Bristow Group to Acquire Berry Aviation, Expanding Government Services Platform

Bristow Group Inc. has announced a definitive agreement to acquire Berry Aviation, Inc. from Acorn Capital Management for $105 million in an all-cash transaction. The acquisition, which is subject to customary purchase price adjustments, is aimed at enhancing Bristow's Government Services offerings by adding specialized mission capabilities and long-term relationships with U.S. defense and government customers.

Berry Aviation operates a fleet of over 20 aircraft and provides a variety of government and defense aviation services across multiple countries. Approximately 72% of its revenues come from Government Services, which include special missions, intelligence, surveillance and reconnaissance operations, maintenance, repair and overhaul services, and unmanned aerial systems capabilities.

Chris Bradshaw, President and CEO of Bristow, stated that the acquisition aligns Bristow's portfolio with significant megatrends such as increasing geopolitical risk and rising defense spending. He emphasized that it will position Bristow to compete for long-term government programs while diversifying the company's revenue streams and enhancing its EBITDA margin profile.

In conjunction with this acquisition, Bristow is also planning to exit its Norway Offshore Energy Services business. This move is aligned with Bristow's strategy to optimize its portfolio by focusing on sectors with attractive margin profiles. The combination of acquiring Berry Aviation and divesting the offshore energy services business is expected to significantly alter Bristow's revenue mix toward more reliable, contracted government services.

The acquisition is projected to close in the third quarter of 2026, pending the satisfaction of customary conditions, and will be financed using cash on hand. Berry Aviation's leadership team is expected to remain in their positions after the transaction.