Cherry Tree Advises GLORY on its Investment in Acrelec Group SAS

Technology, Business Services, Manufacturing, Consumer
Global Provider of Customer Experience Self-Service Solutions for the Quick Service Restaurant and Retail Industries
Basingstoke, England and Saint-Thibault-des-Vignes France
Strategic Advisor to Acquirer


UK-based Glory Global Solutions (International) Ltd. and its parent company GLORY LTD published its 10-year Long Term Vision in 2018, with the stated goals of expanding business domains and increasing sales by more than 100%. As part of that vision, Glory identified the fast-growing self-service kiosk industry as a strategic adjacency to its existing cash technologies business, with large market potential and strong synergy opportunities. Internal analysis of the space identified acquisition as the preferred entry into the market, allowing Glory to become an industry leader very quickly. However, because Glory already has many partners and competitors in its strategic adjacencies (including the kiosk space), it would have been difficult for them to approach acquisition targets without unnecessarily exposing strategic initiatives.

Cherry Tree’s Personalized Solution:

Cherry Tree leveraged its buy-side M&A advisory experience to develop a custom plan to identify acquisition targets within the self-service kiosk industry for Glory. After completing initial evaluations of the targets, Cherry Tree introduced select targets to Glory to initiate acquisition discussions. One of these select targets was Acrelec Group SAS, a French firm that is focused on software, hardware, and services to reinvent the customer experience for restaurant and retail brands. Cherry Tree assisted Glory on its deep evaluation of Acrelec, including financial modeling, due diligence, and the negotiation of the purchase agreement.


In April 2020, Glory invested approximately $223 million for a majority stake in Acrelec. The investment provides Glory a leading position in a fast-growing market and will provide Acrelec the strategic resources needed to bring its solutions to customers across the globe. The partnership is in-line with the Glory Group’s Long Term Vision.

About Glory

GLORY: As a global leader in cash technology solutions, Glory provides the financial, retail, cash center and gaming industries with confidence that their cash is protected and always working to help build a stronger business. The Company’s cash automation technologies and process engineering services help businesses in more than 100 countries optimize the handling, movement and management of cash. While Glory spans the globe, the Company personally engages with each customer to address their unique challenges and goals — enhancing staff efficiency, reducing operating costs and enabling a more rewarding customer experience. Employing over 10,000 professionals worldwide with dedicated R&D and manufacturing facilities worldwide, Glory is built on a rich customer-focused, technology-driven heritage spanning more than one hundred years.

About Acrelec

Acrelec is a global technology company focused on reinventing the customer experience for restaurant and retail brands. Leveraging decades of software, hardware and service expertise, Acrelec develops and integrates new platforms that increase customer engagement, optimize efficiency and improve operations. The Company’s 900 employees collaborate with customers and partners to design, create and build the world’s leading smart stores. Never satisfied with the status quo, Acrelec’s passion is in delivering breakthroughs that drive business results.

About Cherry Tree & Associates

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for attractive, entrepreneurially managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.