Silgan Holdings and funds affiliated with American Industrial Partners have agreed to acquire Trivium Packaging in an all cash transaction valuing the metal packaging company at an enterprise value of about 3.4 billion dollars. Trivium will be combined with Silgan’s Metal Containers segment and its food and beverage flat cap closures businesses to form Silgan Metal Containers and Closures, which Silgan describes as a 7.3 billion dollar global metal packaging business operating mainly in North America and Europe.
The ownership split is the structure. Silgan keeps a 60 percent controlling stake and receives about 2.3 billion dollars of cash from the formation of the new company, which it will use to retire existing debt. AIP takes the remaining 40 percent and contributes about 1 billion dollars of cash equity, with the balance funded by fully committed debt financing from a bank group. The new company will carry its own balance sheet while remaining fully consolidated in Silgan’s accounts, and its board will have three Silgan nominees and two AIP nominees.
The sellers are Trivium’s two shareholders. Ontario Teachers’ Pension Plan is selling its majority stake, and Ardagh Group has agreed to sell its entire holding of about 42 percent, for which it expects net cash proceeds of about 90 million dollars to reinvest or apply to debt. Trivium, which supplies metal cans and aerosol containers for food, pet food, nutrition and personal care, has 57 locations, about 7,200 employees and recorded sales of about 3 billion dollars in 2025.
Pricing is full but synergy dependent. The 3.4 billion dollar value is 7.1 times last twelve months adjusted EBITDA, falling to 4.8 times if the expected 225 million dollars of annual synergies is delivered in full by year three, rising from about 75 million dollars in year one and 150 million in year two. Silgan expects at least 15 percent accretion to adjusted earnings per share. The deal has unanimous Silgan board approval and is expected to close in mid 2027, subject to regulatory approvals and works council consultations. Wells Fargo and BofA Securities advised Silgan, Evercore advised Trivium and its shareholders, and Goldman Sachs advised AIP.