Lippert & Patrick Announce Agreement to Merge... 

研报英文原文证据摘录

Lippert & Patrick Announce Agreement to Merge...

Consumer

LCI INDUSTRIES (LCII) June 30, 2026

Lippert & Patrick Announce Agreement to Merge... Rating:

OutperformLCII and Patrick announced a merger this morning where Patrick shareholders will Price:

own 52% of the combined business and Lippert will own 48%. The deal comes $100.12

during a rough patch in the RV industry as shipments and retail sales remain under Price Target:

$142pressure, which we think is leading to the consolidation announced this morning.

% Upside:

It is interesting that this deal comes after Jason Lippert stepped down as CEO 41.8%

of the business with Patrick's CEO Andy Nemeth becoming CEO of the combined

entity. The Pro Forma business will still have modest leverage in the 2.0x range Source: FactSet, Wolfe Research

Priced as of 06/29/26

with capacity for M&A. The transaction likely puts pressure on the OEMs who now

have an even bigger key supplier to negotiate with. Greg Badishkanian

gbadishkanian@wolferesearch.com

Patrick Industries & LCII Industries to Combine in All-Stock Merger. Patrick (646) 582-9340

and LCII announced a definitive agreement to combine in an all-stock merger, View Greg’s Research

View LCII Model

with LCII shareholders receiving 1.2440 PATK shares per LCII share owned. PATK View Comp Table

shareholders will own approximately 52% of the combined company and LCII

shareholders approximately 48%. The deal is expected to close 1H27 pending Catherine Lee clee@wolferesearch.com

shareholder and regulatory approval, and was unanimously approved by both boards. (646) 582-9341

The combined equity value of the deal will be $5.6bn and an EV of $7.7bn. Spencer Hanus

Pro Forma Business $8.1bn in Revenue & $1bn of EBITDA & $508mm of FCF. While shanus@wolferesearch.com(646) 582-9344