Citizens to acquire downstream energy adviser Matrix Capital Markets Group

February 17, 2026 By Brian Richesson 0 Comments

Citizens Financial Group Inc. plans to purchase substantially all the assets of Matrix Capital Markets Group Inc., an advisory firm in the downstream energy and convenience retail sector, with additional expertise in the automotive aftermarket and outdoor recreation and marine sectors.

Founded in 1988, Matrix has its headquarters in Richmond, Virginia, and a second office in Baltimore as well as bankers based in Cleveland and Atlanta, as it serves clients across the United States. It focuses on advising convenience retailers, wholesale fuels distributors, propane and heating oil distributors, and lubricants distributors. Since 2021, the firm has completed more than 70 M&A transactions.

“Clients view Citizens as a trusted strategic and financial partner committed to delivering tailored, insight-driven solutions and a differentiated client experience,” says 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.”

Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail banking team, says Citizens and Matrix share a passion for offering robust and customized advisory capabilities with deep sector expertise, as well as Matrix’s commitment to delivering high-quality 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,” he says.

“Citizens has been a highly respected capital partner to convenience retail and downstream energy companies for many years,” adds 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 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 adviser to Citizens in connection with the transaction. Matrix was represented by Houlihan Lokey as financial adviser and Calfee as legal adviser.

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