Legacy Education, which owns and operates healthcare vocational institutions, filed on Friday with the SEC to raise up to $10 million in an initial public offering.
Through three institutions, High Desert Medical College, Central Coast College, and Integrity College of Health, Legacy Education provides career-focused education primarily in the healthcare field, with degrees for nursing, medical technicians, dental assisting, business administrative, and several others. The company plans to use part of the proceeds to continue developing its offerings, with several new programs (e.g. EMT, surgical technology) expect to be offered starting in October 2024.
During the nine months ended 3/31/2024, revenue increased 28% to $33 million. Gross margin expanded 498 bps to 46%. Adjusted EBITDA increased 106% to $5.6 million, and adj. EBITDA margin rose 633 bps to 17%.
The Lancaster, CA-based company was founded in 2003 and booked $43 million in sales for the 12 months ended March 31, 2024. It plans to list on the NYSE under the symbol LGCY. Northern Capital Markets is the sole bookrunner on the deal. No pricing terms were disclosed.
