JOC Staff | Feb 28, 2013 9:52AM EST
TBG Holdings has acquired Monkey Rock, which will be repositioned to compete in the short line and regional freight railroad industry.
The Fort Lauderdale, Fla.-based financial consulting firm’s management team will work immediately to transform Monkey Rock into a rail-focused holding company. As part of the transition, the new company will be renamed Continental Rail.
John Dent, Monkey Rock’s CEO who assisted in the transition of Monkey Rock, has resigned.
Wayne A. August, a 22-year veteran of the rail industry, has been named president of the new Continental Rail. He was most recently employed by Patriot Rail as vice president of corporate development. Prior to that, he was with RailAmerica for 10 years, where his last position was vice president of corporate strategy. He started his career in 1991 as a management trainee with CSX.
Tim Hart has been named as the new chief financial officer. He has more than 30 years of accounting and finance experience, including 10 years with KPMG. He has also worked with companies such as RailAmerica and Patriot Rail over the past 25 years.