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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
Universal Technical Institute, Inc.
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(Name of Issuer)
Common Stock, $0.0001 par value
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(Title of Class of Securities)
913915104
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(CUSIP Number)
Wendy Menefee
Pivot Point Capital Partners, LLC
One Sansome Street, Suite 2900
San Francisco, CA 94104
(415) 343-7074
Copy to:
Julia Corelli
Pepper Hamilton LLP
2 Logan Square, Suite 3000
Philadelphia, PA 19103-2799
(215) 981-4000
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(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
March 27, 2009
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(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 that is the subject of this Schedule 13D, and is
filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 240.13d-7 for
other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's 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.
This 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 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
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SCHEDULE 13D
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--
CUSIP NO. 913915104 Page 2 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Pivot Point Capital Master, LP 20-5031308
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
1,410,294**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 3 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Pivot Point Capital, LP 20-2259088
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,410,294**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 4 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Pivot Point Capital Offshore, L.P. 20-5085181
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,410,294**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
---------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
PN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 5 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Pivot Point Capital Offshore DS, Ltd.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,410,294**
---------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
---------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
CO
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 6 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Pivot Point Capital Partners, LLC 20-1888857
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,410,294**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 7 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Pivot Point Capital GP, LLC 20-2258940
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,410,294**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
---------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 8 of 14
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ANTHONY P. BRENNER
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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7. SOLE VOTING POWER
0
NUMBER OF --------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 1,410,294**
OWNED BY EACH --------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,410,294**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,410,294**
---------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.6%
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14. TYPE OF REPORTING PERSON
IN
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*See Item 3
**See Item 2 and 5
SCHEDULE 13D
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CUSIP NO. 913915104 Page 9 of 14
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Item 1. Security and Issuer
This Schedule 13D relates to the Common Stock, $0.0001 par value per share
(the "Common Stock"), of Universal Technical Institute, Inc. a Delaware
corporation (the "Issuer"). The address of the principal executive offices
of the Issuer is 20410 North 19th Avenue, Suite 200, Phoenix, Arizona 85027.
Item 2. Identity and Background
(a),(b),(c). This statement is filed jointly by (a) Pivot Point Capital
Master, LP ("PPC Master"), (b) Pivot Point Capital, LP ("PPC LP"), (c)
Pivot Point Capital Offshore, L.P. ("PPC Offshore"), (d) Pivot Point
Capital Offshore DS, Ltd. ("DS Fund"), (e) Pivot Point Capital GP, LLC
("PPC GP"), (f) Pivot Point Capital Partners, LLC ("PPCP"), and (g) Anthony
P. Brenner (collectively, the "Reporting Persons").
PPC Master and PPC LP are Delaware limited partnerships. PPC Offshore is
an exempted limited partnership organized under the laws of the Cayman
Islands. DS Fund is an exempt corporation organized under the laws of the
Cayman Islands. PPC Master, PPC LP, PPC Offshore and DS Fund are
structured as a master-feeder, with PPC Master as the master fund and PPC
LP, PPC Offshore and DS Fund as the feeder funds.
PPC GP is a Delaware limited liability company, the principal business of
which is to serve as the general partner of PPC Master, PPC LP, PPC
Offshore, and as the manager of DS Fund. PPCP is a Delaware limited
liability company, the principal business of which is to render management
services, including investment advisory services, to PPC Master, PPC LP,
PPC Offshore and DS Fund.
Anthony P. Brenner is a US citizen and the sole Managing Member of PPC GP
and PPCP.
The principal business address of all of the Reporting Persons is One
Sansome Street, Suite 2900, San Francisco, CA 94104.
Anthony P. Brenner, a US citizen, is the CEO, President and managing member
of PPC GP and PPCP. Todd F. Kirschner, a US citizen, and Raja S. Moorthy,
a Canadian citizen, are both Vice Presidents and members of PPC GP and
PPCP. Wendy L. Menefee, a US citizen, is a member of PPC GP and VP
SCHEDULE 13D
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CUSIP NO. 913915104 Page 10 of 14
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Compliance and Chief Administrative Officer of PPCP. The principal
business address of each of the aforementioned is One Sansome Street, Suite
2900, San Francisco, CA 94104.
(d),(e). None of the entities or persons identified in this Item 2 has
during the past five years been convicted of any criminal proceeding
(excluding traffic violations or similar misdemeanors), nor been a party to
a civil proceeding of a judicial or administrative body of competent
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
The source of funds used for the purchase of the Issuer's securities was
the working capital of PPC Master, PPC LP, PPC Offshore and DS Fund. The
aggregate funds used by the Reporting Persons to make the purchases were
$19,645,995.16.
Item 4. Purpose of Transaction
The Reporting Persons have acquired the Issuer's Common Stock for
investment purposes, and such purchases have been 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, as they deem advisable to benefit from
changes in market prices of such Common Stock, changes in the Issuer's
operations, business strategy or prospects, or from sale or merger of the
Issuer. To evaluate such alternatives, the Reporting Persons will
routinely monitor the Issuer's 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 its 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 Common Stock,
exchanging information with the Issuer pursuant to appropriate
confidentiality or similar agreements, proposing changes in the Issuer's
operations, governance or capitalization, or in proposing one or more of
the other actions described in subsections (a) through (j) of Item 4 of
Schedule 13D.
SCHEDULE 13D
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CUSIP NO. 913915104 Page 11 of 14
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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 the Common Stock beneficially owned by them,
in the 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). According to the Issuer's Form 10Q filed with the Securities and
Exchange Commission on February 3, 2009, there were 25,100,711 shares of
Common Stock issued and outstanding as of January 29, 2009. Based on such
information, after taking into account the transactions described in Item
5(c) below, the Reporting Persons report beneficial ownership of 1,410,294
shares of Common Stock, representing 5.6% of the outstanding Common Stock,
by PPC Master on behalf of the feeder funds, PPC LP, PPC Offshore and DS
Fund. Shares reported as beneficially owned by PPC Master, PPC LP, PPC
Offshore and DS Fund LP are also reported as beneficially owned by (i) PPC
GP as the general partner of PPC Master, PPC LP and PPC Offshore and as
Manager of DS Fund, and (ii) PPCP in its capacity as investment advisor to
PPC Master, PPC LP, PPC Offshore and DS Fund.
Voting and investment power concerning the above shares are held solely by
PPC GP and PPCP and Anthony Brenner as sole Managing Member of both
entities. The Reporting Persons therefore may be deemed to be members of a
group, in which case the group would be deemed to have beneficial ownership
of an aggregate of 1,410,294 shares of the Common Stock, which is 5.6% of
the outstanding Common Stock. The filing of this Schedule 13D shall not be
construed as an admission that any of the executive officers, managing
members or members of PPCP and PPC GP is, for any purpose, the beneficial
owner of any of the securities that are beneficially owned by the Reporting
Persons.
(c) The following shares of Common Stock were purchased by the Reporting
Persons in the open market within the last sixty days:
Reporting Person Trade Date Shares Price/Share
---------------- ---------- --------- -----------
Pivot Point Capital 03/27/2009 50,000 12.2545
Master, LP 03/30/2009 30,000 11.5134
03/31/2009 33,600 11.8540
04/01/2009 15,100 11.6734
04/03/2009 21,000 12.4207
04/06/2009 20,300 12.6111
(d) and (e) Not applicable.
SCHEDULE 13D
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CUSIP NO. 913915104 Page 12 of 14
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Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
Other than as described elsewhere in this Report and as previously
reported, the Reporting Persons have no understandings, arrangements,
relationships or contracts relating to the Issuer's Common Stock which are
required to be described hereunder.
Item 7. Material to Be Filed as Exhibits
Exhibit 1: Joint Filing Agreement
SCHEDULE 13D
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CUSIP NO. 913915104 Page 13 of 14
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SIGNATURE
After reasonable inquiry and to the best of his knowledge and belief, the
undersigned certifies that the information set forth in this statement is
true, complete and correct.
Pivot Point Capital Master, LP, by
Pivot Point Capital GP, LLC, its General Partner
By: /s/ Anthony P. Brenner
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Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital, LP, by
Pivot Point Capital GP, LLC, its General Partner
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital Offshore, L.P., by
Pivot Point Capital GP, LLC, its General Partner
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital Offshore DS, Ltd., by
Pivot Point Capital GP, LLC, its Manager
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Director
Pivot Point Capital GP, LLC
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital Partners, LLC
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
/s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner
SCHEDULE 13D
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CUSIP NO. 913915104 Page 14 of 14
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Exhibit 1
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Common Stock of Universal
Technical Institute, Inc. is being filed jointly on behalf of each of them
with the Securities and Exchange Commission pursuant to Section 13(d) of
the Securities Exchange Act of 1934, as amended.
Pivot Point Capital Master, LP, by
Pivot Point Capital GP, LLC, its General Partner
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital, LP, by
Pivot Point Capital GP, LLC, its General Partner
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital Offshore, L.P., by
Pivot Point Capital GP, LLC, its General Partner
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital Offshore DS, Ltd., by
Pivot Point Capital GP, LLC, its Manager
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Director
Pivot Point Capital GP, LLC
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
Pivot Point Capital Partners, LLC
By: /s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner, Managing Member
/s/ Anthony P. Brenner
--------------------------------------
Dated: April 6, 2009 Anthony P. Brenner