Deal expands coatings capabilities and adds approximately $30 million in projected annual revenue

MINNEAPOLIS: Apogee Enterprises Inc., a provider of architectural building products and high-performance coated materials, said Thursday it has agreed to acquire SIA “GroGlass,” a Latvia-based glass coatings manufacturer, for up to €62.5 million, or approximately $72.5 million, on a cash-free, debt-free basis.

The purchase price includes up to €10 million, or about $11.6 million, payable over three years if Groglass achieves certain financial targets. The transaction is expected to close during Apogee’s fiscal 2027 third quarter, subject to customary closing conditions.

Groglass, located in Riga, Latvia, specializes in anti-reflective and other advanced glass coatings used in display, architectural and technical applications. Its portfolio includes premium brands recognized for optical clarity and durability, serving global markets including museums, electronics and architectural design.

“The addition of Groglass will strengthen our position in attractive end markets by bringing differentiated coating technologies and deep materials science expertise,” Apogee Executive Chair and CEO Don Nolan said in a statement.

“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.”

Apogee plans to integrate Groglass into its Performance Surfaces segment. The company said the acquisition is expected to contribute approximately $30 million in revenue during the first 12 months, with an adjusted EBITDA margin of about 25%. The integration plan has identified at least $4 million in annualized cost synergies and operating improvements expected to be realized within three years.

The acquisition will be financed using cash on hand and Apogee’s existing credit facility.

Dorsey & Whitney LLP and Ellex Klavins served as legal counsel to Apogee.

The company said it will provide further details during its second-quarter fiscal 2027 earnings conference call.

Apogee Enterprises, headquartered in Minneapolis, is a provider of architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings. The company trades on the Nasdaq under the symbol APOG.