May 03, 2022, 19:27 ET
Expands Universal Technical Institute, Inc.’s career-focused education brand portfolio into certificate, credential, and degree-granting healthcare programs.
- Concorde offers over 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields.
- Concorde ended 2021 with approximately 7,400 students and delivered approximately $180 million in revenue and $13 million in adjusted EBITDA for the year.
- Aligned with Universal Technical Institute’s growth and diversification strategy, which is focused on offering a broader array of high-quality, in-demand workforce solutions which both prepare students for a variety of careers in fast-growing fields and help close the country’s skills gap by leveraging key industry partnerships.
- Including the acquisition, Universal Technical Institute’s revised longer term strategic roadmap now estimates fiscal 2025 revenue of more than $700 million and adjusted EBITDA margin of approximately 20%.
PHOENIX, May 3, 2022 /PRNewswire/ — Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of transportation and technical training programs, has entered into a definitive agreement to acquire Concorde Career Colleges, Inc. from Liberty Partners LLC. Terms of the transaction have been disclosed in Universal Technical Institute’s Form 8-K and completion of the acquisition will occur pending customary closing conditions and regulatory approvals. The boards of directors of both companies have unanimously approved the agreement.
Concorde Career Colleges is a leading provider of healthcare education programs focused on preparing students for successful professions in the healthcare sector, which is expected to add about 2.6 million new jobs over the next decade due to attrition in the workforce along with an aging population that is expected to drive increased demand for healthcare services.1 The company offers diploma and degree programs across nursing, dental hygiene, and other direct patient care fields including physical therapy assistant and respiratory therapy, as well as allied health including medical and dental assisting and healthcare administration.
Concorde was founded in 1968 and currently serves approximately 7,400 students through its 17 campuses in 8 states. Concorde’s revenue and adjusted EBITDA for calendar 2021 were approximately $180 million and $13 million, respectively. The schools operated by Concorde Career Colleges are accredited by either the Accrediting Commission of Career Schools and Colleges (ACCSC) or the Council on Occupational Education (COE).
“The acquisition of Concorde Career Colleges will be a significant next step in our previously announced growth and diversification strategy,” said Universal Technical Institute CEO Jerome Grant. “We take the responsibility of becoming one of this country’s leading workforce solutions providers seriously, and entering the healthcare space allows us to help even more students and support employers as they seek to solve some of their toughest workforce-related challenges. Concorde’s programs, geographic footprint, solid leadership team, exemplary faculty and staff, diverse student body, tight industry alignment, and strong alumni network make this acquisition a great fit. I also look forward to welcoming Jami Frazier and her talented team to the company. Under Jami’s leadership, UTI’s first step into healthcare will serve as a solid cornerstone for some of our key future growth and diversification efforts.”