Ontario Teachers' Pension Plan has agreed to sell its majority holding in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners in a deal valuing Trivium at approximately USD 3.4bn. The deal triggers the sale of Ardagh Group's stake of about 42%, from which Ardagh expects about USD 90m in net cash proceeds for reinvestment or debt reduction. Separately, a Luxembourg court lifted an injunction that had blocked Ardagh Holdings from selling shares in Ardagh Metal Packaging, and Ardagh has resumed work with advisers on a possible sale of AMP.
Why this mattersSilgan, with AIP, takes over a major metal packaging competitor, while Ardagh, at 6.0x net leverage, gains about USD 90m and reopens a possible sale of Ardagh Metal Packaging.
- Ontario Teachers' Pension Plan agreed to sell its majority stake in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners.
- The transaction values Trivium at approximately USD 3.4bn.
- Ardagh Group agreed to sell its entire stake of approximately 42% in Trivium and expects about USD 90m in net cash proceeds.
- A Luxembourg district court summary judge lifted an injunction that had prevented Ardagh Holdings from selling shares in Ardagh Metal Packaging; Ardagh has resumed sale preparations with advisers.
- Ardagh Glass Packaging has proposed decommissioning one furnace at Holmegaard, Denmark, and one at Knottingley, UK.
- Group Q3 2026 revenue rose 11.2% to USD 2.78bn and adjusted EBITDA was USD 392m; net debt to adjusted EBITDA fell to 6.0x from 7.8x.
- Ardagh Metal Packaging nine-month 2026 adjusted EBITDA rose year on year
- Third-quarter adjusted EBITDA at Ardagh Metal Packaging was nearly flat versus the prior period
- Ardagh Metal Packaging continued to report net losses with debt levels remaining high
Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium Packaging, currently owned by Ontario Teachers' Pension Plan and Ardagh Group, to form Silgan Metal Containers and Closures. The all-cash deal values Trivium at USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA (4.8x including expected synergies), and Silgan's contributed units at USD 3.8bn, 8.1x LTM adjusted EBITDA. Silgan will hold 60% and American Industrial Partners 40%, with the Trivium acquisition expected to close in mid-2027.
Why this mattersThe deal creates a larger metal containers and closures group across North America and Europe, while USD 2.3bn of cash proceeds lets Silgan retire debt.
- Trivium valued at about USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA, or 4.8x including USD 225m of expected synergies.
- Silgan's contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses valued at USD 3.8bn, 8.1x LTM adjusted EBITDA.
- Silgan receives about USD 2.3bn in cash proceeds to retire existing debt and keeps a 60% controlling stake in Silgan Metal Containers and Closures.
- American Industrial Partners holds the remaining 40% and contributes about USD 1.0bn of cash equity.
- Trivium, owned by Ontario Teachers' Pension Plan and Ardagh Group, has 57 locations, 7,200 employees and about USD 3bn of 2025 sales.
- The Trivium acquisition is expected to close in mid-2027.
- The combined venture is named Silgan MCC, with Europe accounting for 36% of its sales.
- Silgan MCC pro forma net sales are USD 9.8bn and EBITDA USD 1.5bn, with leverage of about 4.4x at closing.
- Fitch has affirmed Silgan Holdings' Long-Term Issuer Default Rating at 'BB+' with Stable Outlook, and secured debt at 'BBB-', following the transaction.
Platinum Equity is in advanced talks to acquire Dutch metal packaging maker Trivium Packaging for USD 3.5 billion from current owners Ontario Teachers' Pension Plan Board and Ardagh Group S.A. The private equity firm has emerged ahead of other bidders, including Sonoco, which dropped out after its USD 3.9 billion purchase of Eviosys in June 2024. A final agreement is expected within weeks, though talks are not guaranteed to conclude.
Why this mattersA USD 3.5bn buyout would reshape ownership of a top-tier metal packaging supplier and signal renewed private-equity appetite for large sector assets.
- Platinum Equity is negotiating to acquire Trivium Packaging for USD 3.5 billion.
- Sellers are Ontario Teachers' Pension Plan Board and Ardagh Group S.A.
- Deal expected to close within coming weeks, pending final agreement.
- Trivium reported annual revenue of USD 3.1 billion and employs 7,500 people across 60 sites.
- Trivium was formed in 2019 from the merger of Exal Corp. and Ardagh's food and speciality packaging business.
- Sonoco had earlier been a bidder but withdrew after buying Eviosys for USD 3.9 billion in June 2024.
KKR has emerged as the preferred bidder to acquire Portuguese plastics packaging maker Logoplaste, according to people familiar with the matter. The US private equity firm is in exclusive talks with Logoplaste's owners after rival bidder Apax Partners dropped out of the process. A deal could be reached in the coming weeks.
Why this mattersA change of control would place Portuguese packaging maker Logoplaste under a new private equity owner, resetting its investment and acquisition plans for the next holding period.
- KKR has emerged as the preferred bidder for Portuguese packaging maker Logoplaste, according to people familiar with the matter, reported on 16 September 2026.
- KKR is in exclusive talks with Logoplaste's owners.
- Apax Partners has dropped out of the process.
- A deal could be reached in the coming weeks, with no certainty that the talks lead to a transaction.
- A takeover of Logoplaste could rank among the largest deals in Portugal in 2026.
- Ontario Teachers' Pension Plan Board holds 60% of Logoplaste and is considering a sale valued at more than EUR 1.7bn (USD 1.95bn), expected to complete in 2026
- Minority shareholders may reinvest alongside the buyer to retain a combined 40% stake
- Logoplaste operates more than 60 plants in 17 countries for customers including Kraft Heinz, Diageo and L'Oreal, with annual revenue of about EUR 1bn (USD 1.15bn)
- Carlyle invested about EUR 660m (USD 758m) in Logoplaste in 2016, when the company was valued at EUR 1.4bn (USD 1.61bn) including debt in 2021
