American Industrial Partners will take a 40% stake in a new business controlled by Silgan Holdings that will own Trivium Packaging, valuing the metal packaging firm at an enterprise value of approximately $3.4bn. AIP is contributing roughly $1.0bn of cash equity, while Silgan receives about $2.3bn in cash proceeds and retains a 60% controlling interest. The all-cash deal values Trivium at 7.1 times adjusted earnings, falling to 4.8 times once $225m in expected synergies are included. The transaction follows AIP's recent purchase of International Paper's Global Cellulose Fibers business and is expected to close in mid-2027, subject to regulatory approvals and customary conditions.
Ontario Teachers' Pension Plan is making a full exit from Trivium, which it originally built through its 2010 investment in Exal. Ardagh Group, holding approximately 42%, is also selling its entire stake. The combination merges Silgan's metal container and food and beverage cap businesses with Trivium, creating two focused packaging platforms.
"Silgan and Trivium are exceptional companies with strong track records," said Dino Cusumano, managing partner of AIP. Adam Greenlee, president and CEO of Silgan, noted the deal sets up two focused packaging platforms, with Silgan's dispensing and custom containers businesses forming Silgan Dispensing Solutions. Silgan supplies packaging to customers including Nestl, The Coca-Cola Company and Campbell. The Silgan board has unanimously approved the transaction, and until closing, Trivium and Silgan will continue to operate independently.
Trivium had net sales of approximately $3bn in 2025. AIP, an operational and engineering-focused industrial private equity investor with approximately $18bn in assets under management, will nominate two of the five directors on the Silgan MCC board upon completion.
Source: PE Insights · Summarized by HeadlinesBriefing