Apogee to Acquire GroGlass for Up to $72.5M, Adding High-Performance Coatings
APOG sits 24% above its 52-week low of $30.75.
Summary
Apogee Enterprises announced a definitive agreement to acquire GroGlass, a Latvian provider of anti-reflective and advanced glass coatings, for up to €62.5 million (~$72.5 million) on a cash-free, debt-free basis. The deal includes up to €10 million in earn-out payments tied to financial targets. GroGlass is expected to contribute approximately $30 million in revenue in the first twelve months at an adjusted EBITDA margin of about 25%, with at least $4 million in annualized cost synergies identified. The acquisition will be financed with cash on hand and existing credit facility, and is expected to close in Apogee's fiscal Q3 2027. This follows Apogee's recent completion of the Kalwall acquisition and strengthens its Performance Surfaces segment with differentiated coating technology. The transaction is modest relative to Apogee's market cap but strategically expands its high-performance materials portfolio.
At the time of this announcement, APOG was trading at $38.06 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $794.2M. The 52-week trading range was $30.75 to $50.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.