Transaction year:
May 2014

Transaction type:
– Corporate Finance

Transaction sector:
– Business Services

TNO is the largest research institute in the Netherlands. Its goal is to develop knowledge and subsequently look for applications of its innovations in society and industries. TNO Companies, a subsidiary of TNO, is successfully applying new knowledge through various ventures and spin-outs. The portfolio of TNO Companies currently consists of approximately 45 companies with collective revenues amounting to EUR 175 million in 2013.

Vondel Finance has advised management in a strategic portfolio analysis.