Patrick Industries and LCI Industries to Combine in All-Stock Merger, Creating a Premier Platform Serving Global Outdoor Enthusiast, Housing and Other Markets
LCI Industries and Patrick Industries agreed to combine in an all-stock merger of values, forming a component solutions platform with $8.1 billion in pro forma revenue. LCI shareholders will receive 1.2440 shares of Patrick stock for each share held, resulting in Patrick shareholders owning approximately 52% of the combined company and LCI shareholders 48%. The transaction is expected to generate over $150 million in run-rate cost synergies within three years, driven by procurement, SG&A efficiencies, and supply chain improvements. Pro forma adjusted EBITDA is estimated at $1.0 billion with free cash flow of $508 million.
Key figures
- Revenue
- $8.1 billion
- Ownership lci
- 48%
- Pro forma fcf
- $508 million
- Exchange ratio
- 1.244
- Pro forma ebitda
- $1.0 billion
- Synergies annual
- $150 million
- Synergy timeline
- 3 years
- Ownership patrick
- 52%
- Net leverage pro forma
- 2.1x
AI analysis
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