Deal Details

Patrick and LCI Combine in All-Stock Merger

Industrial

Patrick all-stock merger with LCI

Summary

Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick") and LCI Industries (NYSE: LCII) ("LCI" or "Lippert") announced they have entered into a definitive agreement to combine in an all-stock merger, forming a premier component solutions provider for the outdoor enthusiast, housing and transportation markets. Following completion of the transaction, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders will own approximately 48%. 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.

Baird served as co-lead financial advisor to Patrick Industries on this transaction.

About

This strategic combination of Patrick and Lippert brings together two companies with complementary product portfolios and longstanding partnerships with customers and stakeholders across North America and Europe. Together, Patrick and Lippert will create a more dynamic, innovative, solutions-oriented platform serving a diverse range of OEMs and consumers in the outdoor enthusiast, housing, transportation and other markets, through a broader portfolio of brands, more efficient operations, enhanced R&D investment and commercialization capabilities. By bringing together Patrick’s integrated design-to-delivery capabilities and Lippert’s expertise in highly engineered, structural OEM and aftermarket components, the combined organization will deliver differentiated, cost-effective competitive solutions aimed at improving affordability, strengthening value chain alignment and delivering outstanding customer service while supporting long-term organic and strategic growth and disciplined capital allocation.

Patrick is a leading component solutions provider serving original equipment manufacturers and aftermarket customers in the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Patrick's customer-focused approach brings together design, manufacturing, distribution and transportation in a full solutions model that defines it as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service and innovation. Patrick employs approximately 10,000 skilled team members throughout the United States and is headquartered in Elkhart, Indiana.

LCI Industries, through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. The company's innovative culture, advanced manufacturing capabilities and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. LCI is headquartered in Durham, North Carolina.

Industrial

Patrick all-stock merger with LCI