(World Oil) – Ranger Energy Services, Inc. announced an agreement to acquire American Well Services (AWS) from Argonaut Private Equity in a transaction valued at approximately $90.5 million, expanding Ranger’s well-servicing scale by roughly 25% and positioning it as the largest well services provider in the Lower 48.
The acquisition strengthens Ranger’s presence in the Permian Basin, adds complementary service lines, and is expected to be immediately accretive to earnings and cash flow. Ranger identified $4 million in annual synergies and projects pro forma EBITDA to exceed $100 million as market conditions improve.
The deal consists of $60 million in cash, 2 million shares of Ranger stock, and a $5 million performance-based earn-out contingent on AWS achieving $36 million in EBITDA within the first year. Post-close, Ranger’s leverage ratio is expected to remain conservative at 0.4x, with the company maintaining capacity for continued share repurchases and balance-sheet flexibility.
Ranger CEO Stuart Bodden said the acquisition “marks another foundational step in Ranger’s growth journey,” citing the transaction as a disciplined use of capital that enhances scale, efficiency, and technology-driven service capabilities.
