Cobalt, the law firm representing KJK, said the transaction is due to be completed in the third quarter of this year, depending on when the approval of competition services will be received.

According to Cobalt, the decision to sell 100 percent of Baltic Bicycle Trade's shares was announced by KJK Fund III S.C.A. SICAV-RAIF which is consulting KJK Management SA and operates via its Luxembourg-based sporting goods investment company,

LitCapital and Danish company Asgaard invested into Baltic Bicycle Trade in 2013. Baltic Bicycle Trade posted 90,000 euros in revenue in the 2017-2018 financial year, unchanged year-on-year, and its net profit inched down 6.3 percent to 251,000 euros.

LitCapital also has stakes in laser component producer Altechna, electric device producer Eldes, storage and logistics company NNL LT and Medicinos Paslaugu Grupe (Medical Services Group), with an investment ranging from 1 to 5 million euros.