Merger discussions between Patrick Industries and LCI Industries, two major marine parts and equipment suppliers, have ended without a deal, according to a statement from Patrick Industries this morning. LCI Industries, parent company of Lippert, issued a parallel statement this morning.
The two companies first announced the talks April 17, when both said there could be no assurances a deal would be made.
“While there was consensus on leadership of the combined company, continued execution of Patrick’s strategic plan and vision, and other key aspects of a potential transaction in alignment with a merger of equals, the companies were unable to reach agreement on certain other key terms,” the Patrick statement said.
“Our commitment to our customers, our shareholders and our team members remains our priority in evaluating any opportunity, and throughout this process, we have been unwavering on the delivery of value in alignment with our strategic plan and vision,” Patrick CEO Andy Nemeth said in the statement. “We are steadfast in our commitment to our independent, brand-fronted foundation and customer partnerships in alignment with our business model.”
LCI Industries will release its first quarter financial results before markets open May 5, according to its statement.
