Ranger Energy Services said it will acquire the U.S. coiled tubing business of STEP Energy Services for approximately $27.5 million, comprising $22.5 million in cash and $5 million in equity based on a trailing 30-day volume-weighted average price.
The acquisition will be financed with revolver borrowings, pushing post-close debt to roughly $30 million. Closing is expected on or about September 11, 2026, subject to customary conditions and third-party consents.
The deal includes 13 coiled tubing spreads, related equipment and inventory, and COIL+ Extended Reach technology for deep-capacity applications. Ranger plans to hire about 220 coiled tubing professionals and support staff upon completion. STEP’s U.S. operations span five facilities from the Bakken region through South Texas, with its largest footprint in the Permian Basin.
Upon closing, the transaction will make Ranger the second-largest U.S. coiled tubing operator in the onshore market. The company projects the acquisition will add $80 million to $90 million in revenue and more than $10 million in EBITDA for 2027, representing roughly 2.5 times the expected EBITDA contribution. First-year cost synergies are estimated at least $2.5 million. Ranger expects the deal to be earnings accretive in 2027, with minimal 2026 impact as integration begins.
STEP Energy Services, originally founded in 2011 and headquartered in Canada, became privately held in 2025 and restructured in early 2026 through a merger of STEP, Sanjel Energy Services and Wayfinder Corp.
