Victory Capital (VCTR), an asset management firm with $157.7 billion in total assets under management (AUM), was spun out of KeyCorp (KEY) in 2013 and acquired by private equity firm Crestview Partners. The management team that was operating Victory Capital under the KeyCorp umbrella remained in place and continues to lead the company a decade after the spinoff with David Brown as the Chairman and CEO.
The company went public in February 2018 at $13 per share and has appreciated more than 137% to current levels. KeyCorp’s expected after tax gain on the sale to Crestview was in the range of just $100 to $115 million. The whole situation worked out very well for Crestview Partners, insiders and shareholders because the company has a market cap of $2.23 billion today.