Patrick Industries and LCI Industries Agree to $8.1B All-Stock Merger

Patrick Industries and LCI Industries have agreed to combine in an all-stock merger that will create a premier component solutions provider serving the outdoor enthusiast, housing and transportation markets. The combined company is projected to generate approximately $8.1 billion in pro forma trailing-twelve-month revenue as of March 2026, with adjusted EBITDA of roughly $1.0 billion and free cash flow of about $508 million, both inclusive of expected synergies . The $8.1 billion figure reflects the scale of the merged business, not the transaction's equity value, which analysts have pegged at approximately $5.6 billion, with an enterprise value near $7.7 billion .

Under the terms of the agreement, LCI Industries shareholders will receive 1.2440 shares of Patrick common stock for each LCI share they hold. Once the deal closes, Patrick shareholders will own approximately 52% of the combined company, while LCI shareholders will hold the remaining 48%. The companies plan to file a joint proxy statement/prospectus on Form S-4 to advance shareholder and regulatory approvals.

Management expects the merger to deliver more than $150 million in run-rate cost synergies within three years of closing, driven by combined purchasing scale, manufacturing footprint optimization and shared corporate overhead . Patrick CEO Andy Nemeth is slated to lead the combined company . The transaction is targeted to close in the first half of 2027, pending customary closing conditions including shareholder votes at both companies and antitrust clearance.

The deal unites two of the largest suppliers to the recreational vehicle and manufactured housing industries, both headquartered in Indiana's RV manufacturing corridor. For investors, the transaction consolidates two companies whose fortunes are closely tied to RV wholesale shipments, housing starts and consumer discretionary spending, meaning the combined entity's near-term performance will likely remain sensitive to the same cyclical demand drivers that affect each company today.