Universal Technical Institute, a Phoenix-based post-secondary transportation industry education provider, is set to acquire MIAT College of Technology in Canton Township. Terms of the deal were not disclosed.
UTI made the deal with HCP and Co., MIAT’s owner since 2014, pending customary closing conditions and regulatory approvals. The boards of directors of both companies unanimously approved the agreement.
Michigan will become the ninth state with a UTI campus under the acquisition. UTI is expected to see double-digit revenue growth and margin expansion with the deal, according to Jerome Grant, CEO of UTI.
Following the completion of the agreement, UTI plans to expand its program offerings into growing industry sectors with an eye toward fields that will see growth with technological innovation and a heightened interest on sustainable energy.
“We are excited about the upcoming addition of MIAT College of Technology and to advance our strategy to serve more students, particularly in fields where trained technicians are in such strong and increasing demand,” says Grant. “Notably, many of MIAT’s programs are aligned with expected macroeconomic developments, such as green initiatives and alternate energy, on-shoring of manufacturing, and infrastructure investment.”
MIAT, which was founded in 1969, currently serves approximately 1,200 students through its campuses in Canton Township and Houston. The company offers vocational and technical certificates in addition to associate degrees in fields such as aviation maintenance, HVACR, and welding. MIAT is accredited by the Accrediting Commission of Career Schools and Colleges.
MIAT saw approximately $25 million in preliminary revenue and $3.5 million in earnings before interest, taxes, depreciation, and amortization in 2020, with year-over-year revenue growth topping 20 percent in 2020 and 2019.
Universal Technical Institute has had more than 220,000 graduates throughout its 55-year history. It offers technical training for automotive, diesel, collision repair, motorcycle and marine technicians, welding technology, and computer numerical control machining operations. It has 12 campuses nationwide.