Board Determines that the Unsolicited, Non-Binding Proposal from Monomoy Capital Partners Does Not Constitute a Superior Proposal
ELKHART, Ind. — LCI Industries (NYSE: LCII), today announced that its Board of Directors, in consultation with its outside financial and legal advisors, has unanimously determined that the unsolicited, non-binding proposal received from Monomoy Capital Partners to acquire LCI for $101 per share in cash does not constitute a superior proposal and is not reasonably likely to lead to a superior proposal.
As announced on June 30, 2026, LCI entered into a definitive agreement to combine with Patrick Industries Inc. (NASDAQ: PATK) in an all-stock merger to form a premier component solutions provider for the outdoor enthusiast, housing and transportation markets (see: “Patrick Industries, Lippert to Combine in All-Stock Merger”). Earlier this week, LCI Industries confirmed that it had received an unsolicited, non-binding proposal from Monomoy Capital Partners to acquire LCI for $101 per share in cash (see: “LCI Industries Confirms Receipt of Acquisition Proposal”). In a separate announcement, Patrick Industries reaffirmed its agreement to combine with LCI Industries (see: “Patrick Industries Reaffirms Merger Agreement with LCI”).
In reviewing Monomoy’s proposal, the release continued, LCI’s Board of Directors carefully considered several factors and determined that a merger with Patrick Industries (NASDAQ: PATK) remains the best path towards long-term sustainable value creation for shareholders. Through its review, the LCI Board of Directors determined that Monomoy’s proposal substantially undervalues LCI:
- On a standalone basis: Monomoy’s proposal fails to reflect the fundamental value of LCI’s standalone business. As part of the LCI Board of Directors’ review, LCI, with the assistance of its advisors, updated its long-range plan, including to reflect the prevailing headwinds in the RV industry. Based on that updated plan, the valuation analysis of LCI on a standalone basis implies a midpoint discounted cash flow value in excess of $150 per share—materially above Monomoy’s proposal of $101 per share.
- When evaluating Monomoy’s proposal against the value creation opportunity of the combination with Patrick: Compared to the compelling financial benefits of the combination with Patrick, Monomoy’s proposal is materially below the implied value of LCI’s shareholders pro forma ownership in the combined company, including the meaningful incremental value creation opportunity resulting from approximately $150 million of net run-rate cost synergies expected to be achieved within three years of closing and participation in the future growth prospects of a fundamentally stronger company with the firepower and flexibility to support continued investment in growth and capital returns.
LCI and Patrick are making continued progress toward closing and remain on track to complete the transaction 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.
In connection with the proposed transaction between LCI and Patrick, LCI and Patrick have both filed a supplement to their joint proxy statement/prospectus that contains updated information with the SEC which can be found on their respective investor relations websites. The LCI Board of Directors continues to recommend in favor of the Patrick transaction and encourages shareholders to vote their shares “FOR” the merger with Patrick at the Special Meeting scheduled for November 18, 2026.
Perella Weinberg Partners LP is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to LCI Industries.
About LCI Industries
LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.
