# Matrix Capital Markets Group

Matrix Capital Markets Group is a Bank / Wealth / Trust based in Chicago, United States.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** 800 East Canal Street, Suite 850, Richmond, VA 23219, United States
- **Founded:** 1988
- **Assets under management:** Undisclosed
- **Website:** matrixcmg.com
- **LinkedIn:** https://www.linkedin.com/company/matrix-capital-markets-group

## About

Founded in 1988, Matrix Capital Markets Group, a division of Citizens, is a leading advisory-focused investment bank headquartered in Richmond, VA, with an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, corporate valuations and fairness opinions. Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, and diversified industrials. For additional information or to contact our team members, please visit www.matrixcmg.com.

## Sectors

- Downstream Energy & Convenience Retail
- Automotive Aftermarket
- Outdoor Recreation & Marine
- Business Services
- Consumer
- Diversified Industrials
- Restaurants
- Transportation & Logistics

## Offices

- Baltimore, MD, United States

## People

- Cedric C. Fortemps — Co-Head of Downstream Energy & Convenience Retail Investment Banking
- Spencer P. Cavalier — Co-Head of Downstream Energy & Convenience Retail Investment Banking
- James B. Munsey — Chief Operating Officer
- David W. Shoulders — Managing Director
- M. Vance Saunders — Managing Director
- Stephen C. Lynch — Managing Director
- William J. O'Flaherty — Managing Director
- Sean P. Dooley — Managing Director

## Questions

### Who runs the downstream energy and convenience retail practice at Matrix?

Cedric Fortemps and Spencer Cavalier are co-heads of Matrix's downstream energy and convenience retail investment banking group. Both hold the CFA and ASA designations and have led the firm's highest-profile sell-side mandates in the sector, including the Jernigan Oil sale to H&S Energy and the Quarles Petroleum multi-buyer divestiture.

### What happened to Matrix after the Citizens acquisition?

Matrix was acquired by Citizens Financial Group in 2024 and folded into Citizens Capital Markets & Advisory. The firm retained its Richmond and Baltimore offices and its sector-focused model, with the downstream energy and convenience retail team continuing to execute M&A as a distinct practice within the bank.

### What types of transactions does Matrix typically handle?

Matrix concentrates on sell-side M&A for middle-market, founder- and family-owned businesses. Its deal sheet includes company sales, recapitalizations, corporate carve-outs, and management buyouts. The firm also advises on buy-side representation and valuation assignments for equity, debt, and derivative securities.

### Does Matrix participate in fund commitments or only direct deals?

Matrix is an advisory-only investment bank; it does not commit principal capital or manage funds. The firm earns fees by representing sellers and buyers in M&A transactions and by providing capital advisory and valuation services — it does not co-invest alongside clients.

### Which industries does Matrix explicitly avoid?

Matrix's published industry expertise is segmented into dedicated groups (downstream energy and convenience retail, automotive aftermarket, outdoor recreation and marine) and broad sectors (business services, consumer, diversified industrials, restaurants, transportation and logistics). The firm has not disclosed explicit sector exclusions, but its deal history and team composition indicate no presence in technology, healthcare, or financial services.

### Where does Matrix's team come from, and is their ownership changing?

The professionals listed on Matrix's website — including managing directors David Shoulders, Vance Saunders, and Sean Dooley — are now employees of Citizens Financial Group following the 2024 acquisition. Historical ownership details of the privately held advisory boutique have not been publicly disclosed.

## Related profiles

- [Matrix Capital](https://altss.com/profile/matrix-capital)
- [Matrixport](https://altss.com/profile/matrixport)

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Last updated: 2026-06-03T20:00:00.000Z

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