Two Major RV Suppliers Revive Merger
ELKHART, IN – Patrick Industries and LCI Industries, the parent company of Lippert, have revived plans to merge less than two months after ending earlier negotiations, announcing a definitive and unanimous agreement on June 30. The all-stock deal would combine two of the largest RV suppliers in the in national RV component market, a merger bringing thousands of interior, exterior, structural, and mechanical products under one company. U.S. Senator Mike Lee has raised antitrust concerns about the companies’ scale across multiple RV component categories and says his oversight is intended to ensure the proposed merger does not raise prices for RV consumers.
Talks End, Then Return
The companies first confirmed merger discussions on April 17, describing the potential transaction as a merger of equals. On April 22, Senator Mike Lee, chairman of the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights, raised concerns about the companies’ size across multiple RV component categories. Lee said his oversight was intended to ensure the deal did not raise prices for RV consumers.
On May 4, Patrick and Lippert announced that the talks had ended because they could not reach mutually agreeable terms. Patrick said the companies agreed on leadership, continued execution of Patrick’s strategic plan and other major points, but not on certain key terms.
The pause proved temporary. On June 30, the companies announced a definitive agreement approved unanimously by both boards.
What the Deal Includes
According to the companies’ June 30 announcement, LCI shareholders would receive 1.244 shares of Patrick stock for each LCI share. The Patrick shareholders would own approximately 52percent of the combined company, while LCI shareholders would own about 48 percent.
Patrick president and CEO Andy Nemeth would lead the combined business. Patrick director Todd Cleveland would chair the board, while Lippert interim CEO Johnny Sirpilla would become vice chair. The 12-member board would be divided evenly between Patrick and Lippert directors. The combined company would remain headquartered in Elkhart, Indiana.
The two major RV suppliers say the merger would unite complementary product lines and expand research, development, manufacturing and aftermarket distribution. Sirpilla says the combination could offer “a broader, more innovative, competitive, and affordable portfolio” while delivering greater value to consumers.
Combined Revenue Would Reach $8.1 Billion
The June 30 announcement says the combined company’s trailing 12-month results through March 2026 would total approximately $8.1 billion in revenue. The companies also project $1 billion in adjusted earnings before interest, taxes, depreciation, and amortization, including expected savings from the merger.
Lee’s April statement also provides a snapshot of the companies’ individual scale. It notes that LCI reported $3.7 billion in consolidated net sales for 2024, while Patrick reported $3.715 billion, including $1.6 billion in sales to the RV market.
Patrick and Lippert, no stranger to mergers, expect more than $150 million in annual cost savings within three years after closing. They say those savings would come primarily from purchasing, administrative efficiencies, engineering practices, and supply-chain improvements. Those projections are forward-looking and depend on the companies completing and successfully integrating the transaction.
What Happens Next
The transaction is expected to close during the first half of 2027. It still requires approval from shareholders of both companies, regulatory clearance and other customary closing conditions.
Lee’s April letter predates the final agreement, and no government agency has announced a decision on the transaction. Until those reviews and shareholder votes are complete, Patrick and Lippert will continue operating as separate companies.
Gabriel Rivero
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