Lightyear Capital last week closed its acquisition of Neff Corp. for $900 million. The deal included $464.5 million for the payment of Neff’s debts.
The acquisition also cashed out the company’s investors. Two years ago Odyssey Investment Partners paid $510 million to acquire Neff.
Shareholders will receive $25.95 per share, Neff executives said. Some Neff managers will keep a stake in the company including chairman Juan Carlos Mas, who will keep a stake worth slightly less than 5 percent. Mas recently stepped down as CEO, and former chief operating officer Graham Hood was named CEO.
Neff has 66 branches and more than 13,000 machines. Chairman Juan Carlos Mas last week said Neff’s income from operations in 2006 was $82.9 million. Neff Rental is No. 8 on the RER 100.
The company last week filed with regulators to withdraw plans to go public, after announcing plans to go public in May 2006 for the second time in its history.