Monitor shareholder votes and regulatory approvals for the next 12 months. Stock may remain under pressure due to market skepticism and cyclical headwinds. Key catalysts include filing of S-4/proxy and closing conditions.
Price Chart
Executive Summary
LCI Industries and Patrick Industries have announced a definitive all-stock merger in which each LCI share will be exchanged for 1.2440 shares of Patrick common stock. Pro forma combined revenue is approximately $8.1 billion with adjusted EBITDA of ~$1 billion and $150 million in annual cost synergies expected to be accretive in year one. The transaction, which has been unanimously approved by both boards, is targeted to close in the first half of 2027, subject to shareholder and regulatory approvals.
Key Financial Metrics
Key Facts
- All-stock merger: each LCI share exchanged for 1.2440 shares of Patrick common stock.
- Combined pro forma revenue ~$8.1B, adjusted EBITDA ~$1B (12.6% margin), free cash flow ~$508M.
- Identified ~$150M annual run-rate cost synergies; expected accretive in year one, fully realized by year three.
- Closing targeted in first half of 2027; Patrick shareholders will own ~52%, LCI ~48%.
- Combined company to be headquartered in Elkhart, Indiana; Andy Nemeth to be CEO, Todd Cleveland Chair, Johnny Sirpilla Vice Chair.
Financial Impact
Pro forma combined revenue ~$8.1B, adjusted EBITDA ~$1B, free cash flow ~$508M; $150M annual cost synergies identified.
Risk Factors
- Integration risk and potential delays in realizing synergies.
- Cyclical downturn in RV, marine, and housing end markets.
- Regulatory or shareholder approval failure.
- Market skepticism reflected in negative pre-announcement stock reaction and historical poor performance.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0000763744-26-000059 |
| Document: 0000763744-26-000059-index-headers.html | 0000763744-26-000059 |
| Document: 0000763744-26-000059-index.html | 0000763744-26-000059 |
| Document: 0000763744-26-000059.txt | 0000763744-26-000059 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $107.32 $96.04 | ▼ −10.51% | ▼ −9.45% | $82.11 (−23.49%) |
Aug 7, 2026 8w ago | 8-K | $108.80 $102.60 | ▲ +5.70% | ▲ +5.30% | $82.11 (+24.53%) |
Aug 7, 2026 8w ago | 8-K | $108.80 $102.60 | ▼ −5.70% | ▼ −5.30% | $82.11 (−24.53%) |
Aug 5, 2026 8w ago | 8-K | $107.17 $102.69 | ▲ +4.18% | ▲ +3.58% | $82.11 (+23.38%) |
Jul 22, 2026 10w ago | 8-K | $106.01 $107.70 | ▲ +1.59% | ▼ −1.30% | $82.11 (−22.55%) |
Jul 21, 2026 10w ago | 425 | $104.78 $103.27 | ▼ −1.44% | ▼ −4.00% | $82.11 (−21.64%) |
Jul 1, 2026 13w ago | 425 | $103.36 $102.65 | ▼ −0.69% | ▼ −0.27% | $82.11 (−20.56%) |
Jul 1, 2026 13w ago | 425 | $102.04 $106.55 | ▲ +4.42% | ▲ +6.61% | $82.11 (−19.53%) |
Jun 30, 2026 13w ago | 425 | $102.04 $106.55 | ▲ +4.42% | ▲ +6.61% | $82.11 (−19.53%) |
Jun 30, 2026 13w ago | 425 | $102.04 $106.55 | ▲ +4.42% | ▲ +6.61% | $82.11 (−19.53%) |
US Market Status
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