Nothing's impossible when a few fund firms are backed by the right private equity partners.

Case in point: Cleveland-based Victory Capital recently announced that it is buying Birmingham, Michigan-based Munder Capital.

Although the firm's did not disclose the details of the deal, they did say it was in cash.

The combined firm will have assets of over $37 billion. The acquisition of Munder will also include its subsidiary Integrity Asset Management

Among the many interesting details of this deal is the role, or rather roles, played by the New York-based PE shop Crestview Partners.

Firstly, Crestview funded Munder's buyout from previous parent Comerica in August 2006.

The PE shop also funded Victory's $246 million buyout from its old parent KeyCorp. in February 2013.

Rumors emerged that Crestview might sell Munder in June 2013, with reports of potential PE buyers emerging in September.

However, bidding for Munder had announcing the deal, "additional equity financing for the new company will be led by funds managed by Crestview Partners and Reverence Capital Partners whose investors include U.S. and International institutional and high net worth investors. Each will make a significant investment in the new company."

Moreover, the statement declares that "upon completion of the transaction, Victory’s David Brown will be appointed as Chairman and CEO of the new company and Christopher Ohmacht, current President of Victory, will serve as President. Jim FitzGerald, current President of Munder, will become Vice Chairman. The new company's board of directors will be management-led, with Mr. Brown as its Chairman and Mr. Ohmacht as an employee director. Other board appointments will be made and announced at a later date, as will the name of the new holding company. Victory, Munder and Integrity investment teams and other personnel will continue to operate from their respective locations in Cleveland, OH; Birmingham, MI; Cincinnati, OH; New York, NY; Boston, MA; Denver, CO; Tampa, FL; and Rocky River, OH."

Morgan Stanley & Co. LLC provided financial advice and Willkie Farr & Gallagher LLP provided legal advice to Victory. Munder was advised by Goldman, Sachs & Co., Sandler O’Neill & Partners, L.P. and Davis Polk & Wardwell LLP. Reverence Capital Partners was advised by Evercore Group LLC and Wachtell, Lipton, Rosen & Katz. 

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