Citizens Financial to Acquire Matrix Capital Markets Group
Citizens Financial Group is acquiring Matrix Capital Markets Group, a leading advisory firm. This move illustrates a trend of financial institutions group (FIG) players expanding their service offerings into capital markets advisory. The acquisition aims to diversify Citizens' business lines and enhance its M&A advisory capabilities.
- The all-cash transaction is expected to close in the first quarter of 2026, though specific financial terms have not been made public. - Upon closing, Matrix will become a division of Citizens JMP Securities, LLC, a wholly-owned subsidiary of Citizens Financial Group. - Founded in 1988, Matrix is a market leader in advising the Downstream Energy & Convenience Retail sector and also has expertise in the Automotive Aftermarket, Outdoor Recreation, and Marine sectors. - Since 2021, Matrix has successfully closed more than 70 M&A transactions, consistently ranking #1 in the league tables for its primary sector. - Notable recent deals advised by Matrix include the sale of Redwood Market to Jacksons Food Stores and advising Jernigan Oil in its acquisition by Sunoco. - The acquisition follows other strategic purchases by Citizens to bolster its advisory services, including the 2021 acquisitions of JMP Group and DH Capital, which brought expertise in digital infrastructure and technology. - Houlihan Lokey served as the financial advisor to Matrix Capital Markets Group for this transaction, with Calfee acting as legal advisor.
