Providence, R.I., Feb 18 — Citizens Financial Group, Inc. (NYSE: CFG) today announced a definitive agreement to purchase substantially all the assets of Matrix Capital Markets Group, Inc., a market-leading advisory firm in the Downstream Energy & Convenience Retail sector, with additional expertise and proven success in the Automotive Aftermarket and Outdoor Recreation and Marine sectors. This transaction further strengthens Citizens’ sector-focused advisory capabilities.
Founded in 1988, Matrix has its headquarters in Richmond, VA, and a second office in Baltimore, MD, as well as bankers based in Cleveland and Atlanta, and serves clients across the United States. With a focus on advising convenience retailers, wholesale fuels distributors, propane and heating oil distributors, and lubricants distributors, Matrix is the market-leading advisory firm in the Downstream Energy & Convenience Retail sector. Since 2021, Matrix has completed more than 70 M&A transactions and has ranked No. 1 in the league tables in the sector each year.
“Clients view Citizens as a trusted strategic and financial partner committed to delivering tailored, insight-driven solutions and a differentiated client experience,” said Ted Swimmer, head of Commercial Banking at Citizens. “The Matrix team of talented bankers brings strong capabilities in several sectors that dovetail with existing corporate coverage.”
“Citizens shares Matrix’s intense passion for offering robust and customized advisory capabilities with deep sector expertise, as well as Matrix’s commitment to delivering exceptional client solutions and service. Joining Citizens provides Matrix a proven and growing platform to provide a broader set of tailored advisory services and capital solutions to clients,” said Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail banking team.
“Citizens has been a highly respected capital partner to Convenience Retail & Downstream Energy companies for many years,” added Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail banking team. “Their track record and commitment to their clients has always stood out to us. We are excited to join Citizens’ platform and look forward to contributing our advisory capabilities alongside their well-established and growing lending and treasury services offerings.”
The transaction will be funded with cash. Under the terms of the agreement, Citizens’ wholly-owned subsidiary, Citizens JMP Securities, LLC, (“CJMPS”) will purchase substantially all the assets of Matrix and upon closing, Matrix will operate as a division of CJMPS. Additional terms of the transaction, which is targeted to close in the first quarter of 2026 subject to regulatory approvals, were not disclosed.
WilmerHale served as legal advisor to Citizens in connection with the transaction. Matrix was represented by Houlihan Lokey as financial advisor and Calfee as legal advisor.