Citizens Financial Group, Inc. (NYSE: CFG) shares strengthened Tuesday, on news of 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 number one 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.”
CFG shares took on 51 cents to $65.61.
Related Stories
