Ranger Energy Services, Inc. [NASDAQ: RNGR] disclosed Friday that it has acquired PerfX Wireline Services (PerfX). The firm has taken the step to expand its wireline services business. The acquisition of PerfX is the second acquisition of the firm in the latest week as the firm has earlier bought Patriot Completion Services.
The buying of Patriot Completion Services has executed on May 14th while the PerfX acquisition was finalized yesterday on July 8th, 2021. Both the acquisition has greater benefits for the firm. The combination of Patriot and PerfX considerably increases the scale and scope of its current Mallard wireline business.
The firm is striving to extend its range of services ahead of its current execution-oriented work to now include a full suite of production services as well as adding geographic diversity. If we look at both deals, the Patriot and PerfX deals add 55 wireline trucks, 10 cranes, and four pump-down pumps to Ranger’s current Mallard fleet of 13 wireline trucks and eight pumps.
Moreover, this buying will bring eight locations and 27 more customers, as well as full packages of other ancillary equipment. On the other hand, this buying adds considerable scale to Ranger’s current wireline business, expanding Mallard’s 13-unit count to a post-transaction total of 68 wireline trucks.
Furthermore, if we look at the combined basis, for both the Patriot and PerfX deal, Ranger has granted 2.256 million shares of Class A Common Stock signifying 12% of the Pro-forma, post-transaction outstanding Class A and B Common Stock. In Addition, Ranger has accepted a total of $12 million of light-duty vehicle leases and rolling-stock associated term debt.