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Tiger Cool Express (TCX) has received commitments for "significant additional equity funding" from its private equity backers Tiger Infrastructure and Barings, the company announced yesterday.The capital infusion will enable the intermodal company to continue its fast-paced growth, said TCX Chief Executive Officer Tom Finkbiner in a press release.Also yesterday, TCX announced that Finkbiner has been promoted to chairman and will step down as CEO in 2017 pending the recruitment of a successor. In addition, Larry Shugart is joining the company as president."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 relationships," said Finkbiner. "It is the right time to plan for an efficient transition to the next leader of TCX."Shugart previously held roles at Worley Parsons and CSX Corp."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," Finkbiner said.
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