Ontario Teachers’ Pension Plan announces sale of Trivium Packaging
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.
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About Ontario Teachers'
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $303.2 billion as at June 30, 2026. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.