A business to business enterprise, the company currently serves the construction, industrial, government, oil and natural gas markets.
Neff Rental's History
Neff Rental traces its history to two companies, MP Equipment, which was founded in 1988 by the Mas family and Jose Perez, a former Hertz executive, and Neff Machinery, a John Deere dealership with locations throughout South Florida. In 1989, Neff Machinery was purchased by the Mas family and merged with MP Equipment to create Neff Rental.
Throughout the 1990s, Neff Rental grew quickly, strategically acquiring rental equipment companies in sunbelt states and opening rental branches in high-growth markets, eventually growing to a size that allowed it to go public in 1998. During the economic downturn and subsequent non-residential construction slowdown in the early 2000s, Neff Rental became a private company again, allowing it to focus on internal issues. The company’s operations were restructured, it increased operating efficiencies, invested in the areas of sales and training, and remixed its inventory to focus more on the earthmoving sector.
When the non-residential construction ramped up in 2004, Neff Rental was positioned for growth. Through rental fleet and rate growth, coupled with operational discipline, Neff became an industry leader in revenue and margin growth.
In 2005 and 2006 Neff began to add to its network of branches, adding new locations in Washington, D.C., and Port St. Lucie, as well as acquiring a metro-Sacramento rental company, Valley Rents, increasing its branch network to 66 locations in 14 states.
In June 2005, Neff Rental was acquired by Odyssey Investment Partners, a New York-based private equity firm.
In June 2007, Neff Rental was acquired by New York-based Lightyear Capital LLC, a private equity firm that provides buyout and growth capital to companies in the financial services industry.
Our industry provides construction equipment to end-users through renting. We purchase our rental items from top name manufacturers of quality machinery. Our expertise involves customer service. We not only supply the equipment to be used, but also the maintenance and transportation services necessary, helping to coordinate timely equipment needs to get jobs done effectively.
This is a growth industry. The many costs involving equipment ownership have slowly led end-users to recognize the value of renting. Over time, more and more construction companies and industrial users are relying on rentals as opposed to purchasing their own inventory. And, this concept continues to grow which provides us with our opportunity.
What does this mean to a Neff employee? First of all, it is exciting being involved within a growth industry because we have the ability to grow our own company. This is our intent. And, with company growth we can provide security and growth to our people. And, this provides the opportunities for our personnel to advance their skills, positioning and earnings.
And, though our industry’s revenues have grown dramatically over the past twenty years, there is more good news. Projections indicate continued growth involving our services for many years to come. This is a fast-paced industry that will provide our employees with continuing opportunities for personal growth.
Our culture can best be described as a shared commitment to both our people and our customers. Our goal is to be the best equipment rental company, not the largest. And, we pursue this mission by caring for our people who, in turn, dedicate themselves to serving customers by developing and maintaining long-term relationships. Our work environment is structured around mutual trust and respect for one another. Teamwork is genuine, necessary and provides an atmosphere where employees seek to help one another develop their capabilities. Nobody goes unrecognized or gets lost in the system.