Gordon Brothers, the global advisory, restructuring and investment firm, will serve as Ranger Energy Services Inc.’s agent in the disposition of excess oil field services equipment and operating assets the company purchased through the Basic Energy Services Inc. bankruptcy process.
Gordon Brothers will dispose of assets including, but not limited to, light duty vehicle and tractor fleets, workover rig engines and transmissions and related ancillary and support equipment excess to Ranger Energy Services’ continuing operations.
“Gordon Brothers is pleased to provide a creative solution and assist Ranger in the disposition of these assets,” said Bob Maroney, President, Commercial & Industrial at Gordon Brothers. “This is an exciting part of a broader strategy to create value, maximize liquidity and support growth for our client.”
“Ranger Energy Services is looking forward to working with Gordon Brothers in a joint effort to quickly and efficiently monetize this significant quantity of idle assets,” said Stuart Bodden, CEO at Ranger Energy Services. “We appreciate Gordon Brothers’ vision in bringing a creative, structured solution to the table and facilitating an additional source of value capture in our Basic Energy Services transaction.”
Gordon Brothers specializes in structuring complex, multi-asset transactions within the commercial and industrial sector, serving as a strategic partner to help companies and their investors during times of transformation. Across virtually all commercial and industrial sectors, the firm leverages decades of experience buying, selling, operating and valuing assets throughout North America, Australia, Brazil, Europe, Japan and the U.K.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, operations and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with over 30 offices across five continents.
About Ranger Energy Services Inc.
Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The Processing Solutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment.