OVERLAND PARK, Kan., April 24, 2017 /PRNewswire/ -- Tiger Cool Express ("TCX") announced today that it received commitments for significant additional equity funding from its private equity backers, Tiger Infrastructure Partners and Barings. TCX CEO, Tom Finkbiner, explained, "This capital infusion will allow TCX to continue its fast growth trajectory and facilitate TCX's goal of becoming the leading provider of temperature-controlled intermodal service in North America."
The Company also announced that Tom Finkbiner has been promoted to Chairman of TCX. Finkbiner, who will also continue to serve as CEO, indicated that he intends to step down as CEO during 2017 pending the recruitment of his successor. Finkbiner added, "Since founding TCX in 2013, we have built a world class business with almost $100 million in revenues, a fleet of over 700 state of the art refrigerated containers, a diversified group of customers, sophisticated IT infrastructure, and critical long-term rail relationships. It is the right time to plan for an efficient transition to the next leader of TCX. I plan to stay on as CEO until my successor is on-board and in my new role as Chairman in the longer term."
Additionally, Larry Shughart will be joining TCX as President. Mr. Shughart previously held prior roles at Worley Parsons and CSX among other roles. Finkbiner commented, "Larry's hire comes on the back of a number of internal promotions and hires in sales and operations as we continue to strengthen our organization."
About Tiger Cool Express LLC
Formed in 2013, Tiger Cool Express provides an innovative, lower cost, more reliable and environmentally friendly intermodal alternative to long-haul trucking transportation. The company's solutions overcome structural obstacles that have previously prevented temperature-controlled produce success. The Tiger Cool Express intermodal product provides competitive service levels and cost economies to truck. It utilizes premium trains, operated by its underlying railroad partners, along with pickup and delivery services provided by elite, local trucking firms. For more information visit: www.TigerCoolExpress.com.
Barings is a $280+ billion (as of March 31, 2017) global asset management firm and a member of the MassMutual Financial Group. Barings builds lasting partnerships that leverage the firm's distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 17 countries. Learn more at www.barings.com.
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is a middle-market private equity firm that invests in growing infrastructure platforms. The firm target investments in communications, energy, transportation, and related sectors. For more information visit: http://www.tigerinfrastructure.com
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SOURCE Tiger Cool Express