Patrick Industries and LCI Industries Forge All-Stock Merger to Create Global Component Platform
Patrick Industries and LCI Industries announced an all-stock merger creating a premier component-solutions platform for outdoor recreation, housing, and transportation markets. LCI shareholders will receive 1.2440 Patrick shares per LCI share, resulting in ~52% Patrick and ~48% Lippert ownership, with pro forma revenue of about $8.1 billion, adjusted EBITDA of roughly $1.0 billion (including synergies), and free cash flow around $508 million; the deal is expected to deliver over $150 million in run-rate cost synergies and a net leverage near 2.1x, with a disciplined capital-allocation plan. The combined company plans to invest in growth and shareholder returns, and will be led by CEO Andy Nemeth (Patrick) with Todd Cleveland as Chair and Johnny Sirpilla as Vice Chair; HQ will be in Elkhart, Indiana, and closure is targeted for the first half of 2027, subject to approvals. A conference call and dedicated website will provide more details.
