ICG Injects €75 Million of Fresh Equity Into Spain’s KronosNet

Intermediate Capital Group Plc has invested fresh equity into third-party business service provider KronosNet, according to a person familiar with the matter.

The €75 million ($77.4 million) cash infusion will be used to accelerate the company’s growth investments, the person said, asking not to be named as details of the transaction are private. The deal was first reported by credit news service Octus.

Spanish-headquartered KronosNet was created in 2022 through the merger of Konecta and Comdata, two separate outsourcing companies previously bought by ICG. The private equity firm had first invested in Konecta in 2019, while it took over ...