GrowthGate acquired 30% of an animation firm

GrowthGate Capital, a Middle East private equity firm, just announced that it has reached a final agreement to acquire 30% of Rubicon, a Middle East-focused digital content production & animation firm, for an undisclosed amount.

Rubicon operates out of Amman, Dubai, L.A., and Manila and has the largest 2D and 3D animation studio in the Middle East. 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 company has announced its forecast revenues for 2010 in excess of $100 million. (As DubaiBeat reported on GrowthGate's last deal back in 2008, their last investment was also in a $100m revenue firm)

GrowthGate’s other portfolio companies are Able Logistics Group (logistics & transport), Gama Aviation Holding (managed-private jets and aviation services), Roots Group (construction-related materials) and Averda International (environmental & waste management services).

Their full press release follows