Counselor Top 40 distributor Safeguard Business Systems (asi/316203) has announced that one of its distributors, Business Products, Inc., has acquired Formsource, Inc. Financial terms of the deal were not disclosed. The deal was made as part of Safeguard's Business Acquisitions and Mergers program, which offers an avenue for Safeguard distributors to grow through transactions. Safeguard says it offered transactional consulting and funding assistance for the deal between Business Products and Formsource.
Based in Lewiston, ME, and founded in 2002, Formsource offers ad specialty items along with printing forms and design and marketing services. Business Products, Inc. is owned by Brad McCrum of S. Portland, ME. Ranked as the 34th largest distributor in the industry, Counselor estimates Safeguard generated 2012 North American ad specialty sales of $38.4 million. Safeguard ranked eighth in Counselor's 2013 list of the fastest-growing distributors.