(Elkhart, IN) - Two area companies—one with ties to La Porte County—are joining forces.

 

In a press release issued Tuesday, Patrick Industries and Lippert Components announced an all-stock merger.

 

Both companies manufacture components largely for the outdoor recreation industry. Previous merger talks were called off in May. As per the current agreement, Patrick shareholders will own approximately 52% of the combined company. Lippert shareholders will own about 48%.

 

Lippert CEO Jason Lippert retired earlier this month. Patrick Industries CEO Andy Nemeth will serve as CEO of the combined company, which will be headquartered in Elkhart. Lippert operates a distribution hub in Westville. The new corporate structure will include 12 directors, six designated by each company.

 

Nemeth called the merger “an exciting new chapter” for both companies. “We have long respected the Lippert team and their impressive, innovative capabilities across the solutions they deliver and are thrilled to reach this milestone,” he said. “We have two highly successful, well-established organizations with long track records of strategic and organic growth, innovation, and customer service, supported by incredible talent across each enterprise, deep expertise, and a shared commitment to excellence.”

 

“This combination represents a defining moment for Lippert,” added Johnny Sirpilla, the company’s Interim Chief Executive Officer. “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. 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.”

 

The merger is expected to close by the first half of next year.