Elkhart, Ind.-based Patrick Industries and LCI Industries today announced that the companies have a definitive agreement to combine in an all-stock merger, forming a components provider for the outdoor enthusiast, housing and transportation markets. Under the agreement, which the boards of both companies unanimously approved, LCI shareholders will receive 1.244 shares of Patrick common stock for each share of LCI common stock they own.
“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,” Patrick CEO Andy Nemeth said in a statement.
Nemeth will serve as CEO of the combined company.
“This combination represents a defining moment for Lippert,” Lippert interim CEO Johnny Sirpilla added in the statement. “Our shareholders will benefit from ownership in a more diversified company with the financial and operational strength to grow revenues and deliver outstanding value to shareholders and other stakeholders. As two complementary businesses with strong legacies deeply rooted in Elkhart and our other local communities, we understand the potential and positive impact this combination can deliver.”
The transaction is expected to close in the first half of 2027, subject to shareholder approvals, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.
A dedicated website with more information about the transaction is available here.
