Christopher Shackelton and Adam Gray‘s Coliseum Capital has raised its exposure to Universal Technical Institute, Inc. (NYSE:UTI), according to a recent filing with the US Securities and Exchange Commission. The filing showed that Coliseum Capital owns 3.60 million shares of Universal Technical, which represent 14.9% of the company’s outstanding stock. In January, Coliseum reported holding 3.58 million shares of the company, equal to 14.8% of the stock. In addition, Christopher Shackelton owns directly 41,475 shares.
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The investor also changed the type of the filing to 13D from 13G and added that:
“The Reporting Persons acquired the Common Stock for investment purposes, and such purposes were made in the Reporting Persons’ ordinary course of business. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise deal in the Common Stock at times, and in such manner (including pursuant to hedging transactions), as they deem advisable to benefit from changes in market prices of the Common Stock, changes in the Issuer’s operations, business strategy or prospects, or from a sale or merger of the Issuer.”
Among the funds we follow, 11 investors reported holding shares of Universal Technical as of the end of December, unchanged over the quarter. Among these funds, Alexander Medina Seaver’s Stadium Capital Management held the largest position that was valued at $16.8 million at the end of 2015. Coliseum owned the second-largest position and other investors bullish on Universal Technical include Jim Simons’s Renaissance Technologies, Chuck Royce’s Royce & Associates and Mario Gabelli’s GAMCO Investors.
You can access the original SEC filing by clicking here.
Ownership Summary Table
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
Coliseum Capital Management | 0 | 3,601,724 | 0 | 3,601,724 | 3,601,724 | 14.9% |
Coliseum Capital | 0 | 2,742,231 | 0 | 2,742,231 | 2,742,231 | 11.3% |
Coliseum Capital Partners | 0 | 2,167,822 | 0 | 2,167,822 | 2,167,822 | 8.9% |
Coliseum Capital Partners II | 0 | 574,409 | 0 | 574,409 | 574,409 | 2.4% |
Adam Gray | 0 | 3,601,724 | 0 | 3,601,724 | 3,601,724 | 14.9% |
Christopher Shackelton | 41,475 | 3,601,724 | 41,475 | 3,601,724 | 3,643,199 | 15.0% |
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Page 1 of 11 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
UNIVERSAL
TECHNICAL INSTITUTE, INC.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
913915104
(CUSIP Number)
Christopher Shackelton/Adam Gray
Metro Center
1 Station
Place, 7th Floor South
Stamford, CT 06902
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 18, 2016
(Date of
Event Which Requires Filing of This Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box. þ
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, (the Exchange Act) or otherwise subject to the liabilities of that section of the Exchange Act but shall be
subject to all other provisions of the Exchange Act (however, see the Notes).
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Page 2 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 2 of 11 Pages |
1. | Names of Coliseum Capital Management, LLC | |||||
2. | Check the appropriate box if a member (a) ¨ (b) þ | |||||
3. | SEC use only | |||||
4. | Source of funds (see instructions) AF | |||||
5. | Check if disclosure of legal | |||||
6. | Citizenship or place of Delaware | |||||
Number of shares beneficially owned by each reporting person with | 7. | Sole voting power 0 | ||||
8. | Shared voting power 3,601,724 | |||||
9. | Sole dispositive power 0 | |||||
10. | Shared dispositive power 3,601,724 | |||||
11. | Aggregate amount beneficially owned by each reporting person 3,601,724 | |||||
12. | Check if the aggregate amount in Row | |||||
13. | Percent of class represented by amount 14.9% | |||||
14. | Type of reporting person (see OO, IA |
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Page 3 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 3 of 11 Pages |
1. | Names of Coliseum Capital, LLC | |||||
2. | Check the appropriate box if a member (a) ¨ (b) þ | |||||
3. | SEC use only | |||||
4. | Source of funds (see instructions) AF | |||||
5. | Check if disclosure of legal | |||||
6. | Citizenship or place of Delaware | |||||
Number of shares beneficially owned by each reporting person with | 7. | Sole voting power 0 | ||||
8. | Shared voting power 2,742,231 | |||||
9. | Sole dispositive power 0 | |||||
10. | Shared dispositive power 2,742,231 | |||||
11. | Aggregate amount beneficially owned by each reporting person 2,742,231 | |||||
12. | Check if the aggregate amount in Row | |||||
13. | Percent of class represented by amount 11.3% | |||||
14. | Type of reporting person (see OO |
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Page 4 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 4 of 11 Pages |
1. | Names of Coliseum Capital Partners, L.P. | |||||
2. | Check the appropriate box if a member (a) ¨ (b) þ | |||||
3. | SEC use only | |||||
4. | Source of funds (see instructions) WC | |||||
5. | Check if disclosure of legal | |||||
6. | Citizenship or place of Delaware | |||||
Number of shares beneficially owned by each reporting person with | 7. | Sole voting power 0 | ||||
8. | Shared voting power 2,167,822 | |||||
9. | Sole dispositive power 0 | |||||
10. | Shared dispositive power 2,167,822 | |||||
11. | Aggregate amount beneficially owned by each reporting person 2,167,822 | |||||
12. | Check if the aggregate amount in Row | |||||
13. | Percent of class represented by amount 8.9% | |||||
14. | Type of reporting person (see PN |
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Page 5 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 5 of 11 Pages |
1. | Names of Coliseum Capital Partners II, L.P. | |||||
2. | Check the appropriate box if a member (a) ¨ (b) þ | |||||
3. | SEC use only | |||||
4. | Source of funds (see instructions) WC | |||||
5. | Check if disclosure of legal | |||||
6. | Citizenship or place of Delaware | |||||
Number of shares beneficially owned by each reporting person with | 7. | Sole voting power 0 | ||||
8. | Shared voting power 574,409 | |||||
9. | Sole dispositive power 0 | |||||
10. | Shared dispositive power 574,409 | |||||
11. | Aggregate amount beneficially owned by each reporting person 574,409 | |||||
12. | Check if the aggregate amount in Row | |||||
13. | Percent of class represented by amount 2.4% | |||||
14. | Type of reporting person (see PN |
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Page 6 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 6 of 11 Pages |
1. | Names of Adam Gray | |||||
2. | Check the appropriate box if a member (a) ¨ (b) þ | |||||
3. | SEC use only | |||||
4. | Source of funds (see instructions) AF | |||||
5. | Check if disclosure of legal | |||||
6. | Citizenship or place of United States | |||||
Number of shares beneficially owned by each reporting person with | 7. | Sole voting power 0 | ||||
8. | Shared voting power 3,601,724 | |||||
9. | Sole dispositive power 0 | |||||
10. | Shared dispositive power 3,601,724 | |||||
11. | Aggregate amount beneficially owned by each reporting person 3,601,724 | |||||
12. | Check if the aggregate amount in Row | |||||
13. | Percent of class represented by amount 14.9% | |||||
14. | Type of reporting person (see IN |
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Page 7 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 7 of 11 Pages |
1. | Names of Christopher Shackelton | |||||
2. | Check the appropriate box if a member (a) ¨ (b) þ | |||||
3. | SEC use only | |||||
4. | Source of funds (see instructions) AF | |||||
5. | Check if disclosure of legal | |||||
6. | Citizenship or place of United States | |||||
Number of shares beneficially owned by each reporting person with | 7. | Sole voting power 41,475(1) | ||||
8. | Shared voting power 3,601,724 | |||||
9. | Sole dispositive power 41,475(1) | |||||
10. | Shared dispositive power 3,601,724 | |||||
11. | Aggregate amount beneficially owned by each reporting person 3,643,199 | |||||
12. | Check if the aggregate amount in Row | |||||
13. | Percent of class represented by amount 15.0% | |||||
14. | Type of reporting person (see IN |
(1) | This represents securities that are held directly by Christopher Shackelton, his spouse and trusts for the benefit of his descendants. |
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Page 8 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 8 of 11 Pages |
This Schedule 13D (this Schedule 13D) supersedes the Schedule 13G as last amended by
Amendment No. 2 filed on January 11, 2016 with the Securities and Exchange Commission (the SEC) by Coliseum Capital Management, LLC (CCM), Coliseum Capital, LLC (CC), Coliseum
Capital Partners, L.P. (CCP), Coliseum Capital Partners II, L.P. (CCP2), Adam Gray (Gray) and Christopher Shackelton (Shackelton), relating to shares of common stock,
$0.0001 par value per share (the Common Stock), of Universal Technical Institute, Inc. (the Issuer), a corporation organized under the laws of Delaware. This Schedule 13D is being filed because the Reporting
Persons may no longer qualify to file on Schedule 13G. See Item 4 below.
Item 1. | Security and Issuer. |
This Schedule 13D relates to shares of the common stock, $0.0001 par value
per share, of Universal Technical Institute, Inc., a corporation organized under the laws of Delaware. The principal executive offices of the Issuer are located at 16220 North Scottsdale Road, Suite 100, Scottsdale, AZ 85254.
Item 2. | Identity and Background. |
The persons filing this statement and the persons enumerated in Instruction C
of Schedule 13D and, where applicable, their respective places of organization, general partners, directors, executive officers and controlling persons and the information regarding them, are as follows:
(a) | This Schedule 13D is filed by: |
CCM, a Delaware limited liability company; |
CC, a Delaware limited liability company; |
CCP, a Delaware limited partnership; |
CCP2, a Delaware limited partnership ; |
Gray; and |
Shackelton. |
The foregoing persons are hereinafter sometimes collectively referred to as the
Reporting Persons.
(b) | The business address of the Reporting Persons is Metro Center, 1 Station Place, 7th Floor South, Stamford, CT 06902. |
(c) | The present principal occupation or employment of each of the Reporting Persons and the name, principal business and address of any corporation or other organization in which such employment is conducted is as follows: |
CCM is the investment adviser to CCP and CCP2, which are investment limited partnerships. CC is the General Partner of CCP
and CCP2. Gray and Shackelton are the managers of CC and CCM.
(d) | During the last five years, none of the Reporting Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors). |
(e) | During the last five years, none of the Reporting Persons was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting, or mandating activities subject to, federal or state securities laws or a finding of any violation with respect to such laws. |
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Page 9 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 9 of 11 Pages |
(f) | The citizenship or place of organization for each of the Reporting Persons is listed in Row 6 of the cover pages hereto. |
Item 3. | Source and Amount of Funds or Other Consideration. |
The source and amount of funds used in purchasing
the Common Stock by the Reporting Persons and a separate account investment advisory client of CCM (the Separate Account) were as follows:
Purchaser | Source of Funds | Amount | ||||
CCP | Working Capital | $ | 8,379,602 | |||
CCP2 | Working Capital | $ | 2,237,327 | |||
Separate Account | Working Capital | $ | 3,322,359 |
Item 4. | Purpose of Transaction. |
The Reporting Persons acquired the Common Stock for investment purposes, and
such purposes were made in the Reporting Persons ordinary course of business. In pursuing such investment purposes, the Reporting Persons may further purchase, hold, vote, trade, dispose or otherwise deal in the Common Stock at times, and in
such manner (including pursuant to hedging transactions), as they deem advisable to benefit from changes in market prices of the Common Stock, changes in the Issuers operations, business strategy or prospects, or from a sale or merger of the
Issuer. To evaluate such alternatives, the Reporting Persons routinely will monitor the Issuers operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as
well as alternative investment opportunities, liquidity requirements of the Reporting Persons and other investment considerations. Consistent with their investment research methods and evaluation criteria, the Reporting Persons may discuss such
matters with management or directors of the Issuer, other shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors. Such factors and
discussions may materially affect, and result in, the Reporting Persons modifying their ownership of the Common Stock, exchanging information with the Issuer pursuant to appropriate confidentiality or similar agreements, proposing changes in
the Issuers operations, governance or capitalization, or in proposing one or more of the other actions described in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons reserve the right to formulate other
plans and/or make other proposals and take such actions with respect to their investment in the Issuer, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire additional
Common Stock or dispose of all Common Stock beneficially owned by them, in public market or privately negotiated transactions. The Reporting Persons may at any time reconsider and change their plans or proposals relating to the foregoing.
Item 5. | Interest in Securities of the Issuer. |
(a) (b) | The information relating to the beneficial ownership of Common Stock by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated herein by reference. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 24,234,487 Common Stock outstanding as of January 29, 2016, as reported in the Issuers Quarterly Report on Form 10-Q, as filed with the SEC on February 5, 2016. | |
The information required by Items 5(a) (b) is set forth in rows 7 13 of the cover page for each of the Reporting Persons and is incorporated herein by reference. |
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Page 10 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 10 of 11 Pages |
(c) | The Reporting Persons effected the following transaction in the Common Stock in open market transactions on the dates indicated, and such transaction is the only transaction in the Common Stock by the Reporting Persons in the sixty days preceding the filing of this Schedule 13D: |
Name | Purchase | Date | Number of | Weighted | ||||||||||
CCP2 | Purchase | 3/18/2016 | 19,000 | $ | 4.75 |
(d) | Except as set forth in Item 6 hereof, no person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock reported herein. |
(e) | Not applicable. |
The information in Items 4 and 6 hereof is incorporated herein by reference.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
CCM
is an investment adviser whose clients, including CCP, CCP2 and the Separate Account, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock. CC is the general partner of
CCP and CCP2. Gray and Shackelton are the managers of CC and CCM.
The Reporting Persons are parties to an agreement with respect to the joint filing of
this Schedule 13D and any amendments thereto. A copy of such agreement is attached as Exhibit 1 to this Schedule 13D and is incorporated by reference herein.
The information in Item 4 hereof is incorporated herein by reference.
Item 7. | Material to Be Filed as Exhibits. |
Exhibit | Description | |
1* | Joint Filing Agreement, dated March 21, 2016 |
* | Filed herewith. |
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Page 11 of 11 – SEC Filing
SCHEDULE 13D
CUSIP No. 913915104 | Page 11 of 11 Pages |
SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct
DATED: March 21, 2016
COLISEUM CAPITAL MANAGEMENT, LLC | COLISEUM CAPITAL PARTNERS II, L.P. | |||||||
By: | Coliseum Capital, LLC, General Partner | |||||||
By: | /s/ Chivonne Cassar | By: | /s/ Chivonne Cassar | |||||
Chivonne Cassar, Attorney-in-fact | Chivonne Cassar, Attorney-in-fact | |||||||
COLISEUM CAPITAL, LLC | ADAM GRAY | |||||||
By: | /s/ Chivonne Cassar | By: | /s/ Chivonne Cassar | |||||
Chivonne Cassar, Attorney-in-fact | Chivonne Cassar, Attorney-in-fact | |||||||
COLISEUM CAPITAL PARTNERS, L.P. | CHRISTOPHER SHACKELTON | |||||||
By: | Coliseum Capital, LLC, General Partner | |||||||
By: | /s/ Chivonne Cassar | By: | /s/ Chivonne Cassar | |||||
Chivonne Cassar, Attorney-in-fact | Chivonne Cassar, Attorney-in-fact |