With the recent acquisition of the MIAT College of Technology, and the subsequent integration largely completed, the company is implementing its plan to introduce MIAT programs to its UTI and NTI institutions, representatives said.
“Through the disciplined execution of our growth and diversification strategy we continue to expand access to our industry-aligned programs,” said UTI CEO Jerome Grant. “This is a boon for our students, our industry and investment community stakeholders. Expanding the breadth of our career focused training programs will give prospective students more choices in their post high school educational journey and will allow us to serve a broader population of learners and employers seeking strong workforce and training partners and solutions. Universal Technical Institute’s longer-term strategic roadmap includes the MIAT program expansions and a more than doubling of the acquired business as a result. This, in addition to our recently announced intent to acquire Concorde Career Colleges, results in substantial increases in our estimated future revenue and profitability. As previously stated, we currently estimate that fiscal 2025 revenue will exceed $700 million with an estimated adjusted EBITDA margin of approximately 20%.”
Pending regulatory approvals, the initial planned program additions are projected to launch in the second quarter of fiscal 2023, with the final planned programs launching by the end of 2024.
“Acquiring MIAT has allowed us to identify substantial growth synergies and accelerated our program and geographic diversification in transportation, renewables and skilled trades,” continued Grant. “We have also continued taking other steps in executing our growth and diversification strategy this year. We have begun implementing our electric vehicle strategy, opened a new UTI campus in Austin, Texas, added a new welding program at NASCAR Technical Institute, and announced the agreement to acquire Concorde Career College. This summer, we anticipate opening our 16th campus, located in Miramar, Florida and another welding program at our UTI-Exton campus.”
