Trivium Packaging will operate 57 production facilities across Europe and the Americas. Credit: Ardagh.

Ardagh Group is to merge its Food & Specialty Metal Packaging business with aluminium containers maker Exal, forming the Trivium Packaging entity.

Trivium will become one of the largest metal packaging businesses worldwide. The partnership is currently controlled by Ontario Teachers’ Pension Plan Board.

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Ontario Teachers’ Equities executive managing director Jane Rowe said: “In forming Trivium, we are bringing together two leading businesses to create a global packaging company that is well-positioned to capitalise on current market trends.

“We are pleased to establish a partnership with Ardagh and believe our alignment on long-term value creation will be a critical driver for future success of the enterprise.”

Headquartered in the Netherlands and currently employing around 7,800 people, Trivium will operate 57 production facilities located across Europe and the Americas.

The company will offer various services to multinational, regional and local customers across food, seafood, pet food, nutrition, beauty and personal care, household care and premium beverage markets.

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The deal will integrate Ardagh’s Food & Specialty tin-plate steel packaging-focused presence in Europe and North America with Exal’s aluminium aerosol packaging in the Americas.

Trivium expects to generate about $40m through commercial and operational opportunities over the next few years.

Ardagh chairman and CEO Paul Coulson will become the chairman of Trivium. Exal CEO Michael Mapes will become the merged entity’s CEO while leading an experienced team made up of executives from both businesses.

The transaction is currently subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and confirmation of the participation of certain Ardagh European entities in the transaction and more. It will conclude towards the end of this year.

Citigroup acted as the exclusive financial advisor and Shearman & Sterling as the lead legal advisor to Ardagh on the transaction.

Evercore Group and BMO Capital Markets acted as financial advisers, while Weil, Gotshal & Manges served as the lead legal adviser to Ontario Teachers’.