This investor presentation reiterates the previously announced all-stock merger with Patrick Industries and contains no new financial terms or material updates. The deal is expected to close in 1H 2027. Monitor for the S-4 registration statement and joint proxy statement, which will contain the definitive exchange ratio and financial projections. The stock will trade on the deal spread until close.
Price Chart
Executive Summary
LCI Industries filed a Rule 425 investor presentation on June 30, 2026, reiterating the previously announced all-stock merger with Patrick Industries. The presentation highlights pro forma revenue of $8.1B, adjusted EBITDA of $1.0B, and $150M in run-rate cost synergies expected within three years of closing. No new financial terms or material updates beyond the June 30 deal announcement are provided.
Key Financial Metrics
Key Facts
- Pro forma combined revenue of $8.1B (LTM Q1-2026)
- Pro forma adjusted EBITDA of $1.0B including $150M run-rate cost synergies
- Pro forma adjusted free cash flow of $508M
- Pro forma net leverage of 2.1x
- Total equity value of approximately $5.6B
- Post-closing ownership: ~52% Patrick shareholders, ~48% LCI shareholders
- Expected close in first half of 2027, subject to shareholder and regulatory approvals
- Combined company headquarters in Elkhart, Indiana
- 12 directors: 6 designated by Patrick, 6 by Lippert
- Andy Nemeth to serve as CEO, Todd Cleveland as Chair, Johny Sirpilla as Vice Chair
Financial Impact
Pro forma combined revenue of $8.1B, adjusted EBITDA of $1.0B, adjusted FCF of $508M, net leverage 2.1x, total equity value ~$5.6B
Risk Factors
- Shareholder approval required from both companies
- Regulatory approvals required
- Integration risk and synergy realization risk
- Cyclicality in RV and housing end markets could impact combined company performance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0000763744-26-000052 |
| Document: 0000763744-26-000052-index-headers.html | 0000763744-26-000052 |
| Document: 0000763744-26-000052-index.html | 0000763744-26-000052 |
| Document: 0000763744-26-000052.txt | 0000763744-26-000052 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access