Apogee Agrees to Acquire GroGlass for Up to €62.5M
Apogee Enterprises, Inc. (NASDAQ:APOG) has entered into a definitive agreement to acquire Latvia-based SIA GroGlass for up to €62.5 million ($72.5 million at current exchange rates), on a cash-free and debt-free basis. The acquisition includes an initial payment with the remaining €10 million contingent upon achieving financial targets over three years after closing, expected in Q3 2027. GroGlass is projected to generate $30 million in revenue during its first year post-acquisition at approximately a 25% adjusted EBITDA margin. This would translate into roughly $7.5 million of first-year adjusted EBITDA and an illustrative maximum-consideration ratio of about 9.7 times the forecasted EBITDA, which could drop to around 6.3 times after realizing expected annualized cost synergies worth approximately $4 million. The acquisition is intended to integrate GroGlass into Apogee’s Performance Surfaces segment and leverage its high-margin capabilities in anti-reflective coatings for markets like museums, electronics, architecture, and technical applications.
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