Apogee Enterprises Inc. has agreed to acquire a Latvia-based specialized coatings company to increase its market reach in Europe and expand its capabilities in the performance surfaces sector.
Apogee announced that it has agreed to acquire GroGlass for roughly $72.5 million on a cash-free, debt-free basis, subject to customary closing conditions. Apogee officials say the purchase price includes up to $11.6 million at current exchange rates, payable over three years, dependent upon GroGlass achieving certain financial targets.
“The addition of GroGlass will strengthen our position in attractive end markets by bringing differentiated coating technologies and deep materials science expertise,” says Don Nolan, Apogee executive chair and CEO. “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. This acquisition adds a business with attractive growth and margin characteristics while creating additional opportunities for innovation, customer value, and long-term shareholder returns.”
GroGlass specializes in anti-reflective and other advanced coatings used in display, architectural and technical applications. Its portfolio includes brands recognized for optical clarity and durability, serving customers across global end markets such as museums, electronics and architectural design. Apogee intends to integrate GroGlass into its performance surfaces segment.
Officials say the acquisition is expected to contribute approximately $30 million of revenue in the first twelve months at an adjusted EBITDA margin of approximately 25%. The integration plan has identified at least $4 million of annualized cost savings and operating improvement opportunities expected to be realized within three years.
The acquisition will be financed using cash and Apogee’s existing credit facility. The transaction is expected to close during the company’s fiscal 2027 third quarter.