Patrick Industries and LCI Industries will combine in an all-stock merger to create a scaled component solutions company serving the housing, transportation, and outdoor markets, with expected annual run-rate synergies exceeding $150 million. Under the agreement, unanimously approved by both boards, LCI shareholders will receive 1.2440 shares of Patrick common stock for each share of LCI common stock they own. Following completion, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders approximately 48%. Andy Nemeth will serve as CEO, Todd Cleveland as Chair, and Johnny Sirpilla as vice chair of the combined company's board. LCII shares rose 9% in early trading, while PATK added 1%.
LCI IndustriesLCI Industries is being acquired in an all-stock merger with a premium, and shares rose 9%.
Patrick Industries IncPatrick Industries is merging with LCI Industries to create a scaled company with expected synergies, and shares rose 1%.