Monitor the shareholder votes at both Patrick and LCI special meetings, as approval of the share issuance and authorized stock increase proposals are conditions to closing. Also watch for updates on HSR antitrust clearance, given the parties' voluntary withdrawal and refiling of HSR notifications in September 2026.
Price Chart
Executive Summary
Patrick Industries filed an S-4 registration statement for its all-stock merger of equals with LCI Industries, in which each LCI share converts into 1.2440 Patrick shares, leaving Patrick shareholders with ~52% and LCI stockholders ~48% of the combined company. The deal, expected to close in H1 2027, is valued at ~$2.12 billion based on the registration fee table and is projected to generate ~$150 million in annual net run-rate cost synergies. The filing is a procedural step toward shareholder votes at both companies' special meetings, with the merger subject to regulatory approvals and other closing conditions.
Key Facts
- Each outstanding LCI share converts into 1.2440 shares of Patrick common stock (fixed exchange ratio).
- Patrick shareholders expected to own ~52% and LCI stockholders ~48% of the combined company post-merger.
- Registration covers 30,777,318 Patrick shares with a maximum aggregate offering price of $2,119,527,973.03.
- Merger expected to close in the first half of 2027, with an outside date of March 30, 2027 (extendable to September 30, 2027).
- Projected ~$150 million in annual net run-rate cost synergies within three years of closing.
- Termination fee of $94,200,000 payable by either party under certain circumstances.
- LCI's 3.00% Convertible Senior Notes due 2030 ($460 million principal) will remain outstanding and become convertible into Patrick shares.
- Combined company board will have 12 directors, six designated by each of Patrick and LCI.
- Patrick 2025 net sales: $3,951 million; operating income: $276 million; net income: $135 million.
- LCI 2025 net sales: $4,122 million; operating profit: $279.9 million; net income: $188.3 million.
Financial Impact
All-stock merger valued at ~$2.12 billion based on the registration fee table. Combined company projected to have ~$8.1 billion pro forma revenue and ~$1.0 billion adjusted EBITDA (12 months trailing March 2026).
Risk Factors
- Failure to obtain required shareholder approvals at either Patrick or LCI special meetings.
- Regulatory delays or conditions, including potential second request under the HSR Act.
- Integration and synergy realization risk; projected $150 million synergies may not be achieved.
- Fixed exchange ratio exposes LCI stockholders to Patrick stock price fluctuations before closing.
- Potential dilution from conversion of LCI's 2030 Notes into Patrick shares post-merger.
Investment Themes
Documents Analyzed
This report is based on 13 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4 Filing (Primary) | 0001628280-26-063259 |
| Exhibit: exhibit992-sx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit51-sx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit994-sx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit995-sx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit993-sx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit233-sx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit-234xsx4.htm | 0001628280-26-063259 |
| Exhibit: exhibit996-sx4.htm | 0001628280-26-063259 |
| Document: patkexfilingfees.htm | 0001628280-26-063259 |
| Document: 0001628280-26-063259-index-headers.html | 0001628280-26-063259 |
| Document: 0001628280-26-063259-index.html | 0001628280-26-063259 |
| Document: 0001628280-26-063259.txt | 0001628280-26-063259 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 425 | $68.86 | awaiting T+20 | — | $70.46 (+2.32%) |
Oct 20, 2026 6d ago | EFFECT | $66.86 | awaiting T+20 | — | $70.46 (+5.38%) |
Oct 19, 2026 7d ago | 425 | $66.86 | awaiting T+20 | — | $70.46 (+5.38%) |
Oct 15, 2026 11d ago | Press Release | $68.04 | awaiting T+20 | — | $70.46 (+3.56%) |
Oct 15, 2026 11d ago | S-4/A | $68.04 | awaiting T+20 | — | $70.46 (+3.56%) |
Oct 13, 2026 13d ago | 425 | $63.31 | awaiting T+20 | — | $70.46 (−11.29%) |
Oct 13, 2026 13d ago | 8-K | $63.31 | awaiting T+20 | — | $70.46 (−11.29%) |
Oct 8, 2026 18d ago | SC 13G | $65.07 | awaiting T+20 | — | $70.46 (+8.28%) |
Sep 23, 2026 4w ago | S-4 | $67.76 $70.27 | ▲ +3.70% | ▲ +4.12% | $70.46 (+3.98%) |
Aug 14, 2026 10w ago | Press Release | $86.06 $72.98 | ▼ −15.20% | ▼ −13.21% | $70.46 (−18.13%) |
US Market Status
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