ZeroSum Asset Management Launches €8 Million Bond Offering for Expansion of PRO BRO Car Wash Real Estate Portfolio

Investment management company ZeroSum Asset Management, through its closed-end fund ZeroSum Re Fund I, has launched a public bond issuance worth €8 million. The proceeds will be used to finance the expansion of the PRO BRO car wash real estate network, ensure long-term financial stability, and consolidate existing assets.

The bond offering will be executed in several tranches. The first tranche opens on February 17, 2025, and will continue until March 7, 2025. Bonds are being offered across the Baltic States with an annual return of 10–11%. In subsequent stages, the interest rate may be adjusted in response to market conditions.

“The car wash segment in the Baltics is experiencing rapid growth. Our fund, through the company Plovyklos LT, currently owns ten operational tunnel car wash properties. By the end of 2026, we aim to complete the next expansion phase of the PRO BRO network, covering Vilnius, Kaunas, and Riga. Our goal is to build the largest specialized portfolio of modern car wash real estate in the Baltic region,”
says Laurynas Byla, CEO of ZeroSum Asset Management.

According to Byla, the bond proceeds will be used to refinance short-term financing previously used to acquire real estate properties essential for the PRO BRO network expansion.

Tiered Return Structure for First Tranche Investors:

• 10% annual yield for investments up to €50,000

• 10.5% for investments between €50,000 and €200,000

• 11% for investments above €200,000

The bonds will be secured with pledged shares and a fund guarantee, with interest payments distributed semi-annually. The bond maturity term is 36 months.

“We are expanding our network and implementing cutting-edge technology to make our services more accessible to drivers who value both time and vehicle care,”
notes Kristijonas Minelga, Head of Business Development at PRO BRO Express.
“We’re confident that consistent investment will help us remain the top choice in the market.”

Market Momentum & Growth Projections

In 2024, PRO BRO tunnel car washes served a record number of customers, and the network in Lithuania and Latvia grew to 23 locations. By the end of 2025, the network is expected to reach 26 locations, with over 4.5 million cars washed annually.

The bond offering is organized by the brokerage firm FMĮ OSUM Securities, in cooperation with its affiliated intermediary Aria Investments. Legal advisory services are provided by the law firm Motieka ir Audzevičius.

Investor Webinar

More information about the bond offering will be shared during a webinar on February 26, 2025, at 14:00 (EET), where ZeroSum Asset Management CEO Laurynas Byla will answer investor questions.
Join here: https://bit.ly/4hBRSkQ

About ZeroSum Asset Management

Since the launch of its first fund in 2018 with €3 million in assets under management, ZeroSum Asset Management has grown into a manager of six funds with over €90 million in assets. Over the next three years, the company aims to expand its AUM to over €350 million.