Co-founders Lynn Blevins and Jim Chappell started Canary in 1984. The company's name came from its canary yellow equipment. Blevins and Chappell will join the new company as vice presidents.
“We started out as a remanufacturing business, and we went on to get into the manufacturing business,” Chappell said. “Now we're manufacturing our own equipment and importing equipment from outside the United States.”
Chappell said he and Blevins were looking for a potential buyer.
“I'd met Dan (Eberhart) quite some years ago, and he remembered our company,” Chappell said. “He actually came to us. It worked out quite well.”
The Canary acquisition is the eighth for the former Frontier Energy Group in the last four years. Eberhart said the private company plans to continue acquisitions and may have an initial public offering.
“I was actually in New York talking to those types of folks yesterday,” Eberhart said Tuesday.
“I think that's something we would potentially look at, not something that's imminent whatsoever,” Eberhart said.