Special Situations/Distressed • Business Services

Wayzata Investment Partners and Apollo Global Management Acquire Neff Rental

On August 19, 2010, private equity firm Wayzata Investment Partners and asset manager Apollo Global Management acquired business services company Neff Rental

Acquisition Context
  • This is Wayzata Investment Partners’ 1st and Apollo Global Management’s 1st transaction in the Business Services sector.
  • This is Wayzata Investment Partners’ 21st and Apollo Global Management’s 22nd transaction in the United States.
  • This is Wayzata Investment Partners’ 3rd and Apollo Global Management’s 1st transaction in Florida.
Investment Fate
  • Neff Rental was sold to a strategic buyer in 2017 for 1.3B USD.

Explore All 32 Special Situations/Distressed Business Services Deals - Search the Database Free


M&A Deal Summary

Date August 19, 2010
Target Neff Rental
Sector Business Services
Buyer(s) Wayzata Investment Partners
Apollo Global Management
Deal Type Special Situations/Distressed

Target Company

Neff Rental

Miami, Florida, United States
Neff Rental is a regional equipment rental company in the United States, focused on the fast-growing Sunbelt States. Neff Rental offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end-user markets including infrastructure, non-residential construction, energy, and municipal and residential construction.
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Buyers Overview 2

Buyer

Wayzata Investment Partners

Plymouth, Minnesota, United States

Investor


Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Wayzata Investment Partners is a private equity group focused on acquiring controlling interests in companies through distressed debt investing. The Firm targets companies valued between $100 million and $1 billion. Wayzata was formed in 2004 and is based in Wayzata, Minnesota.


Deal Context for Buyer #
Overall 22 of 26
Sector: Business Services 1 of 1
Type: Special Situations/Distressed 20 of 22
State: Florida 3 of 3
Country: United States 21 of 24
Year: 2010 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-19 The Ames Companies

Camp Hill, Pennsylvania, United States

The Ames Companies, Inc. is a manufacturer, marketer and distributor of non-motorized lawn and garden tools, wheelbarrows and hose reels. Ames products are marketed under the Ames, True Temper, Jackson and Garant brand names.

Sell $542M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-23 Smurfit-Stone Container

Chicago, Illinois, United States

Smurfit-Stone Container Corporation is one of the industry's integrated containerboard and corrugated packaging producers and one of the world's largest paper recyclers. Smurfit-Stone conducts its business in compliance with the environmental, health, and safety principles of the American Forest & Paper Association.

Sell $3.5B
Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


Deal Context for Buyer #
Overall 26 of 152
Sector: Business Services 1 of 7
Type: Special Situations/Distressed 3 of 6
State: Florida 1 of 3
Country: United States 22 of 108
Year: 2010 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-20 Gala Coral Group

Essex, United Kingdom

Gala Coral Group Ltd. is a fast growing UK retail gaming company, Gala operates successfully in the UK bingo casino, licensed betting offices and multimedia gaming markets. It is by some margin the largest bingo operator in the UK.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 Brit Insurance

London, United Kingdom

Brit Insurance's operations are primarily in London, although the group is headquartered in Amsterdam, Netherlands. The company writes a diverse portfolio of over 70 classes of insurance and reinsurance, which include accident and health, aerospace, marine, professional risks, liability, property and packages, war and terrorism, and small business insurance policies. The scope is wide-ranging from sole traders to the larger multinational corporations; from manufacturers to professional services; and from shops to satellites.

Buy £888M