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Maxtrix promotes five

Matrix Capital Markets Group Inc has promoted five of its staffers. Thomas E. Kelso, currently the managing director as well as principal and head of the firm’s downstream energy and convenience retail group, will also serve as president of Matrix. Also, David W. Shoulders is now managing director and head of Matrix’s consumer and industrial products group; William J. O’Flaherty is now a vice president and a member of Matrix’s consumer and industrial products group; Stephen C. Lynch is a vice president and John C. Duni has become an associate.


RICHMOND, VA – February 7, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the following recent promotions.

Thomas E. Kelso has been elected by the Board of Directors to serve as President of Matrix. This new role will be in addition to his current responsibilities as Managing Director & Principal and Head of Matrix’s Downstream Energy & Convenience Retail Group.

David W. Shoulders has been promoted to Managing Director and Head of Matrix’s Consumer & Industrial Products Group. He has been with Matrix for over ten years and during that time has worked with Michael Morrison and their team to successfully close well over 30 transactions. Mr. Shoulders has been instrumental in sourcing and executing M&A and capital raising transactions, as well as developing and maintaining Matrix’s relationships with private equity funds. He will continue to manage transactions and focus on new client development.

William J. O’Flaherty is a member of Matrix’s Consumer & Industrial Products Group and has been promoted to Vice President. Over the course of his seven year career, Mr. O’Flaherty has advised on over 45 successful sell-side and capital markets engagements across a variety of industries including transportation, packaging, manufacturing, distribution and business services. He received a B.S. in Commerce with a concentration in Finance from the University of Virginia’s McIntire School of Commerce.

Stephen C. Lynch, CFA, CPA has been promoted to Vice President. He has been a member of Matrix’s Downstream Energy & Convenience Retail Group since he joined the firm in 2011. Mr. Lynch has helped advise on over 25 successful engagements since joining Matrix, including sell-side advisory on transactions totaling over $1.3 billion of transaction value. Prior to joining Matrix, Stephen was a member of Deloitte & Touche LLP’s audit practice, where he gained substantial experience performing financial statement audits and internal control attestations across a broad range of companies. He received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Polytechnic Institute. He holds the Certified Public Accountant designation, is a CFA Charterholder and a member of the CFA Institute.

John C. Duni, CPA has been promoted to Associate. He has been with Matrix’s Downstream Energy & Convenience Retail Group since May 2015 and has already helped advise on seven successful engagements since joining Matrix. Mr. Duni was previously an Associate Equity Analyst with BB&T Capital Markets and a Senior Associate with the Assurance & Advisory Services Group at Keiter. He received a B.B.A. in Management from James Madison University. He also received a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University, holds the Certified Public Accountant designation and is a CFA Level III candidate.

Mr. Kelso, President of Matrix, said, “We congratulate David on his promotion and selection as Head of our Consumer & Industrial Products Group. He has worked exceptionally hard to earn this promotion and we look forward to working with him to grow and expand our presence in these industries. We congratulate William, Stephen and John on their promotions and are pleased to recognize their outstanding contributions to the company. We are excited to have them as part of the foundation on which we continue to build 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, Inc.
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 carve outs, 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