Bridger Aerospace to acquire 12 aircraft from Bighorn for $39M

Bridger Aerospace Group Holdings has entered into a definitive purchase agreement with Bighorn Airways. Bridger will acquire Bighorn’s fleet of 12 aircraft used for wildfire smoke jumping as well as special mission transport and delivery for government customers. The transaction, valued at $39M, is expected to close by the end of September 2023 and is subject to normal and customary closing conditions. The acquisition will be financed through a combination of cash and stock, with the majority of consideration paid to the sellers in the form of stock. Bighorn’s fleet of 12 aircraft includes three Bombardier Dash 8 featuring a 7500 lbs. payload capacity, a range of 1200 miles and the capability of low-level flights for para cargo operations. Bighorn also operates four Casa 212-200 and five Dornier 228-100 twin turboprop aircraft capable of short takeoff and landing. Bighorn is one of only a few air carriers that are approved by the DoD Commercial Airlift Review Board, holds a DoD Facility Security Clearance and is a U.S. Special Operations Command certified air carrier. Bighorn also owns and operates the Sheridan, WY Fixed Base Operation/ For the year ending 2023, Bighorn is expected to generate pro forma revenue of $22 million, and adjusted pro forma EBITDA of $5 million. While the transaction is expected to be accretive to earnings after excluding transaction expenses and before anticipated synergies, the Company is not updating its guidance at this time. Bridger will provide further information on the outlook for the Company and the addition of Bighorn during its next quarterly earnings call.