Universal Technical Institute (UTI) in Phoenix, Arizona, which trains technicians for the transportation industry, is acquiring MIAT College of Technology from private equity firm HCP & Company, its owner since August 2014.
MIAT was founded in 1969 and teaches approximately 1,200 students through campuses in Canton in Michigan and Houston. It offers vocational and technical certificates, as well as associates degrees in fields including aviation maintenance; energy technology; wind power, robotics and automation; non-destructive testing; heating, ventilation and air conditioning; and welding.
MIAT’s preliminary revenue and adjusted EBITDA for 2020 were approximately $25 million and $3.5 million, respectively, with year-on-year revenue growth in excess of 20% for the past two years. MIAT is accredited by the Accrediting Commission of Career Schools and Colleges.
Jerome Grant, chief executive officer of UTI. “We are excited about the upcoming addition of MIAT College of Technology and to advance our strategy to serve more students, particularly in fields where trained technicians are in such strong and increasing demand. Notably, many of MIAT’s programs are aligned with expected macroeconomic developments, such as green initiatives and alternate energy, on-shoring of manufacturing and infrastructure investment.
“We believe UTI’s existing financial strength, the acquisition of MIAT and the programme expansion and diversification synergies it will enable, along with our previously announced planned new campus investments, will position UTI for solid double-digit revenue growth and continued margin expansion over the next several years.”
Date published: 1 April 2021