Citizens Financial Group in Providence, R.I., agreed to buy substantially all the assets of Matrix Capital Markets Group, an advisory firm focused on the downstream energy and convenience retail sector.
Citizens said in a press release that Matrix, which is based in Richmond, Va., also has expertise in the automotive aftermarket and outdoor recreation and marine sectors. Since 2021, Matrix has completed more than 70 M&A transactions.
“Clients view Citizens as a trusted strategic and financial partner committed to delivering tailored, insight-driven solutions and a differentiated client experience,” Ted Swimmer, Citizens’ head of commercial banking. “The Matrix team of talented bankers brings strong capabilities in several sectors that dovetail with existing corporate coverage.”
Citizens did not disclose the price of the all-cash transaction. The deal is expected to close in the first quarter.
WilmerHale advised Citizens. Matrix was advised by Houlihan Lokey and Calfee.