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In October, ACFN Franchised Inc. formalized its preferred-vendor status in an agreement with Aimbridge Hospitality, a global hospitality company with approximately 1,500 branded and independent properties.
ACFN is the only company providing ATM services to be granted preferred-vendor status by Aimbridge. The agreement came just as both companies made headway on ambitious growth plans.
ACFN Becomes An Official Preferred Vendor As Ambridge Enters Rapid Expansion Phase
Aimbridge reportedly saw major growth in 2021 and 2022. The hospitality company expanded its operational divisions to focus on acquisitions and growth across multiple geographical regions and hospitality verticals, including the addition of dozens of extended-stay properties through its partnership with Three Wall Capital and its entry into the Mexican market with the acquisition of Grupo Hotelero Prisma’s portfolio of 42 properties. Going into 2023, the hospitality company is continuing to invest in new acquisitions, especially focused on continued expansion across Latin America and Europe.
“As the official preferred vendor, ACFN is excited about the new opportunities for ATM placements across Aimbridge’s rapidly expanding portfolio of properties,” said Jeffrey Kerr, Founder and CEO of ACFN.
ACFN Is Also Building Expansion Momentum Of Its Own
While expansion plans for the largest hospitality-management group in the world are good news for ACFN, the company isn’t solely riding the momentum of its biggest corporate clients. Since its founding in 1996, ACFN has grown into a leader in the ATM industry, providing full-service ATM placements for its 2,700 corporate clients across the nation, including major hotel companies like Aimbridge, Hilton Hotels & Resorts and IHG Hotels & Resorts.
That’s largely thanks to strong organic growth generated by ACFN’s inside marketing team. “In 2018 and 2020 ACFN completed two acquisitions that added over 450 new locations to our portfolio and increased transaction volume by 26.5%,” said Kerr. Notable deals in the last 30 days include two new deals to install ATMs at Fairmont Century Plaza in Los Angeles and Hilton New York Times Square in New York City.
Now, the company has launched a crowdfunding campaign to raise up to $5 million to fund more acquisitions as it prepares for an influx of new opportunities. The opportunities are the result of the global mergers and acquisition (M&A) market seeing an uptick in deal volume and a decline in average deal value. With M&A activity trending toward smaller but more frequent deals, ACFN already has three more distinct opportunities in its sights.
The deals the company hopes to fund with this latest round of crowdfunding are aimed at scaling its business by absorbing competitors that have been hit hard by soaring fuel prices and inflation. In addition to acquiring direct competitors, ACFN is working on adding new revenue streams, including the recent addition of cell phone charging stations and pharmacy vending machines to its product line.
Founded in 1996 and franchised in 2003, ACFN Franchised Inc. (“ACFN”) provides services to 2,700+ businesses in 46 states in collaboration with our network of 220+ franchise owners.Since inception, ACFN has provided a cumulative $5,000,000,000 of spending power to support and increase sales for our partner businesses. In just the last 12 months a total of $367,566,000 was dispensed through our network, generating more than $14,500,000 in fee revenue for ACFN.
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Contact Details
Jeffrey Kerr
Investor-Relations@acfn-solutions.com
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/aimbridge-hospitality-the-largest-hospitality-management-group-worldwide-selects-acfn-as-preferred-vendor-opening-up-new-growth-opportunities-554758698
