Apogee Enterprises, Inc. has entered into a definitive agreement to acquire SIA "GroGlass" (Groglass), a Latvia-based provider of high-performance glass surface solutions. The transaction involves a newly formed, wholly owned subsidiary of Apogee purchasing 100% of the equity interests of SIA "Alzette," the parent company of Groglass.
Under the terms of the Share Purchase Agreement, the transaction is valued at approximately €62.5 million on a cash-free, debt-free basis. The final purchase price is subject to adjustments and includes an earnout provision. A maximum of €10 million in contingent consideration may be payable over three years following the closing, contingent upon Groglass achieving specified financial performance targets.
The company plans to finance the acquisition using cash on hand and borrowings under its existing credit facility. The deal is expected to close during the third quarter of fiscal 2027, subject to customary closing conditions.
Apogee intends to integrate Groglass into its Performance Surfaces Segment. The company stated that the acquisition is expected to contribute approximately $30 million in revenue in the first 12 months at an adjusted EBITDA margin of approximately 25%. Additionally, the integration plan has identified at least $4 million in annualized cost synergies and operating improvement opportunities expected to be realized within three years.
Groglass is headquartered in Riga, Latvia, and specializes in anti-reflective and other advanced coating technologies used in display, architectural, and technical applications. The company serves customers across global end markets, including museums, electronics, and architectural design.
