The Bristow Group has 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.

Berry Aviation will add differentiated special mission capabilities and long standing relationships with U.S. defense and government customers, further strengthening Bristow's Government Services offerings. Headquartered in San Marcos, Texas, Berry Aviation operates a fleet of more than 20 aircraft primarily providing government and defense aviation services across multiple countries. Through its Government Services offering, Berry Aviation provides a broad range of aviation services, such as special missions, intelligence, surveillance and reconnaissance operations, maintenance, repair and overhaul services, training and mission support, and unmanned aerial systems design and development capabilities, which collectively make up approximately 72% of Berry Aviation's revenues. Berry Aviation's remaining revenues consist of on-demand cargo logistics for blue chip end-customers and aftermarket supply-chain aviation solutions.

"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," said Chris Bradshaw, President and Chief Executive Officer of Bristow. "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."

In a separate initiative, Bristow announces plans to Exit Norway Offshore Energy Services Business and is pursuing the sale of its Norway Offshore Energy Services business as part of its longstanding portfolio optimization 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.