UTI completes $26M cash acquisition of MIAT College of Technology

UNIVERSAL TECHNICAL INSTITUTE INC

Acquisition adds campuses in Texas and Michigan; MIAT offers programs in aviation, wind, robotics, and welding.
MIAT reported ~$29M revenue and ~$3.9M adjusted EBITDA for the 12 months ended Sept. 30, 2021.
MIAT had over 1,200 active students as of Sept. 30, 2021; UTI now serves over 14,000 students across 14 campuses.
UTI expects double-digit annual revenue growth and margin expansion from this acquisition and organic growth.
Purchase price of $26M paid with cash on hand; Barrington Research acted as financial adviser.

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