Greenvale Capital (ACEL) discloses 7.3% passive stake in Accel Entertainment

Rhea-AI Filing Summary

Accel Entertainment, Inc. received an amended ownership report showing that Greenvale Capital LLP beneficially owns 6,059,407 shares of Class A‑1 common stock, representing 7.3% of the outstanding class. This percentage is based on 83,207,946 shares reported outstanding as of October 31, 2025.

Greenvale, an English limited liability partnership and investment manager authorized and regulated by the UK Financial Conduct Authority, holds these shares on behalf of certain funds and accounts. The firm certifies that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Accel Entertainment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Accel Entertainment, Inc.

(Name of Issuer)

Class A-1 Common Stock, par value $0.0001 per share

(Title of Class of Securities)

00436Q106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00436Q106

1

Names of Reporting Persons

Greenvale Capital LLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,059,407.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,059,407.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,059,407.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.3 %

12

Type of Reporting Person (See Instructions)

PN, FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Accel Entertainment, Inc.
(b)	Address of issuer's principal executive offices: 140 Tower Drive, Burr Ridge, Illinois 60527
Item 2.
(a)	Name of person filing: This filing is made by Greenvale Capital LLP, an English limited liability partnership ("Greenvale"), with respect to the shares of Class A-1 common stock, par value $0.0001 per share ("Common Stock") of Accel Entertainment, Inc. (the "Company") held by certain funds and accounts to which it serves as the investment manager. Bruce Emery, a citizen of the United Kingdom and the United States, indirectly controls Greenvale. Greenvale is sometimes referred to as the "Reporting Person." The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: 1st Floor, 1 Vere Street, London W1G 0DF, United Kingdom.
(c)	Citizenship: Greenvale is an English limited liability partnership.
(d)	Title of class of securities: Class A-1 Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 00436Q106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Greenvale is an investment manager, authorized and regulated by the Financial Conduct Authority in the United Kingdom which is comparable to the regulatory scheme applicable to the investment advisers covered by Item 3(e) above.
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 83,207,946 shares of Common Stock reported to be outstanding as of October 31, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ending September 30, 2025, filed with the Securities and Exchange Commission on November 4, 2025.
(b)	Percent of class: 7.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Greenvale is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Greenvale Capital LLP

Signature:	/s/ ANDREW WALL GREENVALE CAPITAL LLP
Name/Title:	ANDREW WALL, CHIEF OPERATING OFFICER
Date:	02/17/2026

FAQ

What stake does Greenvale Capital report in Accel Entertainment (ACEL)?

Greenvale Capital reports beneficial ownership of 6,059,407 shares of Accel Entertainment Class A‑1 common stock, representing 7.3% of the class. The percentage is based on 83,207,946 shares outstanding as of October 31, 2025.

What type of filing did Greenvale Capital submit for Accel Entertainment (ACEL)?

Greenvale Capital submitted an Amendment No. 2 to Schedule 13G, updating its beneficial ownership in Accel Entertainment. Schedule 13G is a passive ownership filing used when investors do not seek to change or influence control of the company.

How did Greenvale Capital describe its intent regarding Accel Entertainment (ACEL) shares?

Greenvale Capital certified the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of Accel Entertainment. It also states they are not held in connection with any control‑related transaction.

On whose behalf does Greenvale Capital hold Accel Entertainment (ACEL) shares?

Greenvale Capital holds Accel Entertainment common stock on behalf of certain funds and accounts for which it serves as investment manager. The filing notes these holdings while stating it should not be construed as an admission of beneficial ownership for all referenced persons.

What regulatory status does Greenvale Capital have in relation to this Accel (ACEL) filing?

Greenvale Capital is an investment manager authorized and regulated by the UK Financial Conduct Authority. It certifies that this regulatory regime is substantially comparable to that of functionally equivalent U.S. institutions referenced in the Schedule 13G ownership rules.

What share count did Greenvale Capital use to calculate its 7.3% ownership of ACEL?

The reported 7.3% ownership is calculated using 83,207,946 shares of Accel Entertainment Class A‑1 common stock outstanding. This figure comes from Accel’s Form 10‑Q, which reported that share count as of October 31, 2025.