GrowthGate acquires 30pc of animation firm
Dubai, October 5, 2009
GrowthGate Capital Corporation, the GCC-based specialist buyout firm, announced that it has reached a final agreement to acquire 30 per cent of Rubicon, a leading digital content production and animation company, for an undisclosed amount.
Rubicon is a pioneer in k-12 education content, currently used in many countries across the region such as Jordan, Oman, Algeria and Morocco. The company has the largest 2D and 3D animation studio in the Middle East, and is executing location-based entertainment projects in two destinations of above a billion dollars development budgets.
Rubicon is also involved in the licensing and merchandising business of its own IP in addition to the IP of major studios and independent parties in the US.
In October 2008, MGM studios and Rubicon announced that they are producing new episodes of MGM's Pink Panther series to air on Cartoon Network channels worldwide. The 78 episodes are scheduled to be completed end of 2009 while talks about production of subsequent seasons of the Pink Panther & Pals are currently underway.
Rubicon is the creator of 'Ben & Izzy' a successful children TV series that aired in Ramadan 2008 on MBC. 'Ben & Izzy' is a contestant at the International Emmy’s under the Children Category Award at the 2009 Cannes Festival.
Rubicon had recently also started the production of a 3D CG theatrical movie about the 'Life and Adventures of Santa Claus' for worldwide release in December 2011.
Rubicon operates out of Amman, Dubai, LA and Manila. The company forecast revenues for 2010 are in excess of $100 million, and it plans to invest around $75 million over the next three years in various productions.
“The creative value chain of Rubicon is quite unique in the emerging markets where few animation firms combine creative content with high-quality production capacity, proprietary IP developments and; co-partnership projects with major US animation studios,” stated Randa Ayoubi, founder and chief of Rubicon.
GrowthGate - managed by Keystone - follows a ‘buy and build’ investment strategy. This deal marks the fifth direct equity investment by GrowthGate since its capitalisation in mid 2007, and the first in the ‘Edutainment and Animation’ sector.
GrowthGate’s portfolio companies comprise: Able Logistics Group, Gama Aviation Holding, Roots Group and Averda International.-TradeArabia News Service