Patrick Industries Inc. (NASDAQ: PATK) and LCI Industries (NYSE: LCII) have terminated discussions regarding a potential merger of equals, the companies announced. The discussions, which were first confirmed on April 17, ended without agreement on certain key terms despite consensus on leadership and strategic direction.

The companies reached alignment on leadership of a combined entity and continued execution of Patrick's strategic plan, according to a press release statement from Patrick Industries. The talks concluded after the parties were unable to agree on other unspecified transaction terms.

Andy Nemeth, Chief Executive Officer of Patrick Industries, said the company remains committed to its independent brand-focused foundation and customer partnerships. "With our diversified platform, strong balance sheet and cash flows, and disciplined capital allocation strategy, we are uniquely positioned to outperform our end markets through organic growth, innovation, and the continued execution of our proven M&A strategy," Nemeth stated.

Patrick Industries serves as a component solutions provider for original equipment manufacturers in recreational vehicle, marine, powersports and housing markets. The Elkhart, Indiana-based company operates more than 85 brands and employs over 10,000 people across the United States.

The companies had previously noted when confirming discussions in April that no assurance existed that any transaction would result from the talks. Patrick Industries indicated it maintains a pipeline of acquisition opportunities as part of its growth strategy.