Silgan Forms Metal Packaging Partnership With AIP Funds

A joint venture between Silgan Holdings Inc. and an investment vehicle affiliated with American Industrial Partners was established on October 17, 2026, to house the company's metal packaging operations and acquire Trivium Packaging B.V. Silgan Holdings Inc. (NYSE: SLGN) filed the definitive agreement details with the Securities and Exchange Commission.

The Transaction Agreement structures the deal by transferring Silgan's metal food containers, general line containers, vacuum closures for metal and plastic, non-dispensing plastic dairy closures, and aluminum roll-on closures for beer and non-alcoholic beverages into Silgan Metal Packaging LLC. This newly formed subsidiary will hold the contributed assets on a cash-free, debt-free basis, subject to customary working capital adjustments. In exchange for this business contribution, Silgan will retain 60% of the Class A voting units in the new entity.

A-VL Holdco, LP, an investment vehicle linked to funds managed by AIP, LLC, will provide $1.025 billion in cash to receive the remaining 40% of the Class A voting units. The A-VL Investor will fund this contribution using equity proceeds from American Industrial Partners Capital Fund IX, L.P., which has also delivered a limited guarantee to Silgan covering certain payment obligations.

Upon closing, Silgan Metal Packaging LLC will distribute $2.263 billion to Silgan Holdings LLC, reduced by any applicable New Silgan Debt Amount. Silgan retains the option to incur up to $1.0 billion in new debt, which the partnership may assume in connection with the business transfer. The closing is contingent on the simultaneous completion of the acquisition of Trivium Packaging B.V., a private Dutch company, along with Silgan's internal reorganization.

Between the signing date and closing, Silgan has agreed to operate the contributed business in the ordinary course consistent with past practice. The agreement includes indemnification clauses where Silgan covers liabilities for its retained business and breaches of post-closing covenants, while the new entity covers liabilities related to the contributed metal containers and closures business. The deal has an outside date of October 15, 2027, subject to automatic extension if the Trivium purchase timeline shifts.