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TBG Holdings Corp. yesterday announced it acquired Monkey Rock and will reposition the firm as a short-line holding company renamed Continental Rail Corp.

TBG Holdings also announced that Monkey Rock Chief Executive Officer John Dent has resigned after assisting in the transition. To helm the new company, TBG Holdings tabbed Wayne August to serve as president of Continental Rail.

A 22-year rail industry veteran, August most recently was vice president of corporate development for Patriot Rail Corp., where he led acquisition efforts that helped the company become a leading short-line holding company. He previously served RailAmerica Inc. for 10 years, lastly as VP of corporate strategy. August began his rail career in 1991 as a management trainee with CSX Corp.

"Our main goal at this point is to acquire short line railroads and improve them through quality customer service, increased carloads and operating efficiencies," said August in an email.

TBG Holdings also named Tim Hart chief financial officer. He has more than 30 years of accounting and finance experience, including 10 years with KPMG, and stints at RailAmerica and Patriot Rail.