Wayzata-backed Neff files for $100m IPO


NeffWayzata Investment Partners-backed industrial equipment rental business Neff Corp has filed to raise $100m through an IPO.

Lightyear Capital and Norwest Equity Partners were among a buyout group with bought the business for about $900m in 2007, but Wayzata took control when the business filed for Chapter 11 bankruptcy in 2010.

The company made a net loss of $17.4m in the first six months of the year, down from a $13m profit in the same period in 2013.

Earlier in the summer private equity firm American Securities acquired Wayzata-owned Grede, which makes cast, machined and assembled components for transportation and industrial markets.

The company operates 17 facilities in North America and has annual frevenues of over $1bn.

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