RAILAMERICA ACQUIRES PARKSIERRA, APPOINTS EXECUTIVES
RailAmerica Inc., a short-line and regional railroad operator, has agreed to acquire the stock of ParkSierra Corp., which operates three railroads on the U.S. West Coast, for $48 million.
Boca Raton, Fla.-based RailAmerica will pay $23 million in cash and assumption of debt, and issue $25 million of common stock to the ParkSierra shareholders. The transaction, subject to regulatory approval and other customary closing conditions, is expected to be completed within 60 to 90 days.
RailAmerica has also made a number of executive appointments.
Alfred M. Sauer has been promoted to the newly created position of senior vice president, marketing and sales. He has served as chief commercial officer for RailAmerica’s North American rail group since 1995, most recently as vice president, business development.
Matthew J. Devine has joined RailAmerica as vice president of corporate development. He had served as vice president and treasurer of Schneider Logistics Inc., and director of financial analysis and business solutions for Crowley Maritime Corp.
Sandy Franger has been promoted to the newly created position of vice president contracts and interline agreements. Formerly assistant vice president of business development, she joined RailAmerica in February 2000 with the acquisition of RailTex.
Marc Jacobowitz has been promoted to vice president tax. He joined RailAmerica in 1997.
Tom Owen has joined the company as vice president marketing and sales for RailAmerica’s central U.S. rail operations. Ray Sharp, formerly vice president of the Pacific region, has been named vice president marketing and sales for RailAmerica’s western U.S. rail properties. Peter Valade has been promoted to vice president marketing and sales for RailAmerica’s rail subsidiaries across all of Canada and the eastern United States.