Deluxe Completes Celero Commerce Acquisition in $625 Million All-Cash Deal
The acquisition expanded Deluxe’s payments platform toward top-10 status among non-bank merchant acquirers.
Deluxe Corp. (DLX) completed its acquisition of Celero Commerce in an all-cash transaction valued at about $625 million, plus certain seller transaction expenses and other adjustments. The purchase marked a step in Deluxe’s shift toward payments and data services, expanding its merchant-processing operation and customer reach.
Deluxe agreed to fund the transaction with $375 million from an incremental term loan provided by a five-bank syndicate led by BofA Securities and a draw on its existing revolving credit facility. The deal was subject to U.S. regulatory approvals and other customary closing conditions. Deluxe previously expected the acquisition to close in the third quarter of 2026.
The combination significantly expanded Deluxe Merchant Services and created a payments platform expected to process more than $70 billion in annual gross transaction volume. Based on Nilson reporting, that scale would move Deluxe toward the top 10 among U.S. non-bank merchant acquirers. The larger transaction base should improve processing efficiency, spread fixed costs more broadly and support operating leverage.
“Acquiring Celero was an important strategic next step in our expansion as a major digital payments processor,” Deluxe President and Chief Executive Barry McCarthy said.
Celero provided integrated payment-processing services to small and midsize businesses through banks, independent software vendors, independent sales organizations and direct-sales channels. The company generated more than $200 million of revenue in 2025 and operated through an active base of about 375 partners, including more than 130 bank partners and more than 50 software-vendor partners. Its mix of technology, distribution relationships and localized customer support broadened Deluxe’s presence across merchant verticals and complemented Deluxe’s proprietary processing platform.
Deluxe expected the transaction to add to adjusted earnings per share in the first year after closing while lifting revenue growth and adjusted EBITDA margin rates. The company targeted more than $15 million of cost savings by 2028 through workforce efficiencies, streamlined technology and operating systems, and a reduced real-estate footprint. Deluxe projected net leverage of about 3.9 times at closing and planned to reduce it below 3.0 times within 24 months through debt repayment. The acquisition required no change to the company’s dividend policy, leaving Deluxe’s forward path centered on integrating Celero while using the enlarged payments platform to deepen its bank and software-vendor distribution.