Apogee Enterprises is expanding its position in the high-performance building envelope market through the acquisition of Kalwall Companies, a leading manufacturer of translucent daylighting systems. The transaction, valued at approximately $115 million on a cash-free, debt-free basis, reflects Apogee’s strategy to broaden its architectural glass offerings and capitalize on growing demand for advanced façade and daylighting solutions.

The acquisition structure includes $105 million in cash at closing, alongside a potential earnout of up to $10 million tied to Kalwall’s financial performance through the third quarter of Apogee’s fiscal 2027. The deal is expected to close during the second quarter of fiscal 2027, pending customary closing conditions.

Kalwall brings more than seven decades of experience in designing and manufacturing high-performance translucent building systems. Its portfolio includes wall systems, unitized curtainwalls, skylights, skyroofs, and canopies, serving a diverse range of commercial, institutional, transportation, and public-sector projects. The company operates through several established brands, including Kalwall, Structures Unlimited, and Kal-lite.

According to Apogee Executive Chair and CEO Don Nolan, the acquisition represents a strong strategic fit that expands the company’s portfolio of differentiated solutions while reinforcing its leadership in high-performance building envelope technologies. By integrating Kalwall into its Architectural Glass segment, Apogee aims to create a broader substrate offering that combines traditional architectural glass products with advanced daylighting systems.

Financially, the acquisition is expected to contribute approximately $85 million in annual revenue within the first 12 months of ownership. Kalwall is projected to generate an adjusted EBITDA margin of around 15% initially, with a long-term target of 20%. Apogee also expects to achieve roughly $4 million in operational cost synergies by fiscal 2029 through integration and efficiency improvements.