IBCF participated in a new portfolio investment totaling $24.0 million of invested capital in Berry Aviation, Inc. (“Berry”) with IBCF funding $8 million of the investment. IBCF’s portion of the investment in Berry included $7.5 million of secured subordinated term debt and a $0.5 million equity investment for a minority equity ownership position in Berry. IBCF and its co-investors partnered to facilitate a minority recapitalization of Berry and to support its growth initiatives.
Headquartered in San Marcos, Texas, Berry is a full service aviation business that provides air carrier and concierge services to both private sector and public clients, including the United States Department of Defense (“U.S. DOD”) and other government agencies. Berry’s primary lines of business are passenger and freight charter services as well as aircraft maintenance and parts services. Berry provides remote site and mission critical airlift services for the U.S. DOD internationally, including passenger and cargo transport, aerial delivery and emergency medical evacuation. Berry also operates a fixed based operator facility at the San Marcos, Texas Municipal Airport. Berry was founded in 1983 by Sonny Berry, who currently serves as Chairman, President, and CEO of the company.