Innowash Fund I Ky – Establishment of Car Wash Fund
Applex advised Innowash Oy on establishment of alternative investment fund (AIF) Innowash Fund I Ky and registration of the alternative investment fund manager (AIFM) in the register maintained by the Finnish Financial Supervisory Authority.
Innowash is the world’s first AIFM focused on car wash and Innowash Fund I Ky the world’s first car wash AIF.
Innowash is an alternative investment fund manager referred to in the Finnish Act of Alternative Investment Fund Managers and it operates in accordance with AIFM-directive and applicable national legislation. Innowash’s target is to create a EUR 25 million fund, which, at the time of exit, will be an interesting investment opportunity for a private equity or industrial investor.
The fund’s target is to build a car was chain of 100 car washes operating under the brand FOUM in Finland and in Sweden. The first car wash was opened in January 2020 in Tampere, Finland.