Apogee Enterprises to Buy SIA GroGlass for Up to €62.5 Million
The all-cash deal is expected to add coating technologies, materials-science expertise and a European manufacturing footprint to Apogee’s Performance Surfaces Segment.
Apogee Enterprises, Inc. (APOG), a provider of architectural building products and high-performance coated materials, said it has agreed to acquire SIA “GroGlass” (“Groglass”) for up to €62.5 million, or about $72.5 million at current exchange rates, in an all-cash transaction.
The deal is expected to close during the company’s fiscal 2027 third quarter.
Apogee said the purchase is expected to strengthen its Performance Surfaces Segment by adding differentiated coating technologies, materials-science expertise and a European manufacturing footprint, with cross-selling opportunities and at least $4 million of annualized cost synergies.
“The addition of Groglass will strengthen our position in attractive end markets by bringing differentiated coating technologies and deep materials science expertise,” said Apogee Executive Chair and CEO Don Nolan.
That rationale follows a pattern Apogee has used in recent bolt-ons. In May, it agreed to buy Kalwall Companies for up to $115 million, a U.S. maker of translucent daylighting products, and completed that acquisition on July 1. Kalwall was slated for integration into the Architectural Glass segment, with $4 million of operational cost synergies expected by the end of fiscal 2029. Groglass, by contrast, is pointed at Performance Surfaces, the segment that posted $54.3 million of net sales in the three months ended February 28, 2026, and $198.0 million in the twelve months ended that date.
Performance Surfaces adjusted EBITDA was $10.5 million in that three-month period, a 19.4% margin, and $41.6 million over the twelve months, a 21.0% margin. The segment’s twelve-month sales rose 62.1% from a year earlier, after a 144.0% jump in the three months ended August 30, 2025. Apogee’s other segments told a different story in the same twelve months: Architectural Glass sales fell 12.0% and Architectural Metals sales fell 3.9%.
The company’s most recent quarterly results also showed Performance Surfaces as the fastest-growing of its four reportable segments in the three months ended February 28, 2026, with sales up 13.5% from a year earlier. Architectural Metals sales declined 1.9% and Architectural Glass sales declined 10.4% in that period.
Groglass is described in the announcement as a European manufacturer whose coating and materials-science capabilities would sit inside Performance Surfaces, giving Apogee a manufacturing base on the continent and a source of differentiated coatings for the segment’s existing customers. The company said the transaction would also create cross-selling opportunities.
The $4 million of annualized cost synergies Apogee cited for Groglass matches the annualized synergy figure it attached to Kalwall’s integration plan. Kalwall was expected to contribute $85 million of revenue with an adjusted EBITDA margin of about 15% in the first 12 months of ownership and a long-term margin target of 20%. No comparable first-year revenue or margin targets were disclosed for Groglass.
Apogee said the Groglass acquisition is expected to close in the fiscal 2027 third quarter, after the Kalwall deal closed in the fiscal 2027 second quarter. The company will fold Groglass into Performance Surfaces, the segment that already carried the largest twelve-month sales growth of any of its four reportable units in the most recent twelve-month period.