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April 24, 2017 11:00 AM, EDT

Tiger Cool Express Receives Funding, Hires President

Tiger Cool Express, a provider of refrigerated intermodal service launched in 2013, has received “significant” additional equity funding from the company’s private equity backers, according to CEO Tom Finkbiner, who also said that he plans to step down later this year after a successor is found.

The size of the new equity capital investment was not disclosed.

Finkbiner, who will stay on as chairman of the Overland Park, Kan.-based company, said the infusion of capital from Tiger Infrastructure Partners and Barings “will allow Tiger Cool Express to continue its fast-growth trajectory and facilitate the goal of becoming the leading provider of temperature-controlled intermodal service in North America.”

Tiger Cool Express operates a fleet of more than 700 refrigerated containers to move food and beverage products by rail and generates revenue of almost $100 million annually.

“It is the right time to plan for an efficient transition to the next leader of TCX,” Finkbiner said in a statement April 18. “I plan to stay on as CEO until my successor is on board and in my new role as chairman in the longer term.”

The company also announced the hiring of Larry Shugart as president, which, along with additional internal promotions and new hires in sales and operations, is expected to strengthen management of the organization.

Shugart headed the railway consulting practice at engineering and consulting firm WorleyParsons for eight years. He also is a former network operations director at CSX Corp.