US company Apogee Enterprises will acquire Latvian high-tech glass coating manufacturer Groglass for 62.5 million euros. Groglass develops and manufactures innovative anti-reflective glass coatings, the company said.
The transaction is expected to be completed by November 2026.
Apogee Enterprises is a manufacturer of innovative coated materials and a provider of architectural and construction products and services. The company is headquartered in the United States and is publicly traded.
The total value of the transaction is 62.5 million euros, of which 10 million euros will be paid separately if Groglass achieves certain financial targets within three years.
Riga-based Groglass manufactures anti-reflective and UV-protective glass coatings. Its products are widely used in museums, electronics, architecture and other industries around the world. The company employs 190 people.
“Groglass joining the company will strengthen our position in global target markets by adding unique glass coating technologies and strong research expertise to Apogee Enterprises’ capabilities. This will enable us to expand into new markets,” said Don Nolan, CEO and Chairman of Apogee Enterprises.
The transaction also provides for continued investment in innovation, people and manufacturing in Riga. Groglass is expected to remain an important research and development and manufacturing centre within the Apogee Enterprises group.
Groglass CEO Sergejs Kostjučenko noted that joining Apogee Enterprises gives Groglass the opportunity to become part of a financially strong, publicly traded company with extensive experience in investment and innovation. As part of Apogee Enterprises, Groglass will gain access to additional resources, expertise and global opportunities that will accelerate the company’s growth.
The company explained that by combining the knowledge, experience and technological expertise of both companies, new solutions will be developed for the protection and preservation of artworks and cultural heritage, as well as other specialised glass surface products for customers worldwide in the architecture and electronics sectors.
The sellers were advised by leading financial adviser Oaklins, which also approached potential buyers and led the negotiations. Law firm Cobalt provided legal support.
According to data from Firmas.lv, Groglass generated revenue of 27.371 million euros last year, an increase of 6.7% compared with the previous year, while the company’s profit more than doubled to 3.562 million euros.
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