Not long ago, the private equity firm, Fortress Investment Group LLC (NYSE: FIG), appeared to be in deep trouble. But things are looking better now, as the stock price has gone from $1 to $4.65 this year.

In fact, Fortress is now pulling the trigger on some deals. Just this week, the firm teamed up with Crestview Partners LP and Lightyear Capital LLC to invest $450 million in First Southern Bancorp (Lightyear is operated by Donald Marron, who was the former chief of PaineWebber Group).

Neff Corp. is one of the largest equipment rental companies in the U.S. Its big focus is on "earthmoving equipment," and it has more than 20,000 customers.

About a year ago, the company filed to go public. However, there wasn't much traction on the offering.

Then again, an IPO filing may be a clever way to elicit buyout offers. And, yes, that's what happened with Neff.

Private equity firm Lightyear Capital paid about $900 million for Neff this week. The prior owner was actually another private equity firm, Odyssey Investment Partners.

While Neff has a large footprint, the business has been volatile. But, it does help that the company is not focused on residential real estate.

It's a good bet we'll see Neff try again for an IPO -- but it could take a couple years.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.