LCI Industries has received an unsolicited, non-binding proposal from Monomoy Capital Partners to acquire the engineered-components supplier for $101 per share in cash.
The approach creates a competing option while LCI remains subject to its previously announced all-share merger agreement with Patrick Industries.
That transaction, agreed on 30 June 2026, would combine the companies into a larger component supplier serving the outdoor recreation, housing and transportation markets.
LCI said its agreement with Patrick remains in force and its board continues to recommend the transaction. However, the directors are reviewing Monomoy’s proposal with independent financial and legal advisers in accordance with their fiduciary duties.
Merger agreement
“LCI’s existing merger agreement with Patrick remains in place, and the LCI Board of Directors continues to recommend in favour of the Patrick transaction,” the company said.
LCI added that its board ‘has a responsibility to carefully evaluate Monomoy Capital Partners’ proposal’ and would update shareholders in due course.
Investors have been advised to take no action on the Monomoy approach at this stage.
Patrick Industries has separately reaffirmed its commitment to the agreed merger. The company said it had been informed of the unsolicited proposal and acknowledged LCI’s obligation to assess it, while noting that LCI’s board had not changed its recommendation.
Under the existing transaction, Patrick shareholders are expected to own approximately 52% of the combined company and LCI shareholders about 48%.
The merger is expected to close in the first half of 2027, subject to shareholder approvals, regulatory clearance and other customary conditions.
Engineered components
The two businesses supply components across several end markets, including recreational vehicles, marine, manufactured housing and transport.
The proposed combination is intended to broaden their product portfolios and diversify the enlarged group’s customer and market exposure.
Until LCI completes its assessment, Monomoy’s cash proposal remains preliminary and non-binding, and there is no certainty that it will lead to a definitive offer or replace the Patrick agreement.
LCI Industries supplies engineered components to the outdoor recreation and transportation markets through its Lippert subsidiary.
