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.

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.”