Apogee Acquires Sotawall Inc.
Apogee Enterprises Inc. acquired the assets of privately held Sotawall Inc., a leading designer and fabricator of high-performance, unitized curtain wall systems for commercial construction projects in North America, for approximately $135 million. It will operate as Sotawall Ltd. within Apogee, which provides distinctive value-added glass solutions for the architectural and picture framing industries.
“We are very pleased to acquire Sotawall Inc., a ... company that we know well since many of its projects have incorporated our architectural glass,” says Joseph F. Puishys, Apogee chief executive officer. “With the acquisition of this 25-year-old business, which generates annual revenues of approximately $100 million from supplying curtain wall for construction projects in Canada and the United States, we are driving our growth strategies by both increasing our geographic presence and adding to our product offerings."
“We are pleased to be joining forces with Apogee, a strong company that is also known for its leadership and integrity in commercial construction markets,” says Juan Speck, president, owner and founder of Toronto-based Sotawall Inc., who will continue to lead the business. “We look forward to working with Apogee to capitalize on opportunities to grow Sotawall Ltd.”
Apogee funded the acquisition from cash and its credit facility. Sotawall Ltd. will be an eighth independent operating unit in the Apogee portfolio and reported as part of the architectural framing systems segment.