Kirkland Advises LCI Industries on $7.7 Billion Merger with Patrick Industries

Kirkland & Ellis advised LCI Industries (NYSE: LCII) on a definitive agreement to combine with Patrick Industries (Nasdaq: PATK) in and all-stock merger, forming a premier component solutions provider for the outdoor enthusiast, housing and transportation markets. The combined company has an enterprise value of $7.7 billion at the announcement. This strategic combination brings together two companies with complementary product portfolios and longstanding partnerships with customers and stakeholders across North America and Europe. Together, Patrick and LCI will create a more dynamic, innovative, solutions-oriented platform serving a diverse range of OEMs and consumers in the outdoor enthusiast, housing, transportation and other markets, through a broader portfolio of brands, more efficient operations, enhanced R&D investment and commercialization capabilities. Under the agreement, which the Boards of Directors of both companies unanimously approved, LCI shareholders will receive 1.244 shares of Patrick's common stock for each share of LCI common stock they own. Following completion of the transaction, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders will own approximately 48%. The transaction is expected to close in the first half of 2027, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

Read the transaction press release

The Kirkland team included corporate lawyers Jonathan Davis, Allie Wein, Andrew Norwich and Thomas Bidwill; antitrust & competition lawyers Andrea Murino and Lauren Taylor; executive compensation lawyers Scott Price and Alisa Tschorke; capital markets lawyers Bob Hayward and Michael Keeley; and tax lawyers Dean Shulman and Sehj Vather.