Sarunas Siugzda, LitCapital founder and managing partner, told that the fund had sold just over 50% of the shares. He refused to disclose the buyer yet but said it was one of the biggest laser production companies worldwide.
"We are still in talks with the international investor. (...) We cannot give a name yet but this is worth following, as it is a crucial step in Lithuania's laser industry. In this case, it is one of the giants who has a large share of the global market, huge turnovers, it appears to be interested in the Brolis Semiconductors technology," Siugzda told.
The value of the deal has not yet been disclosed, however, LitCapital is said to have secured investment return of more than 20% of internal rate of return (IRR).
The risk fund had invested nearly 3 million euros in Brolis Semiconductors, a company founded in 2011.
Brolis Semiconductors is controlled by its founders, three Vizbaras brothers, along with companies Sviesos Konversija, Eksmos Investicija and Latvia's ARP Invest.
