The private equity firm Pelican Energy Partners LP raised $103.6 million in investment capital as part of its initial closing, the company announced at the end of March.
With the capital, the Houston-based firm plans to begin making $5 million to $15 million investments in energy product and service companies.
Pelican is focused on “strategic investments in smaller but highly promising energy service companies.”
“With the business skills and industry knowledge of our team, Pelican is positioned to be more than just a capital provider to prospective portfolio companies,” the company’s managing partner, Mike Scott, said.
“The unique benefit from our combined operational and financial talents stems not only from the general partner, but from our limited partners as well. Our limited partners comprise a very broad network within the energy services industry and contribute valuable knowledge, experience and relationships. This uniquely positions Pelican to excel in the underserved but aggressively growing lower valued end of the energy services sector. We will provide our portfolio companies with unmatched access to capital, talent and real-world experience,” he said.
In his 15 years in energy and private equity, Scott has been a principal in a $650 million private equity fund, chairman of the board of NCS Energy Services and a board member of Southeast Directional Drilling and M&M Pipeline.
In addition to Scott, the general partnership includes Philip Burguières, chairman emeritus of Weatherford International Ltd., and John Huff, chairman of the board of Oceaneering International Inc.
Pelican completed the closing in four months and exceeded its target funding.
— Eric Lidji
