Silgan and AIP strike $3.4b Trivium deal to create new aluminum packaging giant

Silgan Holdings and funds affiliated with American Industrial Partners (AIP) are set to acquire Trivium Packaging in an all-cash deal valued at approximately $3.4 billion. The transaction will combine Trivium’s aluminum and metal packaging operations with Silgan’s Metal Containers’ aluminum and steel segment and food and beverage flat cap closures businesses, creating Silgan Metal Containers and Closures (MCC), a global aluminum packaging business valued at $7.3 billion. 

Silgan will hold a 60% stake in the new entity, while AIP will own the remaining 40%. Operations will be concentrated primarily in North America and Europe.

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Deal structure and expected synergies

Trivium’s existing shareholders, Ontario Teachers’ Pension Plan (OTPP) and aluminum packaging company Ardagh Group, will exit their investments. Ardagh, the minority joint venture partner with an approximately 42% stake, expects to receive around $90 million in net cash proceeds, which may be used for reinvestment or debt reduction.

Trivium is valued at 7.1 times its last-twelve-month adjusted EBITDA, falling to 4.8 times when expected synergies are included. Silgan’s contributed businesses have been valued at $3.8 billion, equivalent to 8.1 times adjusted EBITDA.

The combined business expects to generate $225 million in annual synergies by the end of its third year. Savings are projected at $75 million in the first year and $150 million in the second, mainly through procurement, operational and SG&A savings. 

Silgan expects to receive approximately $2.3 billion in cash from the formation of MCC to retire existing debt. AIP will contribute around $1 billion in cash equity, with the remaining funding coming from fully committed bank debt financing. MCC will have its own balance sheet but remain fully consolidated in Silgan’s financial accounts. The transaction is expected to increase Silgan’s adjusted earnings per share by at least 15%.

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Expanding the metal packaging business

Trivium manufactures metal cans and aerosol containers for food, seafood, pet food, nutrition, beauty and personal care products. The company operates 57 locations, employs approximately 7,200 people and reported around $3 billion in sales in 2025, serving more than 800 customers.

According to Silgan President and CEO Adam Greenlee, the combination would “create an even more differentiated global partner for food and beverage packaging customers.” He added that the structure would leave Silgan with two focused packaging platforms, each pursuing its own strategy.

Trivium CEO Michael Mapes noted that the partnership would provide greater scale and reach. AIP Managing Partner Dino Cusumano also expressed confidence in working with the Silgan and Trivium teams to strengthen their offering to customers. Aluminum packaging will remain part of the wider industry landscape in which these companies operate.  

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Ardagh simplifies its portfolio

Ardagh Group Executive Chairman Mark Porto described the sale as favorable for stakeholders, noting that the “disposal of a non-core investment helps to simplify our overall business.” The proceeds will support the group’s capital allocation priorities.

Silgan’s Dispensing and Custom Containers businesses are excluded from the transaction and will be combined into a wholly owned entity, Silgan Dispensing Solutions. The structure also creates a potential pathway to a future tax-free separation.

MCC’s board will include three Silgan-nominated Directors—Anthony Allott, Adam Greenlee and Shawn Fabry—and two AIP nominees. Silgan will retain its headquarters in Norwalk, Connecticut.

Silgan’s board unanimously approved the deal, which is expected to close in mid-2027, subject to regulatory approvals, works council consultations and customary closing conditions. The transaction brings together established players in aluminum and metal packaging under a larger global platform.