This is the initial deal announcement press release for the all-stock merger between LCI and Patrick Industries. The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals. Traders should monitor for the filing of the S-4 registration statement and joint proxy statement, as well as any shareholder opposition or regulatory hurdles. The stock will trade based on the exchange ratio relative to PATK until close.
Price Chart
Executive Summary
LCI Industries (LCII) and Patrick Industries (PATK) announced a definitive all-stock merger on June 30, 2026. LCI shareholders will receive 1.2440 shares of Patrick common stock per LCI share, with Patrick shareholders owning ~52% and LCI shareholders ~48% of the combined company. The transaction is expected to close in the first half of 2027, subject to shareholder and regulatory approvals, with pro forma combined revenue of ~$8.1 billion and $150+ million in estimated run-rate cost synergies.
Key Financial Metrics
Key Facts
- LCI shareholders to receive 1.2440 shares of Patrick common stock per LCI share
- Patrick shareholders will own ~52% and LCI shareholders ~48% of the combined company
- Pro forma combined revenue of ~$8.1 billion and adjusted EBITDA of ~$1.0 billion inclusive of synergies
- Expected to deliver over $150 million of run-rate cost synergies within three years of closing
- Pro forma free cash flow of $508 million inclusive of synergies
- Pro forma net leverage of 2.1x
- Transaction expected to close in the first half of 2027
- Boards of both companies unanimously approved the transaction
- Andy Nemeth (Patrick CEO) to serve as CEO of combined company; Todd Cleveland as Chair; Johnny Sirpilla as Vice Chair
- Combined company to be headquartered in Elkhart, Indiana
Financial Impact
Pro forma combined revenue ~$8.1B, adjusted EBITDA ~$1.0B inclusive of synergies, free cash flow ~$508M inclusive of synergies, $150M+ run-rate cost synergies expected within three years, pro forma net leverage 2.1x
Risk Factors
- Shareholder approval required from both companies
- Regulatory approvals required with potential conditions
- Integration risk — $150M+ synergy target may not be fully realized
- Execution risk in combining two large organizations
- Potential for competing bids or shareholder opposition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0000763744-26-000049 |
| Document: 0000763744-26-000049-index-headers.html | 0000763744-26-000049 |
| Document: 0000763744-26-000049-index.html | 0000763744-26-000049 |
| Document: 0000763744-26-000049.txt | 0000763744-26-000049 |
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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