Patrick Industries (NASDAQ: PATK) and LCI Industries (NYSE: LCII) announced on June 30 they signed a definitive agreement to merge in an all-stock deal. The combined company will serve the outdoor enthusiast, housing, and transportation markets. LCI shareholders will receive shares of Patrick stock for each LCI share they own, leaving Patrick shareholders with about 52 percent ownership and LCI shareholders with roughly 48 percent, according to the joint press release.
Patrick owns Rockford Fosgate in automotive, marine, and powersports audio. The company also owns Wet Sounds, a premium marine audio brand, and The Progressive Group, its largest audio and visual distribution arm serving OEMs and dealers across RV, marine, and motorsports markets. As Patrick and Lippert combine, those audio brands will continue operating under the larger platform.
Both boards unanimously approved the transaction. The companies expect to close in the first half of 2027, pending shareholder and regulatory approvals. Andy Nemeth will remain CEO, Todd Cleveland will serve as board chair, and Johnny Sirpilla will be vice chair. The combined board will have 12 directors, with six appointed by each company. The companies expect the combined business to generate about eight point one billion in annual revenue.
The full press release can be found on Patrick Industries’ website.
