BUYER POOL ANALYSIS
Selling a Vocational Training to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 7.92x across 6 disclosed deals (P25: 6x, P75: 13.85x). Median EV/Revenue 1.59x across 6 deals. Median deal value: $61.95M.
- How many disclosed transactions?
- 8 deals total (8 from 2018+), filtered to Strategic / Industry acquirers of vocational training businesses.
- Most active buyers
- Universal Technical Institute, Inc. (2) · Stride, Inc. (2) · Education To Go (1) · Covista Inc. (1) · Exchange Income Corporation (1) · Franventures, Llc (1)
Recent disclosed deals
Strategic / Industry acquisitions of vocational training businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2022 | Concorde Career Colleges, Inc. | Universal Technical Institute, Inc. | $102.8M | 2.3x | 0.12x |
| 2022 | InfoSec Institute, Inc. | Education To Go | $190.8M | — | 6.15x |
| 2021 | Michigan Institute of Aeronautics, Inc. | Universal Technical Institute, Inc. | $26.0M | 7.4x | 1.04x |
| 2020 | MedCerts, LLC | Stride, Inc. | $80.6M | 20.1x | 4.24x |
| 2020 | Tech Elevator, Inc. | Stride, Inc. | $23.8M | 11.8x | 2.14x |
| 2020 | Walden e-Learning, LLC | Covista Inc. | $1480.0M | 8.4x | — |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to vocational training businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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