Apogee Enterprises to Acquire GroGlass in €62.5 Million Deal
Apogee Enterprises, Inc, a leading provider of architectural building products and services and high-performance coated materials, has announced a definitive agreement to acquire SIA “GroGlass” (GroGlass), a Latvia-based specialist in advanced glass coating technologies.
The transaction is valued at up to €62.5 million, equivalent to approximately $72.5 million based on current exchange rates, on a cash-free, debt-free basis. The deal remains subject to customary closing conditions and is expected to be completed during Apogee’s fiscal 2027 third quarter.
The acquisition represents a strategic expansion of Apogee’s capabilities in high-performance coatings and advanced materials. GroGlass is expected to become part of Apogee’s Performance Surfaces segment, strengthening its product portfolio, technical expertise, and international market presence.
GroGlass Brings Advanced Coating Expertise
Headquartered in Riga, Latvia, GroGlass specializes in high-performance glass surface solutions, with a particular focus on anti-reflective and other advanced coatings. Its technologies are used across display, architectural, and technical applications, supporting customers in a variety of global industries.
GroGlass has developed a portfolio of premium products recognized for optical clarity, durability, and performance. Its solutions serve applications and end markets that include museums, electronics, architectural design, and other specialized environments where glass performance is critical.
The company has built its business around materials science and coating technology, combining technical innovation with established manufacturing capabilities and long-standing customer relationships. These strengths are expected to complement Apogee’s existing expertise and provide opportunities for further product development.
Strategic Fit with Performance Surfaces
Apogee plans to integrate GroGlass into its Performance Surfaces segment. The company expects the combination to expand its coating and materials science capabilities while increasing the range of solutions it can provide to customers.
The acquisition will also broaden Apogee’s geographic reach and strengthen its position in attractive end markets. By adding GroGlass’ advanced coating technologies, Apogee expects to be better positioned to address demand for specialized, high-performance surface solutions.
Apogee Executive Chair and CEO Don Nolan said GroGlass is a natural fit with the company’s Performance Surfaces business.
“The addition of Groglass will strengthen our position in attractive end markets by bringing differentiated coating technologies and deep materials science expertise,” Nolan said.
He added that the acquisition will expand Apogee’s capabilities, broaden its market reach, and enhance the company’s ability to deliver advanced solutions to customers.
According to Apogee, GroGlass also brings attractive growth and margin characteristics. The company believes the acquisition can create additional opportunities for innovation, customer value, and long-term shareholder returns.
Expected Financial Contribution
Apogee expects GroGlass to generate approximately $30 million in revenue during its first twelve months following the acquisition. The business is expected to deliver an adjusted EBITDA margin of approximately 25%.
In addition to expanding revenue and capabilities, Apogee has identified at least $4 million in annualized cost synergies and operating improvement opportunities. These benefits are expected to be realized within three years following the completion of the transaction.
The combination of GroGlass’ technology portfolio, customer relationships, and international presence with Apogee’s existing resources is expected to create opportunities for operational efficiencies and expanded commercial reach.
The financial structure of the acquisition includes a potential additional payment tied to GroGlass’ future performance. Of the total purchase price, up to €10 million, or approximately $11.6 million, will be payable over a three-year period depending on whether GroGlass achieves certain financial targets.
This structure links part of the consideration to the acquired company’s performance and provides an incentive for continued growth following the transaction.
Financing the Acquisition
Apogee plans to finance the acquisition using cash on hand and its existing credit facility. The transaction will be completed on a cash-free, debt-free basis, subject to customary closing conditions.
The company expects the acquisition to close during the third quarter of fiscal 2027. Until the transaction receives all required approvals and satisfies the applicable closing conditions, GroGlass will continue operating as an independent business.
Once completed, Apogee will begin integrating the company into its Performance Surfaces segment while working to capture identified cost savings and operational improvements.
Expanding High-Performance Material Solutions
The planned acquisition reflects Apogee’s broader strategy of strengthening its position in specialized building products, coated materials, and advanced surface technologies.
As demand increases for materials that combine functionality, durability, optical performance, and design flexibility, advanced glass coatings are becoming increasingly important across several industries. Anti-reflective and other specialized coatings can improve the performance and appearance of glass in applications ranging from architectural installations to electronic displays and technical products.
By acquiring GroGlass, Apogee will add specialized coating capabilities that can complement its existing portfolio and create opportunities to serve customers across additional applications and geographic markets.
The transaction also provides Apogee with access to GroGlass’ established customer relationships and technical expertise. Combining these resources with Apogee’s broader capabilities could support new product development and expand the company’s ability to address specialized customer requirements.
Long-Term Growth Opportunity
The acquisition of GroGlass is expected to strengthen Apogee’s Performance Surfaces segment while contributing to the company’s long-term growth and profitability objectives.
With approximately $30 million of expected first-year revenue, a projected adjusted EBITDA margin of around 25%, and at least $4 million in identified annualized synergies and operating improvements, the transaction is positioned to provide both financial and strategic benefits.
For GroGlass, joining Apogee provides an opportunity to leverage the resources, market presence, and capabilities of a larger global organization. For Apogee, the acquisition adds advanced coating technology, materials science expertise, and expanded access to international markets.
If completed as planned, the transaction will mark another step in Apogee’s efforts to expand its portfolio of high-performance solutions and strengthen its position in specialized architectural and materials markets. The company expects the combination to create additional opportunities for innovation while supporting sustainable growth and long-term value for customers and shareholders.
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