Transaction Details
~$7.7B
Combined enterprise value1
~$5.6B
Combined equity value2
52%
Patrick Industries pro forma ownership
48%
LCI Industries pro forma ownership
LCI shareholders to receive 1.2440 shares of Patrick common shares for each LCI common share owned
$8.1B+
Pro forma revenue3, ~$1.0B adj. EBITDA4 / $508M adj. free cash flow5
$150M+
Estimated run-rate cost synergies achieved within three years of closing
2.1x
Expected pro forma net leverage ratio6
Balanced
Capital return framework, including dividends and share repurchases
- Transaction expected to be accretive to Adjusted EPS in Year 1
- Transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in 1H 2027, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions
- Patrick CEO Andy Nemeth will serve as CEO of the combined company
- The Board of Directors of the combined company will consist of 12 directors, with six designated by Patrick and six designated by LCI Industries
- Patrick Director Todd Cleveland will serve as Chair of the Board
- LCI Industries Interim CEO and Director Johnny Sirpilla will serve as Vice Chair of the Board
- Additional executive management positions to be named as part of integration process
Footnotes
1Enterprise value calculated as pro forma equity value plus latest reported net debt figures as of 6/29/26
2Equity value calculated as Patrick equity value plus LCI equity value as of 6/29/26
3Calculated as Patrick plus LCI LTM Q1-2026 revenue
4Includes $150M run-rate cost synergies
5Free cash flow defined as operating cash flow less CapEx, inclusive of $150M run-rate cost synergies taxed at 25%
6Figure represents current net debt balance and Adj. EBITDA for pro forma company including $150M of cost synergies