Matrix Capital Markets Group, an advisory firm focused on the energy and convenience retail sectors, has been acquired by banking company Citizens Financial Group, according to a Tuesday announcement.
Matrix has advised retailers on more than 70 M&A transactions since 2021, including Jernigan Oil when it was bought by Sunoco, C&J Cox Corporation when it sold itself to Rebel Convenience Stores’ parent company Anabi Oil and Redwood Market when it was acquired by Jacksons Food Stores.
Despite being acquired, Matrix will “continue to serve as a trusted advisor to convenience retailers,” Jason Wallace, head of M&A Advisory at Citizens, said in an emailed statement.
“We’re excited to pair Matrix’s deep, long‑standing advisory expertise in the c‑store space with our full‑service commercial banking capabilities to provide comprehensive support for retailers across their growth, acquisition, and strategic needs,” Wallace said.
In addition to the c-store space, Matrix also has experience advising companies in the automotive aftermarket and outdoor recreation and marine sectors.
“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 Citizens.
Citizens already 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.
Details of the all-cash deal were not disclosed.The deal is expected to close in the first quarter of 2026. Upon closing, Matrix will operate as a division of Citizens, according to the announcement.
