VTOL News & Events

Bristow Group has entered into a definitive agreement to acquire Berry Aviation from Acorn Capital Management for $105M, subject to customary purchase price adjustments, in an all-cash transaction. Berry Aviation will add special mission capabilities and long-standing relationships with U.S. defense and government customers, 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. 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. In 2025, Berry Aviation had total revenues of approximately $108M. The planned exit of the Norway Offshore Energy Services business and addition of Berry Aviation would have been neutral to Bristow's 2025 EBITDA on a pro forma basis. 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 Q3. Bristow intends to fund the transaction with cash on hand.

Reports Q1 revenue $388.7M, consensus $384.47M. "Bristow's first quarter results place us on track for what is expected to be a transformational year for the company in 2026," said Chris Bradshaw, President and CEO of Bristow Group. "Bristow is favorably positioned to benefit from three global megatrends, namely: increased defense spending; the importance of energy security; and the electrification of transportation. In the context of a complicated geopolitical landscape and expectations for structurally higher defense spending, we believe there will be compelling organic and inorganic growth opportunities for a specialized aviation services provider with Bristow's track record, operational expertise, and financial flexibility. Recent geopolitical events have also placed an enduring emphasis on where hydrocarbon supplies are located, and the established offshore energy basins that Bristow services represent some of the most attractive and secure sources of supply. In addition, Bristow has created significant option value, with minimal capital commitment to date, as an early leader in what is expected to be a large and rapidly growing addressable market for new generation electric and hybrid-electric aircraft."

Backs FY26 adjusted EBITDA view $295M-$325M.