Capstone Partners Advised MIAT College of Technology, a Portfolio Company of HCP & Company, on Its Sale to Universal Technical Institute (NYSE: UTI)
Capstone Partners advised MIAT College of Technology (MIAT) on its acquisition by Universal Technical Institute (UTI).
Since 1969, MIAT has educated thousands of students through technical career training in the fields of aviation maintenance, airframe & powerplant technology, wind turbine maintenance, welding, robotics & automation, and HVACR on-site at two campuses located in Canton, MI and Houston, TX. For more than 50 years, MIAT has helped students gain the industry-relevant skills, experience, and connections to pursue rewarding technical careers through hands-on programs created with the help of feedback from industry leaders.
We chose Capstone Partners due to their knowledge of the education market, relationships with acquirers, and their strong track record of closing transactions. Equally important, they also had the latest relevant information in an industry that was not seeing too many deals. We were delighted by their ability to navigate great uncertainty and a very turbulent market including a preemptive acquirer that retracted its offer during diligence, a proactive approach towards remarketing, the sale of our real estate to another party to maximize value, and a very successful exit driven by a competitive process.
Bob Balaban, Managing Director at Capstone Partners and lead banker on the transaction, commented, “We are experiencing tremendous transaction activity in the vocational training marketplace. As a very well managed educational institution that transformed its operations seamlessly through the challenges of the COVID environment across multiple campuses to meet the educational needs of its growing student population, MIAT was perfectly positioned for the growth opportunity that joining UTI represents. This is a textbook case of a synergistic relationship that will benefit all parties, especially the students.”
Universal Technical Institute Is a publicly traded career college group that provides undergraduate degree and certificate programs for technicians in the automotive, diesel, collision repair, motorcycle, and marine fields at 13 campuses throughout the U.S. The integration of MIAT’s programs, specifically in aviation, renewable energy, welding, and HVAC, will provide UTI with significant opportunity to expand its campus footprint.