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TBG Holdings Acquires Monkey Rock to Enter Railroad Industry
TBG Holdings Corp. has acquired Monkey Rock and will reposition the company to compete in the fast growing short line and regional freight railroad industry. It also announced that MKRO CEO John Dent has resigned from the company.
The TBG management team will immediately work to transform MKRO, which is a fully reporting non-operational entity, into a rail-focused holding company. As part of the transition, the new company will be renamed Continental Rail Corp.
The newly-appointed President of Continental Rail Corp. will be Wayne A. August, a 22-year veteran of the rail industry. Mr. August is an accomplished executive who has successfully coordinated several M&A transactions during his career. Most recently he was employed by Patriot Rail Corp. as Vice President of Corporate Development. At Patriot, he led the acquisition efforts that resulted in the company’s growth to one of the leading short line holding companies in the U.S. Prior to that, he was with RailAmerica for 10 years where his last position was Vice President - Corporate Strategy. He started his rail career in 1991 as a management trainee with CSX Corp. He has senior management experience in several areas, including M&A, financial planning, investor relations and strategic planning. Mr. August holds an MBA from Duke University’s Fuqua School of Business and a BS in Engineering from the University of Florida.
Alongside Mr. August will be newly-appointed Chief Financial Officer Tim Hart. Mr. Hart has over 30 years of accounting and finance experience, including 10 years with KPMG, one the world’s largest international public accounting firms. He also has an accomplished background and a comprehensive understanding of the railroad industry, working with companies such as RailAmerica and Patriot Rail Corp. over the past 25 years. Mr. Hart holds a bachelor’s degree in Accountancy, Economics and Business Administration from Thomas More College, and has been a Certified Public Accountant since 1984.
Neil Swartz, Chairman and CEO, said, “We are pleased to have Wayne join Continental Rail Corp. and lead our efforts to acquire short line freight railroads and rail-related businesses. He has a proven track record and the experience to get the job done. Combined with Tim’s financial expertise, we have the beginnings of a great management team. I am confident that this transition of MKRO to the fast growing rail industry will be a positive one for all shareholders.”