Who Owns Lincoln Tech Company?

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Who Really Controls Lincoln Tech?

Delving into Lincoln Tech SWOT Analysis is just the beginning. Understanding the intricate web of ownership is critical to grasping Lincoln Technical Institute's strategic moves and long-term prospects. From its inception in 1946, Lincoln Tech, now known as Lincoln Educational Services, has evolved significantly. This exploration uncovers the key players shaping its future.

This analysis of Lincoln Tech ownership will dissect the roles of its founders, key institutional investors, and the influence of the board of directors. Knowing the Lincoln Tech parent company and its ownership structure provides valuable insights into its governance and trajectory within the vocational education sector. We'll examine the company's history, financial information, and the impact of its current market value, answering questions like "Who owns Lincoln Tech?" and "Is Lincoln Tech publicly traded?"

The story of Lincoln Tech ownership begins in 1946. J. Warren Davies, a decorated Army Captain, founded the Lincoln Technical Institute in Newark, New Jersey. This marked the start of what would become a significant player in vocational education.

Davies's vision was clear: to equip World War II veterans with practical skills to thrive in civilian life. Initially, the institute focused on training in air conditioning and refrigeration. Automotive courses were added later, expanding its offerings to meet evolving industry demands.

The early ownership structure of Lincoln Tech wasn't explicitly detailed in public records. However, the company's growth included traveling schools and a broader range of programs. Several changes in ownership and strategic acquisitions shaped its path to becoming a publicly traded company.

Founding

J. Warren Davies founded the Lincoln Technical Institute in 1946. The institute was established in Newark, New Jersey.

Initial Focus

The primary goal was to provide vocational training for World War II veterans. Courses initially centered on air conditioning and refrigeration.

Early Expansion

Automotive courses were introduced in 1948. The company expanded its reach through traveling schools.

1969 Acquisition

Ryder acquired Lincoln Technical Institute along with two other technical schools. By 1977, the institute had expanded to ten campuses.

2000 Acquisition

Stonington Partners and Hart Capital purchased Lincoln Technical Institute. This acquisition was a pivotal moment.

Subsequent Acquisitions

The company acquired Denver Automotive and Diesel College in 2001. Lincoln College of Technology in Nashville was acquired in 2003.

In 2000, Stonington Partners and Hart Capital acquired Lincoln Technical Institute, which was a key moment in its history. This acquisition paved the way for further expansion. The purchase of institutions like Denver Automotive and Diesel College in 2001 and Lincoln College of Technology in Nashville in 2003, were part of the company's growth strategy. These early acquisitions and private equity involvement set the stage for the company's eventual public listing. For more information about the company's financial performance, you can read about the Revenue Streams & Business Model of Lincoln Tech.

Key Takeaways

The early history of Lincoln Tech is marked by its founder's vision and strategic acquisitions.

• Founded in 1946 by J. Warren Davies.
• Focused initially on vocational training for veterans.
• Expansion through acquisitions, including Ryder in 1969 and Stonington Partners/Hart Capital in 2000.
• Acquisitions of Denver Automotive and Diesel College and Lincoln College of Technology further expanded the company's reach.

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The initial public offering (IPO) of Lincoln Educational Services Corporation on June 23, 2005, marked a significant shift in its ownership structure. The company, trading under the ticker symbol LINC on the NASDAQ, offered shares at $20.00 each. Before the IPO, Stonington Partners, through its subsidiary Back to School Acquisition, L.L.C., held a substantial stake, owning 79.1% of the fully diluted equity as of May 31, 2005. This ownership was expected to decrease to 69.9% after the offering. Hart Capital, through Five Mile River Capital Partners LLC, and key investors like California Regent Richard C. Blum also held notable positions.

The IPO aimed to raise capital for repaying debts and general corporate purposes, which further reshaped the ownership landscape. The entrance of new investors and the dilution of existing shareholders' stakes were key outcomes of this event. The IPO transformed the company from a privately-held entity with concentrated ownership to a publicly-traded company with a more diverse shareholder base. This transition set the stage for future changes in ownership and corporate governance.

As of May 30, 2025, the ownership of Lincoln Educational Services Corporation is characterized by a mix of institutional and individual investors. There are 271 institutional owners and shareholders, holding a total of 29,048,719 shares. Key institutional holders include Juniper Investment Company, LLC, BlackRock, Inc., The Vanguard Group, Heartland Advisors Inc, and Dimensional Fund Advisors LP. Scott M. Shaw, the President and CEO, is the largest insider shareholder, with a direct ownership of 3.47% of the company's shares, which is valued at approximately $23.21 million. The company's market capitalization as of June 13, 2025, is approximately $683.35 million. This shift reflects the evolution from private equity control to a more diversified shareholder base, which influences company strategy and governance. For more information on the company's approach, you can check out the Marketing Strategy of Lincoln Tech.

Ownership Dynamics

The ownership of Lincoln Tech has evolved significantly since its IPO, with a shift from private equity to a mix of institutional and individual investors.

• Stonington Partners was a major stakeholder before the IPO.
• Institutional investors like BlackRock and Vanguard hold significant shares.
• The CEO remains a key insider shareholder.
• The company's market capitalization is approximately $683.35 million as of June 13, 2025.

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The current board of directors of Lincoln Educational Services Corporation, also known as Lincoln Technical Institute, plays a vital role in overseeing the company's strategic direction and governance. As of 2024, the board includes a mix of independent directors and representatives from major stakeholders. John A. Bartholdson, a co-founder and partner of Juniper Investment Company, LLC, a significant institutional shareholder, serves as the Non-Executive Chairman. Other independent directors include James J. Burke Jr., Kevin M. Carney, Sylvia Young, Anna Cabral, Michael Plater, Felecia J. Pryor, Carlton Rose, and Marta Newhart. Scott Shaw, the President and CEO, also holds a position on the board. The average tenure of the board members is about 4.8 years, indicating a good level of experience.

Understanding the board of directors is key to grasping the Lincoln Tech ownership structure. The presence of directors like John A. Bartholdson, affiliated with a major institutional investor, suggests that significant shareholders have a considerable influence on strategic decisions. Scott Shaw's ownership of approximately 3.47% of the company's shares also gives him substantial voting power. This structure helps shape the company's operations and financial strategies.

Voting Power and Shareholder Influence

The voting structure at Lincoln Educational Services generally follows a one-share-one-vote principle. This means that each share of common stock, which trades on the Nasdaq Global Market under the symbol 'LINC', carries equal voting rights. The major shareholders, such as Juniper Investment Company, LLC, have a significant say in the company's strategic direction.

• The board of directors includes independent directors and representatives of major shareholders.
• The CEO, Scott Shaw, also sits on the board and holds a notable percentage of shares.
• The company's governance is detailed in its investor relations materials and SEC filings.
• No recent proxy battles or governance controversies have significantly reshaped decision-making.

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Over the past few years, the ownership profile of Lincoln Educational Services Corporation has been influenced by its financial performance and strategic moves. For the full year 2024, the company reported a revenue of $440.1 million, marking a 16.4% increase. Net income reached $9.9 million. Student starts grew by 15.2% in 2024, and the quarter-end student population rose by 14.1%. Looking ahead to 2025, the company anticipates further growth, projecting revenue between $480 million and $490 million, and adjusted EBITDA between $55 million and $60 million.

Recent developments have included the strategic relocation and opening of new campuses. The Nashville campus transitioned to a new facility in early 2025, designed for operational efficiency using Lincoln's hybrid education model. The company also entered into a lease agreement for a new campus in Hicksville, New York, and completed the sale of its Summerlin, Las Vegas campus in early 2025. In February 2024, LCN Capital Partners purchased Lincoln Tech's Levittown, PA campus in a sale-leaseback agreement, providing capital for program replications and new campuses. These actions are part of a broader strategy, as discussed in Growth Strategy of Lincoln Tech.

Ownership trends reveal a significant institutional presence. As of May 30, 2025, institutional ownership has increased by 106.42% over the past year. Top institutional holders include Juniper Investment Company, BlackRock, Inc., and The Vanguard Group. The company maintains a strong financial position with nearly $90 million in total liquidity and no outstanding debt as of March 31, 2025. The company's leadership has publicly stated objectives of reaching approximately $550 million in revenue and $90 million in adjusted EBITDA by 2027, which could further attract investors and potentially influence future ownership dynamics.

Key Institutional Holders

Juniper Investment Company, BlackRock, Inc., and The Vanguard Group are among the top institutional holders of Lincoln Educational Services Corporation.

Financial Health

The company has nearly $90 million in total liquidity and no outstanding debt as of March 31, 2025, indicating a strong financial position.

Future Outlook

Lincoln Educational Services projects revenue between $480 million and $490 million for 2025 and aims for $550 million in revenue by 2027.

Campus Developments

Recent developments include the opening of a new campus in Nashville and the sale of the Summerlin, Las Vegas campus.

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