PATK - Quick Take - Components of components: PATK and LCII agree to merge

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PATK - Quick Take - Components of components: PATK and LCII agree to merge

Truist Securities

Equity Research Report June 30, 2026

CONSUMER: Recreational Vehicles Patrick Industries, Inc. (PATK)

PATK - Quick Take - Components of components: PATK and LCII Gregory J. Miller

212-303-4198 agree to merge

Gregory.J.Miller@truist.com

C. Patrick Scholes This morning, PATK and LCI (LCII, Hold) agreed to an all-stock merger with unanimous

212-319-3915 support from both Boards of Directors. LCII shareholders will receive 1.244 shares of

Patrick.Scholes@truist.com PATK common stock for each share of LCI owned. As a combination, PATK shareholders will

own ~52% of the combined company. The transaction is expected to close in 1H27 subject

Davis Holcombe to shareholder/regulatory approvals. The combination's CEO will be PATK's Andy Nemeth

404-926-5091 although executive management for other roles has not been identified including CFO and

Davis.Holcombe@truist.com business unit leadership. The Board will be equally split between PATK and LCII appointees.

This news follows the termination of merger discussions in May which we noted at the

time as likely a disappointment to some long-only investors that had conducted their

Current Price (Jun. 29, $93.18 own merger math and assumed significant cost synergies and some revenue synergies.

2026) That said, the lack of deal terms at the time and clarity on future combined company

Stock Rating BUY leadership weighed on investor sentiment. For the combined company, annual cost synergies have been estimated in this morning's investor presentation at $150M. The $150M Unchanged

figure is within the range of what some on the buyside had analyzed. In our quick review of