Investment firm KKR has agreed to purchase a majority stake in payments firm heidelpay from AnaCap Financial Partners.

The size of the stake and the deal value were not revealed.

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heidelpay founder and CEO Mirko Hüllemann along with other key managers will serve as long-term shareholders.

The transaction is anticipated to complete in the first quarter of next year, subject to regulatory nod.

KKR member and head of EMEA financial services Daniel Knottenbelt said: “We look forward to working together with Mirko and his highly experienced management team to help heidelpay continue to grow.

“We see enormous growth potential both organically and through M&A across Europe.”

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Headquartered in Germany, heidelpay tends to both online and offline merchants through its payment processing services.

At present, the firm’s services are used by over 30,000 merchants.

AnaCap acquired a controlling stake in the payments firm in 2017.

Since then, heidelpay made several purchases including Alpha-Cash Payment, UNIVERSUM Group, and mPAY24.

Hüllemann noted: “We set out to become a market leader in omni-channel payment processing across the DACH region and with AnaCap’s powerful support we have reached our goal in a very short time frame.

“We are very excited to have attracted renowned global investor KKR to support us in the next stage of our growth journey.

“With its long-standing experience in financial services and technology, and its deep international network, we firmly believe that KKR will help us approaching larger customers and shaping the payment landscape globally.”