Matrix Capital Markets Group Inc has entered into a definitive agreement to be purchased by Citizens Financial Group Inc., the companies said today in a press release. Citizens said this transaction “further strengthens Citizens’ sector-focused advisory capabilities.”
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. The transaction is expected to close in the first quarter of 2026. Additional terms of the deal were not disclosed.
Founded in 1988, Matrix is headquartered in Richmond, Virginia, and has a second office in Baltimore, Maryland. Matrix focuses on advising convenience retailers, wholesale fuels distributors, propane and heating oil distributors and lubricants distributors. Since 2021, Matrix has completed more than 70 merger and acquisition transactions.
“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.”
Earlier this month, Matrix advised the sale of Ahoskie, North Carolina-based Jernigan Oil Company Inc. to Sunoco Retail LLC. Jernigan’s convenience retail division consisted of 56 Duck Thru Food Stores located throughout eastern North Carolina and southeastern Virginia.