Apogee to acquire Kalwall for up to $115 million in cash
Apogee Enterprises agreed on May 27, 2026 to acquire Keller Companies, which controls Kalwall and Structures Unlimited, for about $105 million in cash at closing plus up to $10 million in earn-out payments. The company expects the deal to close in its fiscal 2027 second quarter and plans to fund it with cash on hand and its existing credit facility, which matters to shareholders because it commits a large share of Apogee's available cash and borrowing capacity.
Key points
- Cash at closing of about $105 million, with about $9.5 million placed in escrow; up to $10 million additional earn-out tied to KCI financial objectives
- Press release expects Kalwall to contribute $85 million of revenue and an adjusted EBITDA margin of about 15% in the first 12 months, with a long-term margin target of 20%
- Expected operational cost synergies of $4 million by the end of fiscal 2029; deal expected to be accretive to adjusted diluted EPS in the first year
- Closing expected in fiscal 2027 second quarter; either party may terminate if closing has not occurred by August 1, 2026; no financing condition
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 28, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.