TESSCO Technologies Incorporated: A Merger That Will Shape the Future of Wireless Solutions
Gracie Gottlieb | 13 July, 2023
HUNT VALLEY, Md. - TESSCO Technologies Incorporated ("Tessco" or the "Company") has received stockholder approval for its proposed merger with Lee Equity Partners LLC and Twin Point Capital LLC. The merger, which is expected to close on July 17, 2023, will position Tessco as a wholly owned subsidiary of the affiliated entities. This milestone marks an exciting development for Tessco and its commitment to delivering innovative wireless solutions.
The merger between Tessco and the affiliated entities is a strategic move that brings together industry leaders in wireless distribution and connectivity. Alliance Corporation, a value-added distributor of wireless equipment, and GetWireless, a distributor of cellular solutions for the Internet of Things (IoT), are integral parts of this merger. By combining their expertise, resources, and market presence, the merged entity will offer comprehensive wireless solutions to commercial customers.
The expected merger closing date of July 17, 2023, is subject to customary closing conditions. Following the closing, Tessco's common stock will cease trading on Nasdaq. Stockholders, except those who have perfected their statutory appraisal rights, will be entitled to receive the merger consideration of $9.00 per share.
This merger holds great promise for both Tessco and its customers. With the expanded capabilities and resources, the merged entity will be well-positioned to meet the evolving needs of the wireless industry. By leveraging the combined expertise, technology solutions, and customer service excellence, Tessco will continue to provide cutting-edge products and seamless integration for its commercial customers.
Forward-Looking Statements
As with any business transaction, there is inherent uncertainty and change in the circumstances surrounding the merger. Tessco's management and Alliance acknowledge this and stress that actual results may vary from the forward-looking statements made in this announcement. The risks and uncertainties associated with the merger include the timing and completion of the transaction, termination fees, the satisfaction of closing conditions, and potential disruptions to ongoing operations. Additionally, the announcement of the merger may impact Tessco's relationships with customers and stock price.
Tessco urges stakeholders to consider the above as a non-exhaustive list of risks and uncertainties. The company's disclosures, including risk factors and other relevant information, can be found in its SEC filings. These filings provide additional context and should be read in conjunction with this announcement.
About TESSCO Technologies Incorporated
TESSCO Technologies Incorporated (NASDAQ: TESS) is a leading value-added technology distributor, manufacturer, and solutions provider in the wireless infrastructure ecosystem. With over four decades of experience, Tessco offers industry-leading products, solutions, and customer service to commercial customers. Its extensive product portfolio includes mobile communications, Wi-Fi, Internet of Things, and wireless backhaul solutions. Tessco is a trusted partner, delivering exceptional customer experiences and end-to-end solutions for the wireless industry.
About Alliance Corporation
Alliance Corporation is a distributor of wireless network infrastructure equipment, in-building signal enhancement solutions, cellular broadband systems, and 5G networks. Additionally, Alliance provides pre- and post-sale technical support, engineering, and training services. Serving various industries, including education, healthcare, and telecommunications, Alliance caters to the needs of telecommunication carriers, OEMs, and other key players in the wireless industry.
About GetWireless, LLC
GetWireless, a value-added distributor of cellular solutions, specializes in enabling mobile network operators, resellers, and integrators with the most advanced cellular solutions for IoT applications. With its strategic portfolio of embedded modules, end-device modems, and intelligent gateways, GetWireless serves various industries, including enterprise, government, and SMB applications.
About Lee Equity Partners
Lee Equity Partners, LLC is a private equity firm based in New York that partners with successful management teams to build high-growth companies. With a focus on middle-market control buyouts and growth capital financings, Lee Equity targets companies in healthcare services, financial services, and business services sectors. The firm brings decades of industry expertise and deep relationships to its investments.
About Twin Point Capital
Twin Point Capital is a principal investment firm based in New York. It partners with outstanding management teams to build market-leading companies in the communications, technology, and technology-enabled service industries.
In conclusion, the merger between Tessco Technologies Incorporated and the entities affiliated with Lee Equity Partners LLC and Twin Point Capital LLC marks an exciting chapter for the wireless industry. This strategic move brings together industry leaders in wireless distribution and connectivity, paving the way for innovative wireless solutions. With a focus on customer service excellence, cutting-edge technology, and unmatched expertise, the merged entity will deliver on its commitment to shaping the future of wireless solutions.
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