The company, focused on build stakes in giant Ferris wheel projects, told investors today it will put the funds towards acquisitions of target companies.
It’s likely that any purchases will be in the range of £2mln-£20mln and be made in the next six to twelve months, the company said.
Challenger plans to build on its recent co-operation deal with Starneth, the company whose CEO and key members help to design and engineer the hugely successful London Eye.
Starneth has a pipeline of 30+ projects in select locations around the globe which Challenger can now access.
The idea is to fund select projects through a mixture of debt and equity using Challenger’s status as a listed vehicle.
Challenger would then take a majority stake in each attraction along the way, picking up a steady revenue stream.
"Based on our successful IPO and the cooperation agreement recently signed with Starneth, certain shareholders and new investors have expressed interest in providing additional capital to Challenger,” said Mark Gustafson, executive chairman.
“We are raising the capital to position Challenger with a stronger balance sheet in order to fund an acquisition or investment at the lower end of the value range as stated in our strategy."