Patrick Industries and LCI Industries have entered into a definitive agreement to combine in an all-stock merger.
Under the agreement, LCI shareholders will receive 1.2440 shares of Patrick common stock for each share of LCI common stock they own.
Following completion of the transaction, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders will own approximately 48%.
This merger will combine the product portfolios of both companies.
The announcement follows a statement from the companies in May 2026 that discussions regarding a potential merger between the organisations had been terminated as they had been unable to reach mutually agreeable terms.
The transaction is expected to close in the first half of 2027, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.
Evolution
“Today marks the beginning of an exciting new chapter in the evolution of our two companies as we continue on our journey to positively impact and deliver value for our customers, our team members, shareholders, and the communities we serve,” said Andy Nemeth, CEO of Patrick.
“We have long respected the Lippert team and their impressive, innovative capabilities across the solutions they deliver and are thrilled to reach this milestone.”
He continued: “We have two highly successful, well-established organisations with long track records of strategic and organic growth, innovation, and customer service, supported by incredible talent across each enterprise, deep expertise, and a shared commitment to excellence.
“Together, we will create a premier partnership-oriented platform for the global outdoor enthusiast ecosystem, housing and transportation markets that is more resilient, and better positioned to serve all of our customers – from OEMs to the end consumer.”
Cost synergies
The companies say the merger will create a premier component solutions provider for the outdoor recreation, housing and transportation markets.
In addition, the merger will create improved diversification across end markets and expanded capabilities position the combined company.
On a pro forma basis, the combined company’s trailing 12 months results as of March 2026 are expected to be approximately $8.1 billion of revenue, with adjusted EBITDA of $1 billion.
The transaction is expected to deliver more than $150 million of cost synergies within three years of closing, from procurement, SG&A efficiencies, engineering best practices, and improved supply chain management.
Upon closing, Patrick Industries CEO Andy Nemeth will serve as CEO of the combined company.
Defining moment
The board of directors of the combined company will consist of 12 directors, with six designated by Patrick and six designated by Lippert.
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.
Following the closing of the transaction, the combined company will be headquartered in Elkhart, Indiana.
“This combination represents a defining moment for Lippert,” said Johnny Sirpilla, interim chief executive officer of Lippert.
“Together, we can offer a broader, more innovative, competitive, and affordable portfolio of products and product solutions, as we work with our partners and customers in key segments to drive greater value for end consumers.
“We will also continue to invest in our growth and combined capabilities, creating new opportunities for team members and charting an exciting new future for the combined company.”
