US company Apogee to acquire Latvian glass maker Groglass for €62.5 million
Nasdaq-listed Apogee Enterprises has agreed to acquire Riga-based glass coating manufacturer Groglass for €62.5 million. The deal, which also includes further investment in Riga, is expected to close by November 2026.
US-based architectural and building products company Apogee Enterprises, listed on Nasdaq, has announced an agreement to acquire the Latvian company Groglass. The total value of the deal is €62.5 million.
Of that amount, €10 million will only be paid out if Groglass meets certain financial targets over the next three years. Groglass, headquartered in Riga, is a European leader in anti-reflective and UV-protective glass coatings. Its products are used in museums, electronics and architecture worldwide, and the company employs 190 people. Its best-known brand is Artglass.
Benefits for both sides
Apogee's CEO and Chairman Don Nolan said the addition of Groglass strengthens the company's position in its target markets by combining its own expertise with unique glass coating technology and strong research capabilities, enabling expansion into new markets.
Groglass CEO Sergejs Kostjučenko said becoming part of a financially strong, publicly listed company would give Groglass access to additional resources, knowledge and global opportunities, accelerating its growth.
Groglass founder Sasha Kelberg, reflecting on more than 20 years since starting the company on the strength of Latvia's scientific base, said the deal shows that close cooperation between science, technology development and manufacturing can build a world-class technology and manufacturing company in Latvia.
The agreement also includes further investment in innovation, staff and production in Riga, where Groglass is expected to remain an important research and manufacturing hub for the Apogee group. Going forward, the two companies plan to jointly develop new solutions for protecting and preserving artworks and cultural heritage, as well as other specialized glass surface products.
Oaklins acted as lead financial advisor to the sellers, while law firm COBALT provided legal support. The deal is expected to close by November 2026.
