Bristow Group announced that it has entered into a definitive agreement to acquire Berry Aviation from Acorn Capital Management for $105 million, subject to customary purchase price adjustments, in an all-cash transaction.
The acquisition expands Bristow’s Government Services platform by adding special mission aviation capabilities and long-standing relationships with U.S. defense and government customers. Bristow said the deal is expected to enhance the quality of its earnings by increasing exposure to contracted government services and multi-mission aviation activities.
Headquartered in San Marcos, Texas, Berry Aviation operates a fleet of more than 20 aircraft and primarily provides government and defense aviation services across multiple countries. The company’s Government Services offering includes special missions, intelligence, surveillance and reconnaissance operations, maintenance, repair and overhaul services, training and mission support, and unmanned aerial systems design and development capabilities.
Government Services account for approximately 72% of Berry Aviation’s revenues. The remaining revenue comes from on-demand cargo logistics for blue-chip end customers and aftermarket supply-chain aviation solutions.
Berry Aviation has experience supporting all branches of the U.S. military and has customer relationships with organizations including the U.S. Army, U.S. Air Force, U.S. Special Operations Command, and U.S. Transportation Command. The company also brings certifications and authorizations such as Commercial Airlift Review Board certification, Commission on Accreditation of Medical Transport Systems certification, Part 135 Airdrop authorization, the ability to operate in GPS-denied airspace, and a specialized workforce.
In 2025, Berry Aviation generated total revenue of approximately $108 million. Bristow said the acquisition is expected to be immediately accretive to earnings and free cash flow while supporting its EBITDA margin profile.
The transaction is also expected to strengthen Bristow’s positioning in unmanned and next-generation aviation opportunities. Berry Aviation’s unmanned aerial systems design and development capabilities are expected to enhance Bristow’s ability to support evolving mission requirements, including lower-cost intelligence, surveillance and reconnaissance options.
Following the closing, Bristow expects Berry Aviation’s leadership team to remain in their roles. Bristow also intends to maintain a strong presence at Berry Aviation’s existing facilities across its operational footprint.
The acquisition is expected to close in the third quarter of 2026, subject to customary closing conditions. Bristow plans to fund the transaction with cash on hand.
In a separate initiative, Bristow also announced plans to exit its Norway Offshore Energy Services business as part of its portfolio optimization strategy. The company said the planned exit is consistent with its strategy to deploy assets in markets with attractive margin profiles and value-accretive returns on capital.
Taking into effect both the pending acquisition of Berry Aviation and the potential sale of Bristow’s Norway Offshore Energy Services business, Bristow’s 2025 pro forma revenue mix would have been approximately 54% Offshore Energy Services, 35% Government Services, and 11% Other Services. This compares to the company’s actual 2025 revenue mix of 66% Offshore Energy Services, 26% Government Services, and 8% Other Services.
Solomon Partners Securities is serving as financial advisor to Bristow, and Baker Botts is serving as legal advisor to Bristow in connection with the proposed acquisition of Berry Aviation. Pareto Securities is serving as financial advisor to Bristow, and Simonsen Vogt Wiig is serving as legal advisor to Bristow in connection with the planned sale of its Norway Offshore Energy Services business. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Bristow.
KEY QUOTES:
“The acquisition of Berry Aviation, an established special mission aviation services provider, further aligns Bristow’s portfolio with key megatrends: increasing geopolitical risk, rising defense spending and the continued outsourcing of mission-critical aviation services.”
“Berry Aviation’s deep expertise, proven technical capabilities across a range of mission-critical operations and strong customer relationships are complementary to our existing Government Services operations, better positioning Bristow to compete for long-duration government programs.”
“While Bristow remains the premier provider of offshore energy aviation services, this transaction comes at an important time as we are evolving our business mix to include more durable, contracted revenue streams and building a more resilient and diversified platform to deliver attractive long-term growth and shareholder value. We look forward to welcoming Berry Aviation’s team to Bristow and working together to build on their strong foundation.”
Chris Bradshaw, President and Chief Executive Officer of Bristow
