Industrial helicopter services provider Bristow Group Inc. (VTOL) on Tuesday, June 23, said it’s agreed to acquire private aviation platform Berry Aviation Inc. from Acorn Growth Cos. for $105 million.

Founded in 1983, San Marcos, Texas-based Berry is a Department of Defense-approved air carrier providing a range of services, including on-demand cargo, mobility and transport services, outsourced surveillance services, drone services, component and repair overhaul services and more. The business owns and operates its own aircraft.

The Deal reported earlier in June that Acorn was seeking a new owner for Berry Aviation and had retained KippsDeSanto & Co. to advise on the sales process. The Deal said Berry was being marketed on $12 million of Ebitda and $80 million of revenue.

Acorn added the platform to its portfolio in a July 2018 deal valued by SPS by With Intelligence at between $50 million and $249 million. The acquisition was funded via Acorn’s fourth fund, which typically invests $30 million to $200 million.

Houston-based Bristow, which will fund the transaction with cash on hand, said Berry Aviation will add differentiated special mission capabilities and partnership opportunities with U.S. defense and government customers, further strengthening its government services offerings. It also expects the acquisition to enhance the quality of Bristow’s earnings through increased exposure to contracted government services and multi-mission aviation activities.

Berry Aviation will retain its existing leadership team upon closing.

Bristow added that it’s pursuing the sale of its Norway offshore energy services business as part of its portfolio optimization strategy, saying it expects to continue pursuing other opportunities in the country, such as those in the advanced air mobility sector.

Bristow provides industrial aviation and charter services to offshore energy companies in Europe, Africa, the Americas and the Asian Pacific. Bristow and fellow helicopter services provider Era Group Inc. (ERA) in 2020 agreed to combine through a reverse triangular merger to create a company with $1.5 billion in revenue.

Oklahoma City-based middle market investor Acorn focuses exclusively on the aerospace, defense, space and intelligence sectors. The firm invests solely in operating companies that strive to enhance global mobility and protect national interests.

In April, Acorn acquired a majority stake in Tempe, Ariz.-based MTI Aviation Inc., which provides component repair and parts for electro-mechanical, hydraulic, pneumatic and power generation systems. That deal was the first platform investment for Acorn’s sixth fund.

Bristow expects the acquisition to close in the third quarter of 2026, subject to the satisfaction of certain customary closing conditions.

Bristow tapped Solomon Partners Securities LLC for financial advice and a Baker Botts LLP team led by Samantha Hale Crispin, Carina L. Antweil, Nic O’Brien and Will Hoffman for counsel. President and CEO Chris Bradshaw worked on the transaction internally.

Pareto Securities AS is providing financial advice and Simonsen Vogt Wiig AS is providing counsel on the planned sale of its Norway business.