Bristow Acquisition of Airnorth
Bristow Group Inc. (NYSE: BRS), a leading provider of helicopter services to the worldwide offshore energy industry, announced that its affiliate, Bristow Helicopters Australia Pty Ltd., acquired an 85 – percent interest in Airnorth, [Inc., Ltd. and subsidiaries], a regional fixed – wing airline based in Darwin, Northern Territory, Australia.
“This investment strengthens our position in Australia as it allows us to offer integrated fixed – and rotary-wing logistics solutions, a combined offering that has proven valuable to our customers around the world,” said Jonathan E. Baliff, president and chief executive officer of Bristow Group Inc. “We also gain access to key southeast Asian markets where we do not currently operate. We view Airnorth as an exceptional operator, and are culturally and operationally aligned with shared core values of safety, quality and service.”
Richard Marques, Principal, led the team at Greenhill who acted as sole financial adviser for Airnorth over the course of the transaction. Mr. Marques commented: “Greenhill provided independent strategic and tactical advice to Airnorth in its negotiations with a sophisticated counterparty. The Greenhill team worked seamlessly with Airnorth to optimise the transaction outcome for its shareholders and management, both in terms of value and risk.”
He continued: “The combination provides Airnorth with a culturally and strategically aligned partner that is strongly capitalised and well placed to support and accelerate Airnorth’s future growth. The businesses are highly complementary, with Bristow and Airnorth servicing mutual clients, enabling Bristow to provide an integrated helicopter and fixed wing solution to its offshore oil and gas clients.”
Mr. Marques concluded by saying: “Bristow’s acquisition of Airnorth is an illustration of the increasing prevalence of cross-border M&A activity and the importance of advisers being able to deliver international insights to clients, leveraging global teams with deep sector knowledge.”
