Silgan Holdings, Trivium Packaging, and funds affiliated with American Industrial Partners have announced a deal to combine Silgan’s Metal Containers segment and Food and Beverage Flat Cap Closures businesses with Trivium Packaging, creating a new global metal packaging company called Silgan Metal Containers and Closures (Silgan MCC). The combined business is expected to have an enterprise value of approximately $7.3 billion and serve food and beverage markets across North America and Europe.
Under the transaction, Silgan MCC will acquire Trivium in an all-cash deal valuing the company at approximately $3.4 billion in enterprise value. That represents 7.1 times Trivium’s last-12-month adjusted EBITDA, or 4.8 times including $225 million of expected synergies. Silgan’s contributed Metal Containers and Food and Beverage Flat Cap Closures businesses are being valued at approximately $3.8 billion, or 8.1 times last-12-month adjusted EBITDA.
Silgan will receive approximately $2.3 billion in cash proceeds from the formation and capitalization of Silgan MCC and plans to use the proceeds to retire certain existing debt. Silgan will retain a 60% controlling ownership interest in the new company, while American Industrial Partners will own the remaining 40% and contribute approximately $1 billion of cash equity. The rest of Silgan MCC’s capitalization will come from fully committed debt financing.
The transaction will also reshape Silgan’s remaining operations. Its Dispensing and Custom Containers businesses will be combined into a wholly owned segment called Silgan Dispensing Solutions, creating a specialty packaging platform focused on markets including fragrance and beauty, food and beverage, personal and health care, home care, and other consumer applications.
Silgan expects the transaction to generate $225 million of synergies by the end of the third year through procurement, operational, and selling, general and administrative initiatives. The company expects approximately $75 million of annual synergies in the first year and $150 million in the second year. Including the expected full run-rate synergies, Silgan projects the transaction will increase adjusted earnings per share by at least 15%.
The combination is intended to create a larger global metal packaging supplier with complementary geographic footprints, a broader product portfolio, and greater supply capacity. Trivium serves more than 800 customers globally, operates 57 locations, employs approximately 7,200 people, and generated about $3 billion in net sales in 2025. Silgan generated approximately $6.5 billion in 2025 net sales and operates 120 manufacturing facilities across North and South America, Europe, and Asia.
The proposed acquisition has been unanimously approved by Silgan’s board and is expected to close in mid-2027, subject to regulatory approvals, applicable works council consultations, and other customary closing conditions. After closing, Silgan MCC’s board will include three directors nominated by Silgan, Anthony J. Allott, Adam J. Greenlee, and Shawn C. Fabry, along with two directors nominated by American Industrial Partners.
Support: Wells Fargo is serving as Silgan’s lead financial advisor, with BofA Securities also advising the company. Evercore is serving as lead financial advisor to Trivium and its shareholders, alongside J.P. Morgan and BMO Capital Markets. Goldman Sachs is advising AIP. Wells Fargo, Goldman Sachs, RBC Capital Markets, Deutsche Bank Securities, and BofA Securities are providing the fully committed debt financing for Silgan MCC.
KEY QUOTES:
“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. I would like to personally thank Tony Allott and the entire Silgan team for their extensive efforts related to this transaction. 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. This transaction is expected to generate substantial value for shareholders, delivering approximately $2.3 billion of cash proceeds to Silgan while strengthening our global metal packaging business. At the same time, it establishes two focused packaging platforms, each with distinct strategies and opportunities.” Pasted text
Adam Greenlee, President And Chief Executive Officer Of Silgan
“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. 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.” Pasted text
Michael Mapes, Chief Executive Officer Of Trivium
“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. We look forward to working with the Silgan and Trivium teams to enhance the combined value proposition for customers.” Pasted text
Dino Cusumano, Managing Partner Of American Industrial Partners
