In its eighth acquisition in four years, Frontier Energy Group, LLC has purchased Oklahoma City-based Canary Wellhead as part of the company’s strategy to buy highly regarded oilfield service (OFS) brands that expand the company’s footprint and service offerings. Effective today, the company will operate under the name Canary, LLC (www.canaryusa.com), headquartered in Denver.
“The new Canary will compete nationally with the biggest multinationals, while still providing the high level of care and attention that our customers have come to expect.”
The multi-million dollar agreement creates a $100 million revenue company with 26 locations across the United States, servicing customers in every major shale oil and gas region. Already the largest OFS provider in North Dakota’s Bakken, the transaction makes the new company one of the largest privately held OFS companies in the nation.
“Canary Wellhead enables Frontier to further its acquisition strategy to operate in all major plays and provides our customers with one-stop shopping and in-house design and build capabilities,” says Frontier CEO Dan Eberhart. “The new Canary will compete nationally with the biggest multinationals, while still providing the high level of care and attention that our customers have come to expect.”
The acquisition joins two long-standing companies with more than 50 years of industry expertise, and is expected to boost the new company’s profitability by 50 percent. Canary LLC’s customer base will approximate 900 customers of all sizes, including such brands as Hess, ExxonMobil, Chevron and ConocoPhillips. CEO Dan Eberhart will lead Canary, LLC with Canary Wellhead officers, Lynn Blevins and Jim Chappell, joining the new team as vice presidents.
Source: Business Wire
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