Apogee Enterprises to Acquire GroGlass

Apogee Enterprises, Inc. (Nasdaq: APOG), a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, announced today that it has entered into a definitive agreement to acquire SIA “GroGlass” (“Groglass”) for up to €62.5 million (approximately $72.5 million at current exchange rates) on a cash-free, debt-free basis, subject to customary closing conditions. The purchase price includes up to €10 million (approximately $11.6 million at current exchange rates) payable over 3 years dependent upon Groglass achieving certain financial targets. The transaction is expected to close during the Company’s fiscal 2027 third quarter.

Groglass, located in Riga, Latvia, is a leading provider of high-performance glass surface solutions, specializing in anti-reflective and other advanced coatings used in display, architectural, and technical applications. Groglass’ portfolio includes premium brands recognized for superior optical clarity and durability, serving customers across global end markets such as museums, electronics, and architectural design. With a strong foundation in materials science and coating technologies, Groglass combines innovation, quality, and long-standing customer relationships to deliver differentiated solutions.

“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. “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.”

The Company plans to integrate Groglass into its Performance Surfaces Segment. Groglass will enhance the segment’s coatings and materials science capabilities while expanding its product offerings and geographic reach to further strengthen Apogee's long-term growth and profitability profile. 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 synergies and operating improvement opportunities expected to be realized within three years.

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

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

The Company will provide further details on the strategic and financial aspects of the transaction during its second quarter fiscal 2027 earnings conference call.