Bristow Acquires Berry Aviation for $105M, Shifts Focus to Government Services
Event summary
- Bristow Group to acquire Berry Aviation for $105M in an all-cash transaction.
- Berry Aviation operates a fleet of over 20 aircraft, with 72% of revenues from government and defense services.
- Acquisition expected to close in Q3 2026, funded by cash on hand.
- Bristow also plans to exit its Norway Offshore Energy Services business as part of portfolio optimization.
- Pro forma 2025 revenue mix would shift to 54% Offshore Energy, 35% Government Services, and 11% Other Services.
The big picture
Bristow's acquisition of Berry Aviation aligns with broader industry trends of increasing geopolitical risk and rising defense spending. The deal reflects a strategic pivot towards government services, diversifying revenue streams away from volatile offshore energy markets. With the addition of Berry Aviation's specialized capabilities and long-standing government relationships, Bristow aims to build a more resilient and diversified platform for long-term growth.
What we're watching
- Government Services Growth
- How the acquisition of Berry Aviation will position Bristow to compete for long-duration government programs and capture emerging unmanned aviation opportunities.
- Execution Risk
- Whether Bristow can successfully integrate Berry Aviation's operations and realize expected synergies and operational efficiencies.
- Market Dynamics
- The pace at which Bristow can shift its revenue mix towards more durable, contracted government services while exiting less profitable offshore energy markets.
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