Silgan Holdings Inc. announced on October 19, 2026, a proposed transaction to form a new partnership with American Industrial Partners (AIP) for its Metal Containers and Food and Beverage Flat Cap Closures businesses. The partnership, named Silgan Metal Containers and Closures (Silgan MCC), will acquire Trivium Packaging B.V., a Netherlands-based metal packaging supplier.
The all-cash acquisition values Trivium at an enterprise value of approximately $3.4 billion, representing 7.1x last twelve months (LTM) Adjusted EBITDA. Silgan is contributing its Metal Containers segment and Food and Beverage Flat Cap Closures businesses, which are valued at an enterprise value of $3.8 billion, or 8.1x LTM Adjusted EBITDA.
In connection with the formation of Silgan MCC, Silgan will receive approximately $2.3 billion in cash proceeds. Silgan will retain a 60% controlling ownership interest in the partnership, while AIP will own the remaining 40% and contribute approximately $1.0 billion in cash equity. The partnership will be capitalized by this equity and fully-committed debt financing.
Following the transaction, Silgan’s Dispensing and Custom Containers businesses will be combined into a single segment named Silgan Dispensing Solutions, which will remain wholly owned by Silgan. Silgan’s headquarters will remain in Norwalk, Connecticut.
The transaction is expected to close in mid-2027, subject to regulatory approvals and other customary closing conditions. Silgan anticipates the deal will generate $225 million in synergies by the end of year three and drive at least 15% accretion to Silgan Adjusted EPS and Free Cash Flow.
Wells Fargo is serving as lead financial advisor to Silgan, and BofA Securities is also serving as a financial advisor. Trivium is advised by Evercore, with legal counsel provided by Weil, Gotshal & Manges LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP. AIP is advised by Goldman Sachs & Co. LLC and Simpson Thacher & Bartlett LLP.
