Citizens Financial Group Acquires Matrix Capital Markets Group

Deal strengthens Citizens' advisory capabilities in Downstream Energy and Convenience Retail sectors

Published on Feb. 18, 2026

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Citizens Financial Group, Inc. has announced a definitive agreement to purchase substantially all the assets of Matrix Capital Markets Group, Inc., a leading advisory firm in the Downstream Energy and Convenience Retail sector. The transaction will further strengthen Citizens' sector-focused advisory capabilities.

Why it matters

The acquisition of Matrix Capital Markets Group will bolster Citizens' advisory services in key industries like convenience retail, wholesale fuels distribution, and automotive aftermarket, allowing the bank to provide more tailored solutions and a differentiated client experience in these growing sectors.

The details

Founded in 1988 and headquartered in Richmond, Virginia, Matrix Capital Markets Group is a market-leading advisory firm in the Downstream Energy and Convenience Retail sector, with additional expertise in Automotive Aftermarket and Outdoor Recreation and Marine. Since 2021, Matrix has completed over 70 M&A transactions and has ranked number one in the league tables in the Downstream Energy and Convenience Retail sector each year. The transaction will see Citizens' wholly-owned subsidiary, Citizens JMP Securities, LLC, purchase substantially all of Matrix's assets, with Matrix operating as a division of CJMPS upon closing.

  • The transaction is targeted to close in the first quarter of 2026, subject to regulatory approvals.

The players

Citizens Financial Group, Inc.

One of the nation's oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services.

Matrix Capital Markets Group, Inc.

A market-leading advisory firm in the Downstream Energy and Convenience Retail sector, with additional expertise in Automotive Aftermarket and Outdoor Recreation and Marine. Matrix is headquartered in Richmond, Virginia and has a second office in Baltimore, Maryland.

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What they’re saying

“Clients view Citizens as a trusted strategic and financial partner committed to delivering tailored, insight-driven solutions and a differentiated client experience.”

— Ted Swimmer, Head of Commercial Banking at Citizens

“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.”

— 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.”

— Cedric Fortemps, Co-head of Matrix's Downstream Energy & Convenience Retail banking team

What’s next

The transaction is targeted to close in the first quarter of 2026, subject to regulatory approvals.

The takeaway

This acquisition strengthens Citizens' advisory capabilities in key growth sectors like downstream energy and convenience retail, allowing the bank to provide more comprehensive and tailored solutions to its clients in these industries.