Kartesia agrees full exit from GroGlass

Kartesia, the European specialist provider of capital solutions, is pleased to announce that it has signed a definitive agreement to fully exit its investment in GroGlass (the “Company”), a leading European provider of high-performance, value-added glass, acrylic and polycarbonate solutions. GroGlass will be acquired by Apogee Enterprises (“Apogee”), a leading provider of architectural building products and services and high-performance coated materials used across a broad range of applications. The transaction is expected to close during the third quarter of Apogee’s fiscal year 2027 and represents another successful exit for Kartesia’s Credit Opportunities strategy. The transaction was led on behalf of Kartesia by Tomas Neuhaus, Partner, and Francesca Giacoppo, Associate Director in the Value Enhancement team.

Headquartered in Riga, Latvia, GroGlass specialises in anti-reflective and other advanced coatings used in picture-framing, architectural and technical applications. Its portfolio includes premium brands recognised for their superior optical clarity and durability, serving customers across global end markets including museums, electronics and architectural design. Combining deep expertise in materials science and coating technologies with a strong focus on innovation and quality, the Company has built long-standing customer relationships and a highly differentiated market position.

During Kartesia’s investment period, GroGlass expanded its picture-framing and technical product portfolios, broadened its international presence and almost doubled its sales while maintaining industry-leading profitability. Today, the Company offers more than 20 coating types across more than 45 countries, employs approximately 190 people and has further strengthened its position as a market-leading business.

Francesca Giacoppo at Kartesia commented:
“We are proud to have partnered with GroGlass and its management team during a transformational period in the Company’s development. The business has distinguished itself through its combination of deep technical expertise, continuous innovation and disciplined execution of the commercial strategy. It has been rewarding to support the team as they strengthened GroGlass’ international market position. We believe Apogee is the ideal partner for the next phase of growth.”

Sasha Kelberg, Chairman of Alzette (holding company of GroGlass), added:
“GroGlass was built by an exceptional team in Riga, and Apogee is the right home for the business—a strategic owner that understands its technology and markets and has the resources to take it further. I am proud of what we have built and grateful to everyone who supported the Company along the way, including Kartesia over the past eight years. I look forward to helping make the integration a success.”

Sergejs Kostjučenko, CEO of GroGlass, added:
“Over the years, Kartesia has been much more than an investor to GroGlass. Its team has been a thoughtful and supportive partner, combining a strong understanding of our business with the flexibility and pragmatism needed at different stages of our development. Just as importantly, they have been great people to work with. I am very grateful for their trust, wise counsel and support throughout our journey together.”