Avista Capital Partners has teamed up with a European family office to provide $100 million in equity capital for London-based Celtique Energie Holdings.
The influx of new capital will allow the oil and gas company to fund drilling and projects in France and Switzerland. Those projects follow a four-year initiative by the company to prospect for new energy sources in Europe and obtain necessary licensing and regulatory approvals needed to begin the exploitation phase.
Celtique has long been an Avitsa portfolio company. The private equity group funded Celtique’s startup in 2006 with a $50 million investment.
The energy company’s focus has been on developing onshore basins in Western Europe as well as the Niger region of Africa.
Avista officials said that Celtique has strengthened its strategic position by building up a portfolio of two million acres in energy-rich locales across Europe. In addition to France and Switzerland, the firm has obtained permits and licenses in England, Italy and Poland.
The commitment to Celtique comes from Avista Capital Partners, which closed in June 2007 with $2 billion.