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Citizens Financial Group acquires investment bank with MD office
Listen to this articleCitizens Financial Group Inc., a nationwide financial institution, announced Tuesday it struck a definitive agreement to purchase all the assets of Matrix Capital Markets Group Inc., an advisory-focused investment bank with an office in downtown Baltimore.
Matrix, headquartered in Richmond, Virginia, specializes in advising convenience retailers, wholesale fuels distributors, propane and heating oil distributors, and lubricants distributors. The company is also heavily involved in the downstream energy and convenience retail sectors, a Matrix release says.
The acquisition strengthens Citizens’ sector-focused advisory capabilities, according to Matrix, which has bankers based in Cleveland and Atlanta while serving clients across the U.S.
“Citizens has been a highly respected capital partner to convenience retail & downstream energy companies for many years,” Matrix executive Cedric Fortemps said in a statement.
“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, Matrix confirmed. The terms of the agreement indicate that Citizens JMP Securities LLC – a subsidiary of Citizens – will “purchase substantially all the assets of Matrix.”
Upon closing of the transaction, Matrix will operate as a division of CJMPS.
The transaction is targeted to close in the first quarter of 2026.
