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RailAmerica Inc. is a privately held company for the first time in more than 14 years.

Last month, the short-line holding company’s stockholders approved a merger agreement with Fortress Investment Group L.L.C., completing a deal the parties first proposed in November 2006. Certain private equity funds managed by Fortress acquired RailAmerica for $16.35 in cash for each share of common stock.

Change at top
In addition to a new owner, RailAmerica — which owns and operates 42 regionals and short lines in the United States and Canada — has a new chief executive officer. RailAmerica named John Giles CEO to succeed Charles Swinburn, who retired.

A 35-year railroad and transportation industry veteran, Giles most recently served as president and CEO of Great Lakes Transportation L.L.C., which Canadian National Railway Co. acquired in 2003.

He previously held various executive positions at CSX Transportation, including vice president of planning and performance improvement, and VP of sales and marketing.

RailAmerica also announced President and Chief Administrative Officer Donald Redfearn, and Chief Financial Officer Michael Howe had stepped down.

Redfearn joined the company when it was formed in 1992 and had served as president since June 2004. Howe joined the company in 2000 as VP of finance.