Houston-based Ranger Energy Services, Inc. has acquired oil field services company, Patriot Completion Solutions LLC., expanding Ranger's wireline business while also preserving its balance sheet.
Ranger stated in a company release that the deal was done entirely in company stock which has become more common for oil and gas mergers and acquisitions amid the Covid-19 pandemic and related economic downturn. Patriot’s lack of debt made the deal attractive to Ranger, the company said.
“The addition of Patriot to our Ranger portfolio of companies checks a number of strategic boxes, said Darron Anderson, CEO of Ranger Energy Services. “Patriot brings an extremely talented and technical team to the Ranger family along with an asset base of 22 wireline units which significantly increases our fleet size and geographical reach.”
Patriot was a portfolio company under Houston-based private equity firm White Deer Energy.
“We are extremely proud to have represented White Deer, and our team thanks them for their partnership and continued support of Patriot and now Ranger," said Patriot CEO Dragan Cicvaric. "As we move into our next phase of growth, we are excited to be joining the Ranger family of companies. Ranger has demonstrated their knowledge and commitment to the wireline business through their Mallard brand. Their reputation and experience bring an extreme level of excitement and confidence to our team."
During Ranger’s first-quarter earnings call, management made note of potentially closing a wireline acquisition within days, along with the opportunity of closing a second deal in the upcoming months.
The company states that it remains committed to building a sustainable, high returns business centered upon top quality clients, excellent service and assets, effective technologies, efficient operations and processes, and ESG stewardship; and that it plans to continue pursuing additional strategic transactions.
