Citizens Financial Group Inc. has entered into a definitive agreement to acquire Matrix Capital Markets Group Inc., an advisory firm in the downstream energy and convenience retail sector.
Richmond, Virginia-based Matrix serves clients across the United States, with a focus on advising convenience retailers, wholesale fuel distributors, propane and heating oil distributors and lubricants distributors. Since 2021, Matrix has completed more than 70 merger-and-acquisition transactions, the company said Tuesday.
The transaction will strengthen Providence, Rhode Island-based Citizens Financial Group’s sector-focused advisory capabilities, the company said.
“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’ 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 were not disclosed. The deal is expected to close in the first quarter of 2026, pending regulatory approvals.
“Citizens has been a highly respected capital partner to convenience retail and downstream energy companies for many years,” said Cedric Fortemps, co-head of Matrix’s downstream energy and 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.”
Citizens Financial Group Inc. is one of the country’s oldest and largest financial institutions. It offers a range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.
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