Ranger Energy to Acquire STEP's U.S. Coiled Tubing Assets for $27.5M
RNGR sits 39% above its 52-week low of $11.88.
Summary
Ranger Energy Services agreed to acquire STEP Energy Services' U.S. coiled tubing assets for ~$27.5M, becoming the second-largest Lower 48 coiled tubing provider. The deal is expected to add $80–90M in 2027 revenue and >$10M in EBITDA.
Key Events · M&A and Partnerships · RNGR
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Acquires STEP U.S. Coiled Tubing Assets
Ranger agreed to acquire STEP Energy Services' U.S. coiled tubing, fluid and nitrogen pumping, and related well services business for approximately $27.5 million.
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Consideration Structure
The purchase price consists of $22.5 million in cash and $5 million in Class A common stock, with the share count based on a 30-day trailing VWAP prior to closing.
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Pro Forma Financial Impact
The acquired assets are expected to add $80–90 million of revenue and more than $10 million of EBITDA in 2027, including at least $2.5 million of first-year cost synergies.
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Funding and Leverage
The acquisition will be funded with revolver borrowings, with post-close borrowings expected to be approximately $30 million.
Analysis · RNGR · Energy & Transportation
Ranger Energy Services is acquiring STEP Energy Services' U.S. coiled tubing business for approximately $27.5 million — $22.5 million in cash and $5 million in stock. The deal positions Ranger as the second-largest coiled tubing operator in the Lower 48, adding 13 full spreads and roughly 220 professionals. Management expects the acquired assets to contribute $80–90 million of revenue and more than $10 million of EBITDA in 2027, with at least $2.5 million in first-year synergies. The transaction is expected to close around September 11, 2026, funded by revolver borrowings that will push post-close debt to roughly $30 million. This is a meaningful scale-up of Ranger's coiled tubing platform at a valuation of slightly more than 2.5x anticipated 2027 EBITDA.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 35.8% of the 1045 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, RNGR was trading at $16.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $387.3M. The 52-week trading range was $11.88 to $18.82. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.