TESSCO Shareholders to Receive $9 Per Share in
Cash in $160 Million Acquisition
TESSCO TECHNOLOGIES INCORPORATED (“Tessco” or the
“Company”) today announced the closing of its previously announced
merger with entities affiliated with Lee Equity Partners and Twin
Point Capital, which also own Alliance Corporation (“Alliance”), a
value-added distributor of equipment for the wireless industry, and
GetWireless, LLC (“GetWireless”), a value-added distributor of
cellular solutions that connect the Internet of Things (IoT).
Tessco shareholders approved the transaction at a special meeting
of shareholders held on July 13, 2023. Under the terms of the
merger, each share of Company common stock outstanding prior to
merger has been converted into the right to receive $9.00 in cash,
reflecting a Company enterprise value of approximately $160
million. As a result of the merger, Tessco common stock will cease
trading on, and will be delisted from, the Nasdaq stock
exchange.
As previously announced, Tessco will maintain its facilities in
Hunt Valley and Timonium, Maryland and in Reno, Nevada, and will
broaden its facility footprint, product offering, and value-added
capabilities by partnering with Alliance and GetWireless to create
a leading value-added telecommunications distributor in North
America.
William Blair & Company L.L.C. served as Tessco’s exclusive
financial advisor, and Ballard Spahr LLP served as the Company's
legal counsel. Weil, Gotshal & Manges LLP, DLA Piper LLP (US),
and Harter Secrest & Emery LLP have served as legal counsel to
Lee Equity Partners and Twin Point Capital.
About TESSCO Technologies Incorporated
TESSCO Technologies Incorporated is a value-added technology
distributor, manufacturer, and solutions provider serving
commercial customers in the wireless infrastructure ecosystem. The
Company was founded more than 40 years ago with a commitment to
deliver industry-leading products, knowledge, solutions, and
customer service. Tessco supplies products to the industry’s top
manufacturers in mobile communications, Wi-Fi, Internet of Things
(“IoT”), wireless backhaul, and more. Tessco is a single source for
outstanding customer experience, expert knowledge, and complete
end-to-end solutions for the wireless industry. For more
information, visit www.tessco.com.
About Alliance Corporation
Alliance Corporation distributes equipment for wireless network
infrastructure, in-building signal enhancement solutions, cellular
broadband systems, next generation 5G networks, fixed wireless and
private enterprise networks, as well as cellular solutions that
connect the Internet of Things. Alliance provides pre- and
post-sale technical support, engineering, radio configuration and
training services. Alliance serves telecommunication carriers,
fixed wireless broadband service providers, OEMs, systems
integrators, resellers, and contractors in education, enterprise,
federal government, military, healthcare, industrial, municipal
government, oil and gas, mining, public safety, security,
utilities, and transportation industries. Visit
www.alliancecorporation.ca.
Alliance merged with GetWireless, LLC, a value-added distributor
of cellular solutions that connect the Internet of Things (IoT).
Given its strategic portfolio of embedded modules, end-device
modems, intelligent gateways, and cellular boosters, GetWireless
supplies the most advantageous cellular solutions for a broad array
of IoT applications. GetWireless enables mobile network operators,
value-added resellers, integrators, and OEMs across a wide range of
enterprise, industrial, government, and SMB applications. Visit
www.getwirelessllc.com.
About Lee Equity Partners
Lee Equity Partners, LLC is a New York-based private equity firm
that partners with successful management teams to build companies
with strong growth potential. Lee Equity targets equity investments
of $50 million to $150 million in middle-market control buyouts and
growth capital financings in companies with enterprise values of
$100 million to $500 million that are located primarily in North
America. The firm invests within three distinct sectors, healthcare
services, financial services, and business services, where the team
has developed deep relationships over decades. For more
information, visit www.LeeEquity.com.
About Twin Point Capital
Twin Point Capital is a New York-based principal investment
firm, which partners with outstanding management teams to build
market leading companies. Twin Point’s portfolio includes
investments in the communications, technology and
technology-enabled service industries.
Important Additional Information and Where to Find It
This communication relates to the merger involving Tessco
Technologies Incorporated. In connection with the merger, Tessco
has filed with the Securities and Exchange Commission (the “SEC”)
preliminary and definitive proxy statements and other relevant
documents. This communication is not a substitute for the proxy
statement or any other document filed by Tessco with the SEC or
sent to its shareholders in connection with the merger. The proxy
statement and other documents filed by Tessco with the SEC may be
obtained free of charge at the SEC’s website, www.sec.gov, or from
Tessco at the investor relations page of its website,
ir.tessco.com/overview/default.aspx.
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version on businesswire.com: https://www.businesswire.com/news/home/20230713457675/en/
TESSCO Technologies Incorporated Aric Spitulnik Chief Financial
Officer 410-229-1419 spitulnik@tessco.com
David Calusidian Sharon Merrill Associates, Inc. 617-542-5300
TESS@investorrelations.com
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