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Business Services Investment Banking Team

Our merger & acquisition expertise in the business services sector stems from numerous engagements and extensive research in a number of segments, including logistics (trucking, rail, shipping 3PL), IT services, printing, direct marketing, CRM, staffing, training & education, and employee recognition.

Recent Transactions

Our success and reputation for consistently exceeding client expectations is a direct result of our thorough and tenacious approach to each engagement. From start to finish, our business services investment banking professionals plan and execute each engagement with significant time spent on the in-depth analysis, research, valuation and negotiation required to successfully close each transaction.

Additional sub-sectors of focus include:  Call Centers, Marketing, Printing & Engraving, Staffing, Systems Integration, Tele-Services, Telecommunications, Transportation, Utility Services and Waste Management.

What our Clients Are saying

  • “We are very excited to forge the next phase of ASAP and could not have found a better home.  TrumpCard and ASAP have very similar cultures and recognize that our people are what make us who we are.  Matrix has exceeded our expectations across the board.  They have been invaluable resources throughout this process and are responsible for this outstanding result.  Their work ethic and enthusiasm are second to none.”

    Angela Hobgood, President and Garland Hobgood, CEO
    ASAP Expediting & Logistics
  • “In the face of what could have been an exhausting and emotional process for Joe and I, the Matrix team was an unwavering source of support, providing professional and thoughtful guidance throughout the engagement. We can’t imagine getting this transaction done without their assistance, and we feel fortunate that we selected Matrix as our advisor.”

    Andy McSweeney, President
    Tri-State Utilities Company
  • “We are very pleased to have transitioned the ownership of our business to a buyer committed to the continued success and long-term growth of Budget Signs.  The Matrix team proved to be extremely valuable in running a highly  disciplined process that identified a buyer that satisfied the objectives we were looking to accomplish.”

    Ed Armentrout, President
    Budget Signs, LLC
  • “The Matrix deal team worked tenaciously to guide this extraordinarily complicated transaction to closure. They saw the tremendous fit between our desire for a long-term, growth oriented partner and McCarthy’s unique understanding of the industry, and provided sound analysis and counsel to both sides throughout the process. We look forward to working with Matrix on our next transaction.”

    Todd Flemming, President & CEO
    Advantor
  • “The consummation of this deal provided liquidity for my partner and will allow me to more aggressively pursue Affiliated’s strategic objectives for the next several years. Matrix explored several private equity initiatives, but at the end of the day, Wachovia offered me the best possible solution by increasing my ownership to 100% without creating any dilution or outside governance.”

    Matt Goldberg, Co-Founder and CEO
    Affiliated Mortgage Protection

Business Services Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: ASAP Expediting & Logistics, LLC
  • Client Description: A leading provider of expedited freight solutions
  • Transaction Description: Advised on the sale of the companies to Trump Card Holdings, LLC, a subsidiary of Magnate Worldwide, LLC and a portfolio company of CIVC Partners, L.P.
  • TYPE: Company Sale
  • Client Location: Columbia, SC
  • DATE: February 2021
  • CLIENT: Tri-State Utilities Company
  • Client Description: Provider of trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market; maintains long-term sewer and stormwater contracts with an enviable list of blue-chip customers making it a market leader in the Mid-Atlantic and Southeast.
  • Transaction Description: Advised on the sale to Hoffman Southwest Corp., a portfolio company of ORIX Capital Partners LLC
  • TYPE: Company Sale
  • Client Location: Chesapeake, VA
  • DATE: February 2019
  • CLIENT: Quality Assurance Services, Inc.
  • Client Description: A leading provider of quality assurance and outsourced solutions to manufacturers of parts and components in the automotive industry
  • Transaction Description: Advised on corporate advisory services
  • TYPE: Corporate Advisory
  • Client Location: Virginia Beach, VA & Grand Rapids, MI
  • DATE: October 2017
  • CLIENT: Budget Signs, LLC
  • Client Description: A full service sign and crane company that fabricates, installs and services signs in western VA, southern WV and northern NC
  • Transaction Description: Advised on the sale of Budget Signs, LLC to a franchisee of FASTSIGNS/portfolio company of Levine Leichtman Capital Partners
  • TYPE: Company Sale
  • Client Location: Roanoke, VA
  • DATE: September 2016
  • CLIENT: BLR
  • Client Description: A leading provider of compliance and training solutions
  • Transaction Description: Advised on the recapitalization by Management and Tenth Street Capital & Northcreek Mezzanine
  • TYPE: Majority Recapitalization
  • Client Location: Brentwood, TN
  • DATE: March 2016
  • CLIENT: Advantor Systems Corporation
  • Client Description: A leading global designer, manufacturer and integrator of physical security systems with extensive experience securing high profile government, Department of Defense and commercial organizations
  • Transaction Description: Advised on the minority investment from McCarthy Capital
  • TYPE: Majority Recapitalization
  • Client Location: Orlando, FL
  • DATE: August 2010
  • CLIENT: Affiliated Mortgage Protection
  • Client Description: A leader in the mortgage protection marketplace
  • Transaction Description: Advised on the recapitalization by Wachovia
  • TYPE: Majority Recapitalization
  • Client Location: Clark, NJ
  • DATE: July 2007
  • CLIENT: Aces Limited
  • Client Description: One of New England's leading providers of freight-forwarding and logistics services coordinating the shipment of thousands of containers both domestically and internationally
  • Transaction Description: Advised on the sale to Kuehne + Nagel
  • TYPE: Company Sale
  • Client Location: Scituate, MA
  • DATE: December 2005
  • CLIENT: Flowers Sent Today
  • Client Description: One of the country’s largest providers of flowers and floral arrangements to consumers nationwide
  • Transaction Description: Advised on the recapitalization by Woodside Funding Partners and Mercantile-Safe Deposit & Trust Co.
  • TYPE: Majority Recapitalization
  • Client Location: Haymarket, VA
  • DATE: November 2005
  • CLIENT: ProMark Utility Locators
  • Client Description: An outsourced provider of underground utility line locating services and subsurface utility engineering services
  • Transaction Description: Advised on the merger with Consolidated Utility Services, Inc.
  • TYPE: Company Sale
  • Client Location: Chatham, VA
  • DATE: November 2004
  • CLIENT: Proxicom/Dimension Data
  • Client Description: A web design and internet consulting company and a subsidiary of Dimenson Data Plc (LSE: DDT.L)
  • Transaction Description: Advised on the sale to Gores Technology Group, LLC
  • TYPE: Corporate Carve Out
  • Client Location: Reston, VA
  • DATE: May 2004

Business Services Press Releases

  • February 22, 2021 -
    Matrix Announces the Successful Sale of ASAP Expediting & Logistics

    RICHMOND, VA/BALTIMORE, MD – February 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of ASAP Expediting & Logistics, LLC and G&H Transport, LLC (collectively, “ASAP”, “ASAP Expediting & Logistics” or the “Company”) to Trump Card Holdings, LLC (“TrumpCard”), […]

  • February 11, 2021 -
    Matrix 2020 Year In Review

    We sincerely hope that you and your families are well and safe. 2020 will certainly be a year we will always remember. None of us could have imagined all the difficulties we would be facing: a pandemic that spread quickly throughout the world; businesses closed; family and friends unemployed; remote […]

  • January 22, 2021 -
    Matrix is Moving!

    RICHMOND, VA/BALTIMORE, MD – January 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the relocation of their downtown Richmond headquarters from James Center II to Gateway Plaza, effective February 1, 2021.  Their new address will be:  Gateway Plaza, 800 East […]

  • January 15, 2021 -
    Matrix Announces Promotion

    RICHMOND, VA / BALTIMORE, MD – January 15, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the promotion of Matt C. Oldhouser, CPA to Associate. Mr. Oldhouser has been a member of Matrix’s Consumer & Industrial Investment Banking Group since 2019.  […]

  • August 11, 2020 -
    Matrix Announces Promotions, Expands Industry Group

    RICHMOND, VA / BALTIMORE, MD – August 11, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce two promotions, as well as the addition of two new team members. John C. Duni, CFA, CPA has been promoted to Vice President. Mr. Duni […]

  • January 23, 2020 -
    Matrix Announces Promotions and Welcomes New Team Member

    RICHMOND, VA / BALTIMORE, MD – January 23, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce several promotions, as well as the addition of a new team member. William J. O’Flaherty has been promoted to Director. He has been a member […]

Business Services Team

David W. Shoulders

Head of Consumer & Industrial Investment Banking, Managing Director dshoulders@matrixcmg.com (804) 591-2034

David is Head of Consumer & Industrial Investment Banking Group.  He has many years of financial and merger & acquisition advisory experience and has managed a variety of transactions with privately-held, middle-market companies since joining Matrix in 2006. In addition to his general experience in manufacturing, distribution, and service industries, David has specific expertise with automotive aftermarket, building products, staffing, metals, aerospace, outdoor recreation, retail and forest products.   His current responsibilities include the origination and execution of sell-side M&A engagements, capital raising and private placements, as well as general advisory assignments for both privately owned and publicly traded companies. He has been instrumental in successfully closing numerous transactions, including Connecticut Warehouse Distributors, Inc., Quality Assurance Services, Inc., Narcote, LLC, Area Equipment Sales & Rentals, Budget Signs, LLC and Southern Filter Media, among others. Prior to joining Matrix, David worked for Stifel Nicolaus’ Aerospace, Defense & Government Services Investment Banking practice in Baltimore, Maryland where his experience included a variety of mergers, acquisitions, and public offerings. David graduated from the College of William and Mary where he received a B.B.A. in Finance with a concentration in accounting. He is also qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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William J. O’Flaherty

Director woflaherty@matrixcmg.com (804) 591-2053

William is a member of the Consumer & Industrial Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Prior to joining Matrix in 2011, William was a member of Wells Fargo Securities’ Industrials investment banking team in New York. His experience there included a variety of mergers, acquisitions, and public offerings for transportation and packaging clients. William graduated from the University of Virginia’s McIntire School of Commerce where he received his B.S. in Commerce with a concentration in finance. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Matt C. Oldhouser, CPA

Associate moldhouser@matrixcmg.com (804) 591-2040

Matt is a member of the Consumer & Industrial Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2019, Matt was a Senior Audit Associate at Grant Thornton, LLP. Matt received a B.S. in Business Administration with concentrations in Finance and Accounting, and graduated cum laude from the University of South Carolina. He holds the Certified Public Accountant designation and has successfully completed the level 1 CFA. He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).      

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Duncan C. Rogers

Analyst drogers@matrixcmg.com (804) 591-2066

Duncan is a member of the Consumer & Industrial Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2019, he was an investment analyst intern at Spider Management Company. Duncan received a BSBA with a concentration in Finance and graduated cum laude from the University of Richmond, where he was also a member of the football team.  He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Sahan Pandey

Analyst spandey@matrixcmg.com (804) 591-2052

Sahan is a member of the Consumer & Industrial Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2021, he was an FP&A Financial Analyst at Markel Corporation. Sahan received a BA in Statistics with a concentration in Econometrics from the University of Virginia. He has successfully completed the level 1 CFA.  

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