Citizens Financial Group (CFG) announced a definitive agreement to purchase substantially all of the assets of Matrix Capital Markets Group, a market‑leading advisory firm, on February 17, 2026. The deal, for which the purchase price has not been disclosed, will be funded with cash and executed through CFG’s wholly‑owned subsidiary, Citizens JMP Securities, LLC (CJMPS). Upon closing, Matrix will operate as a division of CJMPS, integrating its specialized advisory services into CFG’s existing private‑bank and commercial‑bank platforms.
Matrix Capital Markets Group, founded in 1988, maintains offices in Richmond, VA, and Baltimore, MD, with bankers in Cleveland and Atlanta. The firm has completed more than 70 M&A transactions since 2021 and has consistently ranked No. 1 in its sector’s league tables for downstream energy and convenience retail. Its expertise spans downstream energy, convenience retail, automotive aftermarket, outdoor recreation, and marine sectors, positioning it as a top advisor in high‑growth niche markets.
The transaction is structured as an asset purchase. Citizens’ legal counsel WilmerHale advised CFG, while Matrix was represented by Houlihan Lokey as financial advisor and Calfee as legal counsel. The acquisition will be paid in cash, and the assets will be transferred to CJMPS, which will then operate Matrix as a division, allowing for a streamlined integration of Matrix’s advisory capabilities into CFG’s broader service offering.
Strategically, the acquisition aligns with CFG’s long‑term plan to build a high‑return private‑bank franchise and leverage technology to drive operational efficiency. By adding Matrix’s deep sector expertise, CFG can enhance cross‑sell opportunities and deepen relationships with affluent clients in downstream energy, convenience retail, and other niche markets. The deal follows a series of non‑bank acquisitions—including JMP Group (2021), Trinity Capital (2020), Bowstring Advisors (2019), and DH Capital (2022)—that have expanded CFG’s capital‑markets and advisory footprint.
Management highlighted the fit and enthusiasm for the partnership. "The Matrix team of talented bankers brings strong capabilities in several sectors that dovetail with existing corporate coverage," said Ted Swimmer, head of Commercial Banking at CFG. "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," added 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. 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," said Cedric Fortemps, co‑head of the same team.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals. The deal represents a significant expansion of CFG’s advisory footprint and reinforces its strategy to capture high‑growth opportunities in specialized sectors.
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