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. This acquisition, which was disclosed on June 23, 2026, is expected to enhance Bristow's Government Services offerings and diversify its revenue streams, reflecting a strategic pivot towards more stable, contracted government services.

Berry Aviation, headquartered in San Marcos, Texas, operates a fleet of over 20 aircraft and provides a range of aviation services, primarily focused on government and defense sectors. Approximately 72% of Berry Aviation's revenues are derived from special missions, intelligence, surveillance, reconnaissance (ISR) operations, maintenance, repair and overhaul (MRO) services, training, and unmanned aerial systems (UAS) design and development. The firm has established long-term relationships with key U.S. defense and government customers, including branches of the military, which positions it as a valuable asset for Bristow.

The strategic rationale behind this acquisition lies in Bristow's intent to bolster its capabilities in government services amid increasing geopolitical risks and rising defense spending. By integrating Berry Aviation's specialized mission capabilities and customer relationships, Bristow aims to enhance its competitive positioning within the government services sector. This move aligns with Bristow's ongoing strategy to shift its revenue mix away from offshore energy services, as evidenced by its planned exit from the Norway Offshore Energy Services business.

Financially, the acquisition is expected to be immediately accretive to Bristow's earnings and free cash flow, while also improving its EBITDA margin profile. Berry Aviation reported total revenues of approximately $108 million in 2025, suggesting that the integration of its operations will provide a significant boost to Bristow's financial performance. The transaction is anticipated to facilitate a more balanced business profile, with a projected revenue mix of approximately 35% from government services post-acquisition, compared to the current 26%.

In the broader market context, this acquisition underscores a growing trend among aviation service providers to enhance their capabilities in government and defense-related services. As defense budgets expand and the demand for specialized aviation services increases, companies like Bristow are positioning themselves to capitalize on these opportunities. The integration of Berry Aviation's capabilities will not only strengthen Bristow's existing operations but also enable it to pursue emerging opportunities in unmanned and next-generation aviation technologies, further solidifying its role as a leading provider in the sector.