UTI to acquire Concorde Career Colleges for $50M cash, expanding into healthcare education

UNIVERSAL TECHNICAL INSTITUTE INC

Acquisition price $50M cash; Concorde 2021 revenue ~$180M, adjusted EBITDA $13M.
Concorde serves ~7,400 students across 17 campuses in 8 states; programs in nursing, dental, allied health.
UTI expects close in first half of fiscal 2023; subject to regulatory approvals including Dept of Education review.
Revised fiscal 2025 target: revenue >$700M, adjusted EBITDA margin ~20%.
UTI to fund with cash on hand; boards of both companies unanimously approved.

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