Anacap exits Heidelpay to KKR

Katharine Hidalgo
05 August 2019

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Anacap has sold its majority stake in payment services provider Heidelpay to KKR.

The deal is said to value the company at €700-800m, based on expected EBITDA of €40.5m and revenues of €90m for 2019, according to Unquote sister publication Mergermarket. The company generated revenues of €15m in 2016 and €5m in EBITDA.

KKR will use KKR European Fund V, which held an interim close on €4.7bn in April 2019.

Heidelpay CEO and founder Mirko Hüllemann and other managers will retain a minority share.

Anacap hired JP Morgan and Corestar to begin a sale process for the company in November 2018, according to Mergermarket. The process saw corporate bidders Nets and Worldline, and financial investors EQT, KKR and Nordic Capital as final round bidders for the company, according to Mergermarket.

In addition to pursuing a buy-and-build strategy throughout its holding period, Anacap also developed the company's platform and proprietary technology.

The transaction is subject to approval from regulatory authorities and is expected to close in the first quarter of 2020.

Previous funding
Anacap acquired a majority stake in Heidelpay in 2017, drawing equity from Anacap Financial Partners III. The vehicle closed on €850m in February 2016 and was 48% deployed as of April 2019.

During its two-year holding period, Anacap completed seven bolt-ons for the company, including financing the acquisition of Startec, MPay24, Universum and Alpha-Cash.

Company
Founded in 2003, Heidelpay offers a range of payment processing services to both merchants with a physical presence and online. It handles 200 payment methods and counts L'Oreal, Diageo and Sueddeutsche Zeitung as clients. Based in Heidelberg, the company employs more than 400 people.

People
KKR – Daniel Knottenbelt (head, EMEA financial services).
Anacap – Tassilo Arnhold (managing director).
Heidelpay – Mirko Hüllemann (founder, CEO).

Advisers
Vendor – JP Morgan (corporate finance); Corestar (corporate finance).