Elkhart-based companies Patrick Industries and LCI Industries announced they will merge, with a closing date in 2027.
LCI Industries' subsidiary Lippert supplies parts for products serving the outdoor recreation and transportation markets. Patrick Industries has more than 85 brands that serve the RV, marine, power sports and housing markets.
“Today marks the beginning of an exciting new chapter in the evolution of our two companies as we continue on our journey to positively impact and deliver value for our customers, our team members, shareholders and the communities we serve,” said Andy Nemeth, CEO of Patrick, in a press release. “We have long respected the Lippert team and their impressive, innovative capabilities across the solutions they deliver and are thrilled to reach this milestone.”
Nemeth will become CEO of the combined company. The combined board will have 12 directors, six from each company.
Patrick shareholders will own about 52% of the combined company. LCI shareholders will receive 1.24 shares of Patrick common stock for each share of LCI common stock.
“Our shareholders will benefit from ownership in a more diversified company with the financial and operational strength to grow revenues and deliver outstanding value to shareholders and other stakeholders,” said Johnny Sirpilla, interim chief executive officer of Lippert. “As two complementary businesses with strong legacies deeply rooted in Elkhart and our other local communities, we understand the potential and positive impact this combination can deliver.”
Sirpilla will serve as vice chair of the board, while Patrick Director Todd Cleveland will serve as chair. Headquarters will remain in Elkhart.
Patrick Industries and LCI Industries both confirmed April 17 that the companies were talking about a possible merger.
Patrick Industries acquired Elkhart-based Transhield, which designed and manufactured covers to protect heavy equipment, and Rockford Corp. of Arizona, a designer and distributor of high-performance audio systems and components, in 2022.
Patrick Industries employs more than 10,000 people. It was founded in 1959. Lippert was founded in 1956 and has 12,300 team members worldwide.
