MITY Enterprises, Inc. to Be Acquired by Sorenson Capital and Peterson Partners for $21.50 Cash Per Share

  
    
  
  
    
      MITY Enterprises, Inc. (NASDAQ:MITY) announced today that it has signed 
      an agreement to be acquired by means of a merger with an affiliate of 
      Sorenson Capital Partners, L.P. (Sorenson Capital) and Peterson Partners 
      LP (Peterson Partners). Under the terms of the merger agreement, the 
      holders of MITY common stock will receive $21.50 per share in cash for 
      their shares, which represents an approximate 9% premium above the May 
      2, 2007 closing price, an approximate 15% premium above the 120-trading 
      day moving average price and is higher than MITY's shares have ever 
      traded.
    
    
      The board of directors of MITY has unanimously approved the merger 
      agreement, the merger and the transactions contemplated thereby, and 
      will also recommend approval by MITY’s 
      shareholders.
    
    
      Completion of the transaction is subject to the affirmative vote of MITY’s 
      shareholders, expiration or termination of the applicable anti-trust 
      waiting periods and other customary closing conditions. The parties will 
      work to close the transaction as soon as reasonably practicable 
      following the satisfaction of the conditions, and the transaction is 
      expected to be completed late in the second calendar quarter or early in 
      the third calendar quarter of 2007. Following the completion of the 
      transaction, the company’s common stock will 
      be de-listed and will no longer trade publicly.
    
    
      In connection with the execution of the Merger Agreement, certain 
      officers and directors of the Company holding approximately 28% of the 
      outstanding shares of common stock of the Company entered into a voting 
      agreement with Parent and Merger Sub, in which such officers and 
      directors agreed to vote their respective shares of Company common stock 
      in favor of the Merger.
    
    
      “The Board of Directors unanimously endorses 
      this transaction and believes it is in the best interest of the Company’s 
      shareholders. With the transaction, shareholders will have realized 
      substantial value from their investment. Sorenson Capital and Peterson 
      Partners represent a new dynamic that can build on MITY’s 
      great market position and powerful business culture,” 
      said Gregory Wilson, Chairman of the Board.
    
    
      “We believe MITY has a strong franchise with 
      leading positions in growing market segments, and an experienced 
      management team,” said Fraser Bullock, 
      Co-Founder and a Managing Director of Sorenson Capital. “We 
      look forward to supporting the MITY workforce in its efforts to serve 
      customers and grow long-term business value.”
    
    
      About MITY
    
    
      Founded in 1987, MITY Enterprises, Inc. designs, manufactures and 
      markets innovative institutional furniture created to meet the 
      efficiency needs of its customers. MITY Enterprises focuses on providing 
      premium quality institutional furniture products to niche markets. The 
      product lines consist of multipurpose room furniture and healthcare 
      seating. MITY’s products are marketed under 
      the Mity-Lite, Broda and Versipanel tradenames. Headquartered in Utah, 
      MITY Enterprises serves national and international customers directly 
      and through distributors. For further information, visit MITY 
      Enterprises online at www.mityinc.com.
    
    
      About Sorenson Capital
    
    
      Sorenson Capital (www.sorensoncapital.com) 
      is a private equity fund that provides small- to middle-market buyout 
      and growth equity investments with a particular focus on opportunities 
      in selected states in the western U.S. Sorenson Capital is managed and 
      controlled by West Rim Capital; both are headquartered in Salt Lake 
      City, Utah with offices in Palo Alto, California and Phoenix, Arizona.
    
    
      About Peterson Partners
    
    
      Peterson Partners, based in Salt Lake City, is one of the Intermountain 
      West’s leading private equity firms. 
      Specializing in small to mid-sized companies, Peterson Partners has a 
      track record of success including investments in JetBlue, Making 
      Memories, EnergySolutions, Asurion, Instashred, Winder Farms, 3form and 
      Diamond Rental. Founded in 1995, Peterson Partners has over $300 million 
      under management through four funds. Press Contact: Jordan Clements 
      [phone] or [e-mail].
    
    
      Forward-Looking Statements
    
    
      This press release contains forward-looking statements related to, among 
      other things, the completion of the Merger and the other transactions 
      contemplated by the Merger Agreement. These statements are made pursuant 
      to the safe harbor provisions of the Private Securities Litigation 
      Reform Act of 1995. Investors are cautioned that forward-looking 
      statements inherently involve risks and uncertainties that could cause 
      actual results to differ materially from those contemplated in the 
      forward-looking statements. Such risks include, but are not limited to, 
      the ability of the parties to the Merger Agreement to satisfy the 
      conditions to closing specified in the Merger Agreement and other risks 
      and uncertainties outlined in the Company’s 
      documents filed with the Securities and Exchange Commission (SEC), 
      including the Company’s most recent annual 
      report on Form 10-K for the fiscal year ended March 31, 2006, and its 
      subsequent quarterly reports on Form 10-Q and current reports on Form 
      8-K as filed with the SEC. All forward-looking statements and other 
      information in this press release are based upon information available 
      as of the date of this release. Such information may change or become 
      invalid after the date of this release, and, by making these 
      forward-looking statements, the Company undertakes no obligation to 
      update these statements after the date of this release.
    
    
      Additional Information and Where to Find It
    
    
      This material is not a substitute for the proxy statement and other 
      documents MITY Enterprises will file with the Securities and Exchange 
      Commission (“SEC”) 
      regarding the transaction. The Company intends to file with the SEC a 
      proxy statement and other relevant materials in connection with the 
      Merger. The proxy statement will be mailed to the shareholders of the 
      Company. The Company’s shareholders and 
      investors are urged to read the proxy statement and other relevant 
      materials when they become available because they will contain important 
      information about the Company, the Merger and related matters. 
      Investors and shareholders may obtain free copies of these materials 
      (when they are available) and other documents filed with the SEC at the 
      SEC’s website at www.sec.gov. 
      A free copy of the proxy statement when it becomes available may also be 
      obtained from MITY Enterprises, Inc., 1301 West 400 North, Orem, Utah 
      84057, Attn. Bradley T Nielson. The Company and its executive officers 
      and directors may be deemed to be participants in the solicitation of 
      proxies from the Company’s shareholders with 
      respect to the Merger. Investors and shareholders may obtain more 
      detailed information regarding the direct and indirect interests of the 
      Company and its respective executive officers and directors in the 
      proposed Merger by reading the proxy statement, which will be filed with 
      the SEC.