Houlihan Lokey Advises Matrix Capital Markets Group

Houlihan Lokey is pleased to announce that Matrix Capital Markets Group, Inc. (Matrix) has agreed to an acquisition of substantially all of its assets by an affiliate of Citizens Financial Group, Inc. (Citizens). The transaction is targeted to close in the first quarter of 2026, subject to regulatory approvals.

Matrix is known as the nation’s leading investment banking advisory firm in the downstream energy and convenience retail sector, with additional expertise and proven success in the automotive aftermarket and outdoor recreation and marine sectors. Founded in 1988, Matrix has its headquarters in Richmond, Virginia, a second office in Baltimore, Maryland, 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 has completed more than 70 M&A transactions and has ranked No. 1 in the league tables in the sector each year since 2021.

Citizens is one of the nation’s oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management, and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.

This transaction further strengthens Citizens’ sector-focused advisory capabilities, building on prior acquisitions of investment banking firms such as Western Reserve Partners, Bowstring Advisors, Trinity Capital, JMP Group, and DH Capital. Matrix’s coverage aligns with key strategic verticals within Citizens’ corporate coverage, capital markets, commercial lending, and treasury management functions. Following the close of the transaction, Matrix will operate as part of Citizens JMP Securities, LLC, Citizens’ investment banking and capital markets division.

Houlihan Lokey served as financial advisor to Matrix in connection with the transaction.

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