Silgan Holdings and funds affiliated with American Industrial Partners (AIP) have agreed to acquire Trivium Packaging in an all-cash deal that values the metal packaging company at an enterprise value of around $3.4bn.

Trivium will be combined with Silgan’s Metal Containers segment and its food and beverage flat cap closures businesses to create Silgan Metal Containers and Closures (Silgan MCC), which Silgan describes as a $7.3bn global metal packaging business with operations mainly in North America and Europe. Silgan will hold a 60% controlling stake in the new company, with AIP owning the remaining 40%.

Trivium is being sold by its two shareholders. Ontario Teachers’ Pension Plan (OTPP) has decided to sell its majority stake, and Ardagh Group, as minority joint venture partner, has agreed to sell its entire stake of around 42%. Ardagh expects to receive net cash proceeds of about $90m, which it plans to put towards reinvestment in the business or paying down debt.The deal values Trivium at 7.1 times last twelve months adjusted EBITDA, or 4.8 times once expected synergies of $225m are included. Silgan’s contributed businesses are valued at $3.8bn, or 8.1 times adjusted EBITDA.

Silgan will receive around $2.3bn in cash from the formation of Silgan MCC, which it will use to retire existing debt. AIP will contribute about $1bn in cash equity, with the rest of the funding coming from fully committed debt financing provided by a group of banks. Silgan MCC will have its own balance sheet but will be fully consolidated into Silgan’s accounts.

Silgan expects the combination to deliver $225m in annual synergies by the end of year three, rising from about $75m in year one and $150m in year two, through procurement, operational and SG&A savings. It says the deal should lift its adjusted earnings per share by at least 15%.

Adam Greenlee, president and CEO of Silgan, said the combination “creates an even more differentiated global partner for food and beverage packaging customers”, adding that it would leave Silgan with two focused packaging platforms, each with its own strategy.

Silgan’s Dispensing and Custom Containers businesses, which are not part of the deal, will be merged into a single wholly owned segment named Silgan Dispensing Solutions. Silgan said the new structure also creates a pathway to a possible tax-free separation of the two businesses in future. Trivium, which supplies metal cans and aerosol containers for food, seafood, pet food, nutrition, beauty and personal care, has 57 locations, employs 7,200 people and recorded sales of around $3bn in 2025. It serves more than 800 customers. Michael Mapes, Trivium’s CEO, said the deal would give the business greater scale and reach.

Mark Porto, executive chairman of Ardagh Group, described the sale as a favourable outcome for all stakeholders, saying the “disposal of a non-core investment helps to simplify our overall business”.

Dino Cusumano, managing partner of AIP, said the firm looked forward to working with the Silgan and Trivium teams to strengthen the offer to customers.

Silgan MCC’s board will have three directors nominated by Silgan, Anthony Allott, Adam Greenlee and Shawn Fabry, and two nominated by AIP. Silgan’s headquarters will stay in Norwalk, Connecticut.

The deal has been unanimously approved by Silgan’s board and is expected to close in mid-2027, subject to regulatory approvals, works council consultations and other customary conditions.

Wells Fargo is lead financial adviser to Silgan, with BofA Securities also advising. Evercore is lead financial adviser to Trivium and its shareholders, and Goldman Sachs is advising AIP.