Ranger Energy acquires American Well Services for $90.5M

6 days ago 6

TipRanks

Tue, November 11, 2025 astatine 5:55 AM CST 2 min read

Ranger Energy (RNGR) Services announced it has acquired American Well Services, a Permian Basin-focused good services provider, from Argonaut Private Equity. Strategic highlights include: Expands standard with rig number expanding astir 25% galvanizing Ranger arsenic the largest well-servicing supplier successful the little 48; represents a compelling valuation with full information of astir $90.5M, representing little than 2.5 times trailing EBITDA; generates accretion to net and currency travel instantly with expected synergies of $4M identified; expects aboriginal pro forma EBITDA to transcend $100M with higher net imaginable arsenic commodity prices recover; enables beardown pull-through gross opportunities to Ranger’s precocious specification rig conception with the summation of caller complementary work lines. The full information payable successful the acquisition is astir $90.5M, structured arsenic $60M successful cash, 2M shares of Ranger communal banal priced astatine $12.51 determined successful aboriginal woody discussions, and a $5M earn-out contingent connected AWS achieving $36M successful EBITDA successful the 12 months pursuing closing. The transaction is structured arsenic a currency free, indebtedness escaped acquisition with the currency information funded with currency connected the equilibrium expanse and borrowings connected the revolving recognition facility. Post-close, leverage is expected to beryllium astir $50M, inclusive of Ranger’s existing financing leases, putting Ranger’s leverage ratio astatine astir 0.4x and little than galore peers. On a pro forma basis, Ranger’s spell guardant EBITDA is expected to transcend $100M with net imaginable increasing importantly higher nether the close macroeconomic conditions. The transaction is expected to beryllium instantly accretive to net and escaped currency travel with expected yearly synergies of $4M to beryllium afloat realized earlier the extremity of 2026. Ranger was advised connected the transaction by Piper Sandler, with King & Spalding LLP serving arsenic ineligible counsel to Ranger. Sofos Law was ineligible counsel to AWS and Argonaut Private Equity.

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