ICG invested in the business through its ICG Europe Fund VI, with the deal reportedly valuing the business at €200m.
The firm closed its sixth European fund at $3bn back in July 2015. It looks to invest in a range of sub-ordinated debt and equity instruments into European mid-market companies.
The company plans to use the new funds to finance its international expansion, with strategic acquisitions planned.
Garnica founder and CEO Pedro Garnica said, “ICG is the ideal background for Garnica right now. He is very experienced in supporting industrial companies internationally and a clear long – term mentality.
“We believe we can help expand, internationalization and diversification of the company in this new phase.”
Garnica expects to exceed €180m in turnover in 2016 according to reports in Spain.
Earlier this year, UK alternative investments manager ICG pulled in at least $367m for its latest secondaries fund.
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