OTPP and Ardagh Group Sell Trivium Packaging to Silgan and AIP For $3.4B
Silgan Holdings (SLGN) and private equity firm American Industrial Partners said on Monday they would buy Trivium Packaging in a $3.4 billion deal, as the US consumer goods packaging maker looks to expand its footprint in Europe.Silgan, whose customers include Campbell (CPB) and Coca-Cola (KO) makes metal cans and dispensing products such as lotion pumps. Netherlands-based Trivium makes recyclable packaging material and is currently owned by Ontario Teachers' Pension Plan and Ardagh Group SA.The deal will combine Silgan's metal businesses with Trivium, creating a global metal packaging business valued at $7.3 billion, according to the companies.
"Trivium is much more focused and has a much larger presence in Europe. So you kind of get that geographic benefit of both, and as we think about our increasingly global customers, we think that's a great way to serve a global customer base," said Adam Greenlee, CEO of Silgan Holdings, on a call with analysts.Silgan shares, which had fallen about 6% this year through Friday's close, were up about 9% in afternoon trading.Higher raw material costs due to inflation and geopolitical tensions have been squeezing margins for packaging makers, some of which have turned to acquisitions and portfolio reshaping to boost profitability amid weak demand.Earlier this month, International Paper (IP) said it was evaluating potential bids for its Europe, Middle East and Africa packaging business.Under the Trivium deal, American Industrial Partners will invest about $1 billion for a 40% stake in the combined metal packaging business, while the partnership will generate about $2.3 billion in cash proceeds for Silgan, which will retain a 60% stake in the venture."This combination makes sense because it creates opportunities to take costs out of the business and improve margins without relying on a rebound in demand," eMarketer analyst Suzy Davidkhanian said.The deal, which is expected to close in mid-2027, comes after Silgan signaled interest in taking over German medical packaging maker Gerresheimer in March. Gerresheimer rejected the takeover bid, Reuters reported in April.
Gary Larkin of Westfair Business Journal also reports Norwalk’s Silgan Holdings, private equity firm to buy Dutch Trivium Packaging:
NORWALK – Silgan Holdings Inc. has teamed up with a private equity firm to propose a $3.4 billion purchase of Netherlands-based Trivium Packaging B.V. The acquisition would combine Silgan’s Metal Containers segment and Food and Beverage Flat Cap Closures businesses with Trivium to create Silgan Metal Containers and Closures (Silgan MCC).
Silgan, a leading global supplier of sustainable rigid packaging solutions for consumer goods products, is working with funds affiliated with American Industrial Partners to complete the transaction. Trivium is a metal packaging manufacturer with innovative shaping and opening solutions primarily for consumer goods.
The acquisition will create a $7.3 billion diversified global metal packaging business providing recyclable solutions for food and beverage markets. It will also create two packaging platforms: metal packaging and dispensing solutions.
“This strategic portfolio acceleration reflects our commitment to value creation through deliberate portfolio construction and strategic capital deployment, enabled by the strength of our businesses and our exceptional teams,” said Adam Greenlee, president and CEO Silgan (featured above). “We have tremendous respect for Trivium and its employees and believe this combination creates an even more differentiated global partner for food and beverage packaging customers.”
In connection with the formation and capitalization of Silgan MCC, Silgan will receive approximately $2.3 billion of cash proceeds, which will be used to retire certain existing debt, and retain 60% controlling ownership interest in Silgan MCC.
AIP will own the remaining 40% interest and contribute approximately $1 billion of cash equity to support the acquisition and future growth of the business. The remaining Silgan MCC capitalization will be provided by debt financing, and the partnership will establish an independent balance sheet that will be fully consolidated into Silgan’s financial statements.
“Since 2019, Trivium has been a trusted provider of recyclable metal packaging products, serving over 800 customers around the globe,” said Michael Mapes, CEO of Trivium (featured above). “This transaction with Silgan and AIP marks the next step in our evolution, as we collectively continue to deliver valuable packaging solutions to our customers and millions of consumers around the world.”
Silgan’s Dispensing and Custom Containers businesses will be combined into one segment and remain wholly owned by Silgan. The new segment, which will be named Silgan Dispensing Solutions, will operate as a premium specialty packaging platform serving attractive end markets with differentiated products.
“Silgan and Trivium are exceptional companies with strong track records, and we are excited to partner with them to help execute this value-creating transaction and capture attractive opportunities for the combined business,” said Dino Cusumano, managing partner of AIP. “We look forward to working with the Silgan and Trivium teams to enhance the combined value proposition for customers.”
Transaction details
The proposed acquisition of Trivium, which has been unanimously approved by the Silgan Board of Directors, is expected to close mid-2027 and is subject to required regulatory approvals, completion of applicable works council consultation processes, and satisfaction of other customary closing conditions.
In support of the proposed transactions, Silgan MCC has obtained debt financing from a consortium of banks, as well as a cash equity contribution from funds affiliated with AIP.
Upon completion of the transaction, the Board of Directors of Silgan MCC will be comprised of three directors nominated by Silgan: Anthony Allott, Adam Greenlee, and Shawn Fabry, as well as two directors nominated by AIP. Silgan’s headquarters will remain in Norwalk.
Toronto, October 19, 2026 – Ontario Teachers’ Pension Plan (“Ontario Teachers’”) has entered into an agreement to sell its stake in Trivium Packaging B.V. (“Trivium”) to Silgan Holdings Inc. (NYSE: SLGN) (“Silgan”) and funds affiliated with American Industrial Partners (“AIP”). The transaction values Trivium at approximately $3.4 billion. Under the terms of the agreement, Ontario Teachers’ will fully exit the business.
Trivium is a provider of recyclable metal packaging products that serves over 800 customers globally. Ontario Teachers’ originally invested in Exal in 2010, at a time when the company operated six facilities, and subsequently grew it through a merger with a larger metal packaging business. The merger brought together complementary capabilities in aluminum and steel packaging and helped to build and scale the company into one of the leading global metal packaging businesses. Today, Trivium operates 57 locations spanning 18 countries across the Americas, Europe, Asia, and Africa, and has approximately 7,200 employees worldwide.
“We have been investors in and partners to Trivium for 16 years. Our focus has been on supporting the business to strengthen its operations, serve its customers, and build for the long term,” said Greg Nielsen, Senior Managing Director, Private Capital, Ontario Teachers’. “We are confident that Silgan and AIP are well positioned to support Trivium as it enters this next chapter.”
“Since 2019, Trivium has been a trusted provider of recyclable metal packaging products, serving over 800 customers around the globe. This transaction with Silgan and AIP marks the next step in our evolution, as we collectively continue to deliver valuable packaging solutions to our customers and millions of consumers around the world,” said Michael Mapes, Chief Executive Officer of Trivium. “With Silgan and AIP’s support, we will operate with increased scale and reach to advance our vision of delivering high-quality, innovative, and recyclable packaging products to consumers.”
The proposed acquisition is expected to close mid-2027 and is subject to required regulatory approvals, completion of applicable works council consultation processes, and satisfaction of other customary closing conditions.
Evercore is serving as lead financial advisor to Trivium and its shareholders. J.P. Morgan and BMO Capital Markets are also serving as financial advisors in connection with the transaction. Weil, Gotshal & Manges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to Trivium and its shareholders.
LUXEMBOURG, Oct. 19, 2026 /PRNewswire/ -- Following the decision of Ontario Teachers' Pension Plan to sell its majority stake in Trivium Packaging B.V. ("Trivium") to Silgan Holdings Inc. (NYSE: SLGN) ("Silgan") and funds affiliated with American Industrial Partners ("AIP"), Ardagh Group, as minority joint venture partner, has entered into the agreement to sell its entire ~42% stake in Trivium. The transaction values Trivium at approximately $3.4 billion.
Trivium is a supplier of metal packaging in the form of cans and aerosol containers, serving a broad range of end-use categories, including food, seafood, pet food and nutrition, as well as beauty and personal care. Trivium recorded revenues of $3 billion in 2025. For more information, visit www.TriviumPackaging.com.
The proposed sale is expected to close in mid-2027 and is subject to required regulatory approvals, completion of applicable works council consultation processes, and satisfaction of other customary closing conditions. The transaction is expected to result in estimated net cash proceeds to Ardagh Group of approximately $90 million, which are expected to be used towards reinvestment in the business or deleveraging.
Mark Porto, Executive Chairman of Ardagh Group, said:
"The sale agreement of Ardagh Group's minority investment stake in Trivium represents a favourable outcome for all stakeholders. Trivium's combination with Silgan creates a highly complementary business. For Ardagh Group, the disposal of a non-core investment helps to simplify our overall business and organisational structure, with the net cash proceeds expected to be used towards reinvestment in the business or towards debt reduction."
Evercore is serving as lead financial advisor to Trivium and its shareholders. J.P. Morgan and BMO Capital Markets are also serving as financial advisors in connection with the transaction.
Weil, Gotshal & Manges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to Trivium and its shareholders.
About Ardagh Group
Ardagh Holdings S.A. is the ultimate parent company of Ardagh Group, which is a global supplier of inherently recyclable metal beverage and glass container packaging for brand owners around the world. Ardagh Group operates 58 metal and glass production facilities in 16 countries, employing approximately 19,000 people with sales of approximately $9.6 billion.
This is a big deal to kick off the week and shows you how OTPP Private Capital and Ardagh Group nurtured Trivium Packaging into a great company over the years and just sold it to Silgan Holdings Inc. and American Industrial Partners for $3.4 billion (including debt).
It is worth reiterating what Greg Nielsen, Senior Managing Director, Private Capital, Ontario Teachers’, states in the press release:
“We have been investors in and partners to Trivium for 16 years. Our focus has been on supporting the business to strengthen its operations, serve its customers, and build for the long term. We are confident that Silgan and AIP are well positioned to support Trivium as it enters this next chapter.”
This isn't a quick deal; they held the company for 16 years and helped it grow organically and through acquisitions.
That's what really good private equity is all about. Unlike private equity funds that look to sell their stake in a company in four years to raise money for their next fund, a pension fund can take a really long view and hold a private company on its books for a very long time and sell it when the right strategic acquirer comes along.
That's what happened here.
This transaction also highlights the hard work of OTPP's Portfolio Solutions team, headed up by Kevin Kerr.
It's their job to value these assets properly and see if they are ready for an exit.
Financial details were not disclosed at OTPP but the Ardagh Group disclosed this in its press release:
The transaction is expected to result in estimated net cash proceeds to Ardagh Group of approximately $90 million, which are expected to be used towards reinvestment in the business or deleveraging.
That just tells me there was a pile of debt on Trivium's books which is normal given the industry it operates in.
I also note this from one of the articles above:
In connection with the formation and capitalization of Silgan MCC, Silgan will receive approximately $2.3 billion of cash proceeds, which will be used to retire certain existing debt, and retain 60% controlling ownership interest in Silgan MCC.
AIP will own the remaining 40% interest and contribute approximately $1 billion of cash equity to support the acquisition and future growth of the business. The remaining Silgan MCC capitalization will be provided by debt financing, and the partnership will establish an independent balance sheet that will be fully consolidated into Silgan’s financial statements.
Alright, that's it from me on this Monday, October 19th.
Below, a behind-the-scenes look at the highly coordinated manufacturing process at Trivium Packaging in Roanoke County, Virginia! Trivium produces metal cans for everyday products used by customers across North America, combining precision engineering, advanced manufacturing, and a highly skilled workforce.
Also, an older 2023 Davos interview with Trivium Packaging CEO Michael Mapes worth listening to.
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