TESSCO Technologies Incorporated: A Merger Approval and Closing Date Announcement

HUNT VALLEY, Md.--TESSCO Technologies Incorporated (NASDAQ: TESS) has recently announced the approval of a merger transaction by its stockholders. The merger transaction involves the merging of TESSCO with entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC. This merger will also include Alliance Corporation and GetWireless, LLC, both of which are value-added distributors in the wireless industry.

The Special Meeting of Stockholders, held on July 13, 2023, resulted in the approval of the proposed merger transaction. TESSCO expects the merger to close on Monday, July 17, 2023, subject to customary closing conditions. Upon the closing of the merger, TESSCO will become wholly owned by entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC. Additionally, TESSCO's common stock will cease trading on Nasdaq, and all outstanding shares of TESSCO common stock, except those held by stockholders with perfected statutory rights of appraisal, will be converted into the right to receive the merger consideration of $9.00 per share.

It is important to note that this press release contains forward-looking statements and that actual results may vary due to risks and uncertainties. These risks and uncertainties include the ability to meet expectations regarding the timing and completion of the merger, termination fees, satisfaction of closing conditions, potential disruption of ongoing business operations, the impact on customer relationships and operating results, legal proceedings, employee retention, and the potential decline in TESSCO's stock price if the merger falls through. For a more comprehensive understanding of the risks involved, readers are encouraged to refer to TESSCO's other disclosures and SEC filings.

TESSCO Technologies Incorporated, listed on NASDAQ as TESS, is a value-added technology distributor, manufacturer, and solutions provider for commercial customers in the wireless infrastructure ecosystem. With over 40 years of experience, TESSCO is committed to delivering industry-leading products, knowledge, solutions, and customer service. The company supplies products to top manufacturers in mobile communications, Wi-Fi, Internet of Things, wireless backhaul, and more. TESSCO prides itself on being a one-stop-shop for exceptional customer experience, expert knowledge, and complete end-to-end solutions for the wireless industry.

Alliance Corporation, a company involved in the merger with TESSCO, is a distributor of wireless network infrastructure equipment, in-building signal enhancement solutions, cellular broadband systems, next-generation 5G networks, fixed wireless, and private enterprise networks. Their range of services includes pre- and post-sale technical support, engineering, radio configuration, and training. Alliance serves various industries, including telecommunication carriers, fixed wireless broadband service providers, OEMs, systems integrators, and contractors.

GetWireless, LLC is another value-added distributor of cellular solutions that connect the Internet of Things (IoT) and is part of the merger with TESSCO. With their portfolio of embedded modules, end-device modems, intelligent gateways, and cellular boosters, GetWireless provides advantageous cellular solutions for a wide range of IoT applications. They cater to mobile network operators, value-added resellers, integrators, and OEMs in enterprise, industrial, government, and SMB sectors.

Lee Equity Partners LLC, based in New York, is a private equity firm that partners with successful management teams to build companies with strong growth potential. Their investments range from $50 million to $150 million and focus on middle-market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million. Lee Equity specializes in healthcare services, financial services, and business services.

Twin Point Capital, another New York-based principal investment firm, partners with outstanding management teams to build market-leading companies. Their portfolio includes investments in the communications, technology, and technology-enabled service industries.

The merger between TESSCO, Alliance Corporation, and GetWireless, LLC, with the support of Lee Equity Partners LLC and Twin Point Capital LLC, is set to bolster TESSCO's position as a leading player in the wireless industry. By combining their expertise and resources, these entities aim to provide enhanced value-added distribution and cellular solutions for customers across various industries. The merger is expected to bring about exciting opportunities for growth and innovation in the wireless ecosystem.

In conclusion, TESSCO Technologies Incorporated is set to merge with Alliance Corporation and GetWireless, LLC, under the ownership of Lee Equity Partners LLC and Twin Point Capital LLC. The approval from TESSCO stockholders marks a significant step towards the completion of this merger transaction. With extensive experience and expertise in the wireless industry, these entities are poised to deliver even greater value and solutions to their customers.