Bridger Aerospace acquires FMS Aerospace in $20.6 million equity deal

July 3, 2024

Bridger Aerospace completes acquisition of FMS Aerospace

As reported by Bridger Aerospace, the company has acquired FMS Aerospace in a transaction valued at $20.6 million.

The deal, which involves $17.51 million in equity and an additional contingent equity earn-out consideration of up to $3.09 million, will bring the Huntsville, Alabama-based FMS under the Bridger Aerospace umbrella.

Sam Davis, Bridger’s Chief Executive Officer, commented on the acquisition: “Having partnered with the team at FMS on our Multi-Mission Aircraft program, we appreciate their strong engineering, modification, and manufacturing capabilities.”

The transaction will enhance Bridger’s ability to grow in critical areas such as emergency air services and defense systems engineering.

FMS Aerospace’s role and future under Bridger Aerospace

FMS Aerospace, founded in 2013, specializes in airframe modification and integration solutions for both government and commercial customers.

The company provides comprehensive services, including aircraft prototyping, flight testing, and airworthiness certification.

Jesse Whitfield, Chief Executive Officer of FMS, expressed optimism about the acquisition: “Bridger provides the physical facilities, qualified personnel, and other resources we need to grow our business.

We expect that the operational synergies will ultimately allow us to win larger contracts than either company can bid alone.”

The equity-only deal involves restricted common stock vesting over two years.

FMS generated $10.3 million in revenue and $2.5 million in net income for the full year ending December 31, 2023.

Financial details and expectations

The FMS transaction is structured to be accretive to Bridger’s earnings on an annual basis, excluding transaction expenses and before anticipated synergies.

However, Bridger is not updating its financial guidance at this time.

FMS Aerospace will contribute its expertise in mechanical and electrical design, structural analysis, and flight testing to Bridger.

The company’s staff includes in-house structural and electrical FAA DERs with major repair and alteration special delegation.

Bridger Aerospace, based in Belgrade, Montana, is one of the largest aerial firefighting companies in the United States.

It provides wildfire management services to federal and state government agencies, including the United States Forest Service, across the nation and internationally.

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