USD $625 million in cash, expanding its payments business in the United States.
Under the deal, Deluxe will also assume certain seller transaction expenses and other adjustments. The acquisition remains subject to regulatory approvals and other customary closing conditions. Deluxe plans to fund the purchase through committed debt financing and its existing revolving credit facility.
Celero focuses on payment processing for small to mid-sized businesses and strategic partners. On a pro forma basis, the combination would lift the share of Deluxe's revenue from payments and data activities to 57% of 2026 revenue, from 31% in 2020.
The tie-up would broaden the companies' reach across bank partnerships, software vendors, independent sales organisations and direct sales channels. It would also deepen Deluxe's presence in merchant processing segments including financial institutions, independent software vendors and partner channels.
Together, the businesses processed about USD $70 billion in gross transaction volume in 2025. Based on Nilson reporting cited by Deluxe, that would place the combined company among the 10 largest non-bank merchant acquirers in the United States.
Celero generated more than USD $200 million in revenue in 2025 and recorded an adjusted EBITDA margin of 28%, according to Deluxe. It also achieved 90% unlevered free cash flow conversion.
Deluxe expects the transaction to add to adjusted earnings per share in the first year after completion. It also expects more than USD $15 million in cost synergies to be fully realised within 24 months of closing, with additional potential from revenue synergies.
The deal is part of Deluxe's longer-running shift away from its legacy cheque and business forms operations towards payments and data services. The company, which has operated for more than a century, said the acquisition would further modernise its payments technology base and expand distribution.
Deluxe expects combined net leverage of about 3.9 times at closing and aims to reduce that figure to below 3.0 times over the following 24 months, while keeping its dividend policy unchanged.
Financing includes an incremental USD $375 million Term Loan A facility from a five-bank syndicate led by BofA Securities, alongside drawings on the company's existing revolving credit facility. Full-year 2026 guidance remains unchanged and does not yet include the impact of the pending acquisition.
Barry McCarthy, President and Chief Executive Officer of Deluxe, linked the acquisition to the group's broader repositioning.
"Adding Celero immediately accelerates our transformation and shifts our revenue mix decisively towards our growing Payments and Data segments. Celero has loyal customers, partners and employees, as well as strong financials and corporate culture, all of which are a natural fit with Deluxe," McCarthy said.
He also pointed to the combined distribution network and existing payments infrastructure.
"Combined, the two companies will broaden our distribution reach and deepen our presence across key verticals including financial institutions, independent software vendors and independent sales organisation partner channels. At Deluxe, we have a proprietary, fully scaled processing platform that will complement and seamlessly integrate with Celero and its technology to deliver a compelling value proposition for customers," McCarthy said.
Kevin Jones, Founder and Chief Executive Officer of Celero Commerce, said the transaction marked a new phase for his company.
"This is an exciting next chapter for Celero, our employees, partners and customers. At Celero, we have always focused on helping businesses thrive through innovative technology, exceptional service and strong strategic partnerships. Deluxe shares those values, and this combination allows us to accelerate that mission faster than we could have independently. By bringing together Deluxe's scale, resources and payments capabilities with Celero's technology, channel expertise and customer-first culture, we believe we are creating an even stronger platform for our customers and partners while opening new opportunities for growth," Jones said.