Patrick and LCI Industries to merge in all-stock deal

Investing.com -- Patrick Industries and LCI Industries said Tuesday they entered into a definitive agreement to combine in an all-stock merger. The deal will create a component solutions provider for the outdoor enthusiast, housing and transportation markets.

Under the agreement, LCI shareholders will receive 1.2440 shares of Patrick common stock for each share of LCI common stock they own. The boards of directors of both companies unanimously approved the transaction.

Patrick shareholders will own approximately 52% of the combined company after the deal closes, while LCI shareholders will own approximately 48%.

The combined company expects to generate over $150 million of run-rate cost synergies within three years of closing. The synergies will come primarily from procurement, selling, general and administrative efficiencies, engineering best practices, and improved supply chain management.

On a pro forma basis, the combined company's trailing twelve months results as of March 2026 would be approximately $8.1 billion of revenue and adjusted EBITDA of $1.0 billion inclusive of synergies. Pro forma free cash flow would be $508 million inclusive of synergies.

Andy Nemeth, CEO of Patrick, will serve as CEO of the combined company. Patrick Director Todd Cleveland will serve as Chair of the Board and Lippert Interim CEO and Director Johnny Sirpilla will serve as Vice Chair of the Board.

The combined company's board of directors will consist of 12 directors, with six designated by Patrick and six designated by Lippert.

The combined company will be headquartered in Elkhart, Indiana.

The transaction is expected to close in the first half of 2027, subject to approval by shareholders of both companies, regulatory approvals and other customary closing conditions.

You May Also Be Interested In

• Waymo Explores Split With Uber - FT
• Jennifer Hyman to retire from Estee Lauder board in November
• Paramount Agrees to Delay Warner Bros. Merger for Months - NYT