Simonas Gustainis, a BaltCap partner, told BNS that the fund will not comment until there is approval from the Competition Council.
Nidas Kiuberis and Daumantas Mikučionis, owners of the take-away coffee chain Coffee Inn, could not be reached by BNS for comment.
BaltCap's Lithuania SME Fund intends to buy 45.26 percent of shares in Keturi Kambariai, the Competition Council said.
The fund invests up to 10 million litas (EUR 3m) in a company, up to 5 million litas immediately and another 5 million litas at least 12 months later.
Coffee Inn has 22 coffee shops in Lithuania and five in Riga. A part of the chain's outlets operate on a franchise basis.
Keturi Kambariai's revenues increased by 27 percent last year compared with 2010 to 5.7 million litas. The company's profit fell by 33 percent to 200,000 litas, according to data from the Center of Registers.
Established by BaltCap in 2010 as part of the European Investment Fund's JEREMIE initiative, Lithuania SME Fund provides growth financing for small and medium-sized enterprises based in Lithuania. The fund aims to invest a total of 20 million euros in seven to 15 Lithuanian companies.
