Apogee Enterprises, Inc. filed a Form 8-K on September 3, 2026, disclosing that on September 2, 2026, it entered into a Share Purchase Agreement to acquire 100% of the equity interests of SIA "Alzette," the parent of Latvia-based glass coatings provider SIA "GroGlass," in a deal valued at approximately €62.5 million with up to €10 million in additional contingent consideration.

Key Highlights

  • Transaction value: Groglass is valued at approximately €62.5 million on a cash-free, debt-free basis, according to the filing.
  • Earnout provision: Up to €10 million in contingent consideration may be payable based on specified financial performance targets over the three-year period following closing.
  • Target company: Groglass is described as a Latvia-based provider of high-performance glass surface solutions specializing in anti-reflective and other advanced coating technologies.
  • Acquisition structure: The company will acquire 100% of SIA "Alzette," which in turn owns 100% of Groglass, through a newly formed, wholly owned subsidiary.
  • Financing: The company intends to use cash on hand and borrowings under its existing credit facility to fund the transaction.
  • Expected closing: The transaction is expected to close during the company's third quarter of fiscal 2027, subject to customary closing conditions.

Apogee Agrees to Buy Latvian Anti-Reflective Glass Coatings Firm Groglass

According to the filing, Apogee Enterprises, Inc. (NASDAQ:APOG), a Minnesota-based company, entered into a Share Purchase Agreement on September 2, 2026, to acquire SIA "Alzette" and, through it, SIA "GroGlass." The filing describes Groglass as a Latvia-based provider specializing in anti-reflective and other advanced coating technologies for high-performance glass surfaces. The transaction is structured as a purchase of 100% of the issued and outstanding equity interests of SIA "Alzette" by a newly formed, wholly owned subsidiary of Apogee.

The filing states the transaction values Groglass at approximately €62.5 million on a cash-free, debt-free basis. The final purchase price is subject to adjustments set forth in the Purchase Agreement. In addition, the filing discloses an earnout provision under which a portion of the consideration may become payable following closing if specified financial performance targets are achieved during the three-year period after closing, with the maximum contingent payment capped at €10 million. Apogee disclosed it plans to finance the transaction with cash on hand and borrowings under its existing credit facility.

The filing notes that closing is subject to the satisfaction or waiver of customary closing conditions and is expected to occur during the company's third quarter of fiscal 2027. The filing also discloses that, in connection with the transaction, the parties and certain Groglass employees will enter into ancillary agreements including employment, consulting, and restrictive covenant agreements. The filing contains forward-looking statements, which the company identifies as subject to risks including the possibility of not closing the transaction or not achieving projected cost synergies, and cautions that actual future results could differ materially.

What Was Disclosed

Apogee Enterprises disclosed a binding agreement to acquire Latvian glass coatings company Groglass for approximately €62.5 million, plus up to €10 million in earnout payments, with closing targeted for the company's third quarter of fiscal 2027.