Houston – October 11, 2026 -- Bristow Group (NYSE: VTOL) has signed a definitive agreement to acquire Berry Aviation from Acorn Capital Management for $105 million in cash, subject to customary purchase price adjustments, and plans to sell its Norway Offshore Energy Services business. The two moves would cut Bristow's offshore energy share of revenue to about 54% on a 2025 pro forma basis, from an actual 66%.
Berry Aviation adds about $108 million in revenue, 72% of it from government work
San Marcos, Texas-based Berry Aviation operates more than 20 aircraft and generated total revenues of approximately $108 million in 2025. Government Services make up roughly 72% of that revenue. The segment covers special missions, intelligence, surveillance and reconnaissance (ISR), maintenance, repair and overhaul, training, mission support, and unmanned aerial systems design and development. The remainder comes from on-demand cargo logistics and aftermarket supply-chain aviation solutions.
Berry Aviation's customers include the U.S. Army, U.S. Air Force, U.S. Special Operations Command and U.S. Transportation Command. Its certifications include Commercial Airlift Review Board (CARB), Commission on Accreditation of Medical Transport Systems (CAMTS), Part 135 Airdrop authorization, and the ability to operate in GPS-denied airspace.
Pro forma revenue mix shifts to 35% Government Services
Including both the acquisition and the Norway sale, Bristow's 2025 pro forma revenue mix would have been 54% Offshore Energy Services, 35% Government Services and 11% Other Services. Actual 2025 figures were 66%, 26% and 8%. Bristow's current government business covers search and rescue and other programs in the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, the United Kingdom and the United States.
Bristow describes the deal as immediately accretive to earnings and free cash flow. Combined with the Norway exit, it would have been neutral to 2025 EBITDA on a pro forma basis.
Bristow plans to sell its Norway offshore business as part of portfolio optimization
Bristow is pursuing the sale of its Norway Offshore Energy Services unit to redeploy assets into markets with attractive margins and value-accretive returns on capital. Timing and structure of any sale remain subject to market conditions. The company said it expects to keep pursuing other Norwegian opportunities, including in Advanced Air Mobility.
CEO Chris Bradshaw said the company is evolving its business mix toward "more durable, contracted revenue streams" and cited geopolitical risk, rising defense spending and outsourcing of mission-critical aviation as drivers.
Unmanned systems and cross-selling drive the synergy case
Berry Aviation's unmanned aerial systems capabilities are expected to give Bristow lower-cost ISR options and wider participation in future defense aviation platforms. Bristow also expects to cross-sell services to government customers and to optimize procurement and maintenance, particularly for its fixed-wing business in Australia. Berry Aviation's on-demand cargo model could support cargo and regional air transport opportunities tied to the electrification of transportation.
Deal closes in the third quarter of 2026, funded from cash on hand
Closing is expected in the third quarter of 2026, subject to customary conditions. Bristow will fund the purchase with cash on hand. Berry Aviation's leadership team is expected to stay in place, and Bristow intends to maintain a strong presence at its existing facilities.
Solomon Partners Securities and Baker Botts advise Bristow on the Berry Aviation acquisition. Pareto Securities and Simonsen Vogt Wiig advise on the Norway sale.