“Atelier Investment Management” has established the “Car Wash Fund,” a closed-end investment fund for closed-ended investors. The fund’s strategy focuses on foreign market investments in the automotive cleaning business. Riga’s first investments are planned, with “PRO BRO Group” as the strategic investor.
“We are starting with a composite fund that will focus on car cleaning businesses in foreign markets. “We will invest in car wash operators, which, in combination with the strategic investor “PRO BRO Group’s” experience, will develop into a sustainable business within 3-5 years and then be transferred to new investors for further development on a franchise basis,” said Vilius Oškeliūnas, Director of Atelier Investment Management.
PRO BRO Group, which owns the “Švaros Broliai” network in Lithuania, has become a strategic investor in the first sub-fund, Car Wash Fund Riga I.
The first sub-fund, “Car Wash Fund Riga I,” was created together with the fund for four PRO BRO tunnel car washes in Riga, which will start operating at the end of this year and the beginning of next year. It is planned to raise 5 million in this sub-fund. The net return to investors is 15%, the minimum investment amount is EUR 125,000, and the maximum possible duration of the fund is 7 years.
“If the strategy works, we will establish a second sub-fund in Riga for 4 more car washes, and later we will enter the Estonian market,” says V. Oškeliūnas.
Atelier Investment Management is an independent investment management company that develops investment management solutions tailored to the individual needs of its clients. It currently manages 3 investment funds for informed investors.
“By becoming a strategic investor in this fund, we will attract funds for the active development of the “PRO BRO” tunnel car wash network outside Lithuania. We plan to open up to 10 objects in Latvia in three years, and the first car wash in Riga will open its doors in the fourth quarter of this year. In the near future, we will also enter the Estonian sector, and later, Scandinavia,” says PRO BRO Group CEO Ignas Pranskeviius.
In addition, “PRO BRO Group” owns “PRO BRO Car Wash Systems,” a supplier of car cleaning equipment and materials. Tunnel car wash franchises are managed by “PRO BRO Express,” and real estate projects are managed by “PRO BRO Asset Management.”
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