KKR's Heidelpay invests in Tillhub

Unquote sister publication Mergermarket reported in April 2020 that Heidelpay was seeking to make add-on acquisitions to move into new geographies and new customer segments. The investment in Tillhub is the first during KKR's investment period.

KKR bought a majority stake in Heidelpay from Anacap in August 2019 for around €750m, supported by debt from Alcentra, Goldman Sachs and Partners Group. KKR deployed equity from its fifth European fund, which held a final close in November 2019 on €5.8bn.

Heidelpay reported revenues of €90m in 2019, compared with €45m in 2018. Its 2019 EBITDA was €40.5m.

Previous funding
Elavon, Mueller Medien and Main Incubator led a €4m funding round for Tillhub in 2018.

Company
Tillhub produces iPad-based contactless payment software that allows companies to record sales data and produce financial reports. Its client base includes florists, bakeries, hairdressers and jewellers, according to its website. Based in Berlin, Tillhub was founded in 2015 and employs 60 people.

People
Tillhub – Tim Seithe (founder, managing director).
Heidelpay – Mirko Hüllemann (CEO).
KKR – Daniel Knottenbelt (head of EMEA financial services).

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