Greenfield, a Netherlands-based independent corporate finance boutique and private equity firm, today made between 80 and 100 times its money on Telfort, a mobile telephone network. It bought the firm 26 months ago for a net €12m ($14.5m) and has just sold it to KPN for up to €1.12bn.

Stef van Doesberg, a partner at Greenfield, told Financial News: "The offer KPN made was too good to turn down. The mobile telecommunications market is buoyant at the moment and with the fund moving into an exiting phase the time was right to sell Telfort."