Citizens Financial Group entered a definitive agreement to purchase substantially all the assets of Matrix Capital Markets Group, an advisory firm in the downstream energy and convenience retail sector, with additional expertise in the automotive aftermarket and outdoor recreation and marine sectors. This transaction is aimed at strengthening Citizens’ sector-focused advisory capabilities.
“Clients view Citizens as a trusted strategic and financial partner committed to delivering tailored, insight-driven solutions and a differentiated client experience,” Ted Swimmer, head of commercial banking at Citizens, said. “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 and convenience retail banking team, added, “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.”
Cedric Fortemps, co-head of Matrix’s downstream energy and convenience retail banking team, said, “Citizens has been a highly respected capital partner to convenience retail and downstream energy companies for many years. 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, will purchase substantially all the assets of Matrix and upon closing, Matrix will operate as a division of Citizens JMPS. Additional terms of the transaction, which is targeted to close in Q1/26, 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.
