Neff, an industrial equipment rental company taken out of
bankruptcy by Wayzata, filed on Wednesday with the SEC to raise up
to $100 million in an initial public offering, although the deal
size is likely just a placeholder. We estimate the company could
raise $200 million or more.
Neff originally went public in May 1998 but was delisted from the
NYSE in 2001. It was bought by Odyssey Investment Partners in 2005
for $510 million and filed for a $345 million IPO in May 2006 but
later withdrew. It was then sold to Lightyear Capital for $900
million in 2007. Neff filed for bankruptcy in 2010 as US
construction activity slowed during the financial crisis and the
company was acquired by Wayzata Investment Partners.
Neff has nearly $900 million of debt on its balance sheet after
Wayzata issued a $330 million distribution in June and $110 million
distribution in December.
The Miami, FL-based company, which was founded in 1988 and booked
$347 million in sales for the 12 months ended June 30, 2014, plans
to list under the symbol NEFF. Morgan Stanley, Jefferies, Piper
Jaffray, BofA Merrill Lynch and Wells Fargo Securities are the
joint bookrunners on the deal. No pricing terms were disclosed.
Bulldozer renter returns to IPO market; Neff
refiles for an IPO that could raise $200 million
originally appeared on IPO investment manager Renaissance Capital's
web site renaissancecapital.com.
The information and opinions expressed herein were prepared by
Renaissance Capital's research analysts and do not constitute an
offer to buy or sell any security. Renaissance Capital, the
Renaissance IPO ETF (symbol: IPO)
Global IPO Fund (symbol: IPOSX)
, may have investments in securities of companies mentioned.