Apogee Enterprises has agreed to acquire GroGlass for up to €62.5 million, or approximately $72.5 million, expanding its Performance Surfaces business with advanced glass coating and materials science capabilities.
The transaction is structured on a cash-free, debt-free basis and includes up to €10 million, or approximately $11.6 million, in contingent consideration payable over three years based on GroGlass achieving certain financial targets.
Closing is expected during Apogee’s fiscal 2027 third quarter.
Based in Riga, Latvia, GroGlass provides high-performance glass surface solutions, including anti-reflective and other advanced coatings for display, architectural and technical applications.
Its products serve markets including museums, electronics and architectural design.
Apogee plans to integrate GroGlass into its Performance Surfaces segment, expanding the company’s European manufacturing presence and strengthening its research and development capabilities in coatings and materials science.
GroGlass is expected to contribute approximately $30 million in revenue during its first 12 months with Apogee at an adjusted EBITDA margin of approximately 25%.
Apogee has also identified at least $4 million in annualized cost synergies and operating improvement opportunities, which it expects to realize within three years.
The acquisition will be funded with cash on hand and Apogee’s existing credit facility. Dorsey & Whitney and Ellex Klavins are serving as legal counsel to Apogee.
KEY QUOTE:
“The addition of Groglass will strengthen our position in attractive end markets by bringing differentiated coating technologies and deep materials science expertise. Groglass is a natural complement to our Performance Surfaces segment, expanding our capabilities, broadening our market reach, and enhancing how we serve customers with advanced, high-performance solutions. This acquisition adds a business with attractive growth and margin characteristics while creating additional opportunities for innovation, customer value, and long-term shareholder returns.”
Don Nolan, Executive Chair and CEO of Apogee Enterprises
