Apogee Enterprises Completes GroGlass Acquisition
The building-products company closed its purchase of the Riga-based coatings maker to add anti-reflective technology to Performance Surfaces.
Apogee Enterprises, Inc. (APOG) completed its acquisition of SIA “GroGlass,” a Riga, Latvia-based provider of high-performance glass surface solutions, following satisfaction of customary closing conditions.
The architectural building-products company had agreed in September to buy Groglass for up to €62.5 million, or approximately $72.5 million at the then-current exchange rates, on a cash-free, debt-free basis. The purchase price included up to €10 million payable over three years if Groglass met certain financial targets.
Groglass brings highly differentiated technology, a strong brand, and deep expertise in premium anti-reflective coatings that complement and strengthen Apogee’s Performance Surfaces portfolio. Groglass specializes in anti-reflective and other advanced coatings used in display, architectural, and technical applications, with premium brands serving customers in museums, electronics, and architectural design.
“The closing of the Groglass acquisition represents another important milestone in the execution of our strategy,” said Don Nolan, Apogee Executive Chair and CEO.
The deal was framed as expanding global research and development in materials science and coatings, strengthening the Performance Surfaces segment, and adding a European manufacturing footprint. Groglass was expected to contribute more than $30 million in revenue at approximately 25% adjusted EBITDA margin in the first 12 months, and at least $4 million of identified annualized cost synergies within three years.
The close followed a similar pattern to Apogee’s July completion of the Kalwall Companies purchase, which the company valued at up to $115 million and described as an important step in advancing its strategy. Kalwall, a U.S. manufacturer of translucent daylighting solutions, was planned for integration into Architectural Glass, with $4 million of operational cost synergies expected by the end of fiscal 2029.
Groglass is expected to sit in Performance Surfaces rather than Architectural Glass, the segment serving as the home for the new anti-reflective and coating capabilities. Nolan’s comment placed the close as another milestone in the company’s stated strategy rather than a change in that plan.