Bristow Group has entered into a definitive agreement to acquire Berry Aviation from Acorn Capital Management for USD 105 million, subject to customary purchase price adjustments, in an all-cash transaction.
Berry Aviation will add differentiated special mission capabilities and long-standing relationships with US defence and government customers, further strengthening Bristow’s Government Services offerings.
The acquisition is expected to enhance the quality of Bristow’s earnings through increased exposure to contracted Government Services and multi-mission aviation activities, supporting a more durable and balanced business profile.
Headquartered in San Marcos, Texas, Berry Aviation operates a fleet of more than 20 aircraft primarily providing government and defence aviation services across multiple countries. Through its Government Services offering, the company provides a broad range of aviation services, such as special missions, intelligence, surveillance and reconnaissance (ISR) operations, maintenance, repair and overhaul (MRO) services, training and mission support, and unmanned aerial systems (UAS) design and development capabilities, which collectively make up approximately 72% of its revenues.
Berry Aviation’s remaining revenues consist of on-demand cargo (ODC) logistics for blue chip end-customers and aftermarket supply-chain aviation solutions.
Chris Bradshaw, President and Chief Executive Officer of Bristow, said: “The acquisition of Berry Aviation, an established special mission aviation services provider, further aligns Bristow’s portfolio with key megatrends: increasing geopolitical risk, rising defence 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 programmes.
“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.”
Bristow expects Berry Aviation’s leadership team to remain in their roles post-closing. In addition, Bristow 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 the satisfaction of certain customary closing conditions. Bristow intends to fund the transaction with cash on hand.
Planned exit from Norway Offshore Energy Services business
In a separate initiative, Bristow is pursuing the sale of its Norway Offshore Energy Services business as part of its longstanding portfolio optimisation strategy.
The exit is consistent with Bristow’s ongoing strategy to deploy its assets in markets with attractive margin profiles and value-accretive returns on capital. Bristow remains focused on growing its Offshore Energy Services business in markets that meet its financial return parameters. Bristow expects to continue pursuing other opportunities in Norway, such as those in the Advanced Air Mobility space.
The timing and structure of any sale transaction remain subject to market conditions and other considerations.
