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Matrix Capital Markets Group announces promotions and new hires

Matrix Capital Markets Group, a middle-market investment bank, has promoted Vance Saunders to managing director and principal, John J. Underwood to managing director and Carlton C. Zesch to senior analyst. And, joining the firm as analysts are Martin C. P. McElroy, Jr. and Kyle B. Tipping.


RICHMOND, VA – September 11, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the promotion of three professionals, as well as the expansion of two key industry groups.

Matrix would like to recognize the following individuals whose continued contributions to the firm and our clients have resulted in recent promotions:

M. Vance Saunders, CPA, has been promoted to Managing Director and Principal. Mr. Saunders joined the firm in 2006 as a member of Matrix’s Downstream Energy & Convenience Retail Group. He is responsible for new client development and managing all aspects of client transactions, and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains.

Mr. Saunders has been instrumental in the successful completion of numerous engagements, and has recently provided acquisition advisory services for Revere Gas, Inc., as well as sell-side advisory services for Superior Transport, Inc., F.L. Roberts and Co., and Biscayne Petroleum, LLC & Everglades Petroleum, LLC.

John J. Underwood, has been promoted to Managing Director. He has been a member of Matrix’s Downstream Energy & Convenience Retail Group since 2011. Over the years he has advised on multiple successful transactions including Leonard E. Belcher, Inc., State Oil Company, Stop-a-Sec, Inc. and Seck Enterprises, Inc.

Before joining Matrix, Mr. Underwood was the Retail Portfolio Manager for BP and was responsible for managing BP’s retail station divestment program in the US east of the Rockies. He oversaw over 50 transactions, comprising in excess of $1 billion of transaction value, during a six year period and managed the transition of BP’s retail assets from direct-supply to jobber-supply. He has over 30 years of major integrated oil company experience.

Carlton C. Zesch, has been promoted to Senior Analyst and has been with Matrix since 2015. He is a member of Matrix’s Downstream Energy & Convenience Retail Group. Mr. Zesch is a graduate of the University of Richmond’s E. Claiborne Robins School of Business where he received a B.S. in Business Administration with a concentration in Finance.
Matrix is also pleased to welcome two new additions to the firm:

Martin C. P. McElroy, Jr., CFA, Analyst, has joined Matrix’s Consumer & Industrial Products Group. Prior to joining Matrix, he was with Stifel Nicolaus in the Industrials Group. He has a B.S. in Business Administration from the University of Richmond with a major in Accounting and a concentration in Finance.

Kyle B. Tipping, Analyst, was previously with JoycePayne Partners and received his B.A. in Mathematics and Economics from Washington & Lee University. He is a member of Matrix’s Downstream Energy & Convenience Retail Group.

Mr. Kelso, President of Matrix, said, “The promotions of Vance and John to Managing Director are extremely well-deserved.

Over the years, their unwavering commitment and deep industry knowledge have played a key role in deriving maximum value for our clients. Carlton’s promotion to Senior Analyst is the result of his continued hard work and exceptional financial analytics in support of our work on client transactions. We look forward to his continued professional growth at Matrix.
Martin and Kyle both have strong educational and investment banking backgrounds and are excellent additions to the firm.

We welcome them to the Matrix team.
At Matrix we are guided by the ‘Matrix Principle’, which is to do great work for our clients. Through hard work and a commitment to the highest standards of ethics, the accomplishments of these professionals truly reflect the continued dedication to this principle.

Congratulations to all of our team members and we look forward to their future contributions to the firm.”

About Matrix’s Downstream Energy & Convenience Retail Group
Matrix’s Downstream Energy & Convenience Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation & logistics, terminals and bulk plants, oilfield services, renewable fuels, food service, and specialty retail. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate restructurings, corporate valuations, and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully advised on more than 175 engagements in these sectors with a total transaction value of nearly $7 billion.

About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD, Chicago, IL, and Dallas, TX. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private equity owned, and publicly traded companies, including company sales, recapitalizations, corporate divestitures, corporate recovery, management buyouts, capital raises of debt & equity, corporate valuations, and fairness opinions. Matrix has served clients in a wide range of industries, including downstream energy, convenience retail, healthcare, industrial products, building products, lumber, consumer products, and business services. For additional information or to contact our team members, please visit
Matrix Capital Markets Group.
Matrix Capital Markets Group is an independent, advisory focused, privately-held investment bank providing merger & acquisition and financial advisory services.