Patrick Industries and Lippert Merge in All-Stock Deal to Create a Major RV Component Leader
Patrick Industries and Lippert (LCI Industries) will merge in an all-stock deal, with Lippert shareholders receiving 1.2440 Patrick shares per LCI share, resulting in a combined company that Patrick will own ~52% and Lippert ~48%. The merger aims to create a diversified component solutions provider across RVs, housing, and transportation, plus over $150 million in run-rate synergies. Pro forma 12-month revenue is about $8.1 billion, EBITDA around $1.0 billion, and free cash flow about $508 million; leverage ~2.1x. The deal is expected to close in H1 2027, subject to regulatory and shareholder approvals. Andy Nemeth will be CEO, Todd Cleveland will chair the board, and Johnny Sirpilla will be vice chair; the company will be headquartered in Elkhart, Indiana. A joint conference call and webcast are planned.