This is the first study of the effect of pressure on transition metal dichalcogenides intercalated by atoms that order magnetically. Co$_{1/3}$NbS$_2$ is a layered system where the intercalated Co atoms order antiferromagnetically at T$_N$ = 26 K at ambient pressure. We have conducted a detailed study of dc-resistivity ($\rho$), thermoelectric power (S) and thermal conductivity ($\kappa$). We found that at ambient pressure the magnetic transition corresponds to a well pronounced peak in dS/dT, as well as to a kink in the dc-resistivity. The effect of ordering on the thermal conductivity is rather small but, surprisingly, more pronounced in the lattice contribution than in the electronic contribution to $\kappa$. Under pressure, the resistivity increases in the high temperature range, contrary to all previous measurements in other layered transition metal dichalcogenides (TMD). In the low temperature range, the strong dependences of thermopower and resistivity on pressure are observed below TN, which, in turn, also depends on pressure at rate of dT$_N$/dp $\approx$ -1 K/kbar. Several possible microscopic explanations of the reduction of the ordering temperature and the evolution of the transport properties with pressure are discussed.
