Add-on Acquisition • Insurance

Victory Capital Acquires United Services Automobile Association

On November 6, 2018, Victory Capital acquired insurance company United Services Automobile Association

Acquisition Context
  • This is Victory Capital’s 1st transaction in the Insurance sector.
  • This is Victory Capital’s 4th transaction in the United States.
  • This is Victory Capital’s 1st transaction in Texas.

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M&A Deal Summary

Date November 6, 2018
Target United Services Automobile Association
Sector Insurance
Buyer(s) Victory Capital
Deal Type Add-on Acquisition
Advisor(s) Goldman Sachs (Financial)
Simpson Thacher & Bartlett (Legal)

Target Company

United Services Automobile Association

San Antonio, Texas, United States
United Services Automobile Association family of companies provides insurance, banking, investments, retirement products, and advice to more than 12.7 million current and former members of the U.S. military and their families. Known for a legendary commitment to members, USAA consistently is recognized for outstanding service, employee well-being, and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable – and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio, Texas.
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Buyer Overview 1

Buyer

Victory Capital

San Antonio, Texas, United States

Category Company
Founded 2013
Sector Financial Services
Employees460
Revenue 893M USD (2024)
DESCRIPTION

Victory Capital is an investment management firm operating a next-generation, integrated multi-boutique business model with $132.5 billion in assets under management as of July 31, 2020. Victory Capital serves both institutional and retail investors. Victory Capital was founded in 2013 and is based in San Antonio, Texas.


Deal Context for Buyer #
Overall 4 of 6
Sector: Insurance 1 of 1
Type: Add-on Acquisition 1 of 3
State: Texas 1 of 1
Country: United States 4 of 6
Year: 2018 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-24 Harvest Volatility Management

New York, New York, United States

Harvest Volatility Management LLC t is one of the world’s major derivative asset management firms with approximately $12 billion in assets under management as of July 31, 2018. Harvest is comprised of an expert team with many decades of experience advising on, structuring, and managing volatility and option related strategies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-13 New Energy Capital

Hanover, New Hampshire, United States

New Energy Capital is an alternative asset manager investing across the capital structures of clean energy infrastructure projects and companies. New Energy Capital was founded in 2004 and is based in Hanover, New Hampshire.

Buy -