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Downstream Energy & Convenience Retail Investment Banking

Matrix’s Downstream Energy & Convenience Retail Group is recognized as the national leader in providing sophisticated financial, transactional, and M&A (mergers & acquisitions) advisory services to companies in the downstream energy and multi-site retail industries. Since the Downstream Energy Group's inception in 1997, we have successfully completed over 200 engagements, with a total transaction value of more than $8.5 billion.

Our business consulting group, Matrix Consulting Services, focuses on helping businesses perform better within the highly competitive Downstream Energy & Convenience Retail industry. This group offers a comprehensive business management system that teaches business owners how to create and implement a business strategy that ultimately generates company growth and drives financial returns.

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Recent Transactions

Tom Kelso, Managing Director & Principal, serves as Head of the Downstream Energy & Convenience Retail Group.  Our M&A advisory group has extensive experience in all areas of investment banking related to convenience store retailing and petroleum marketing & distribution, including structuring and managing the transaction process, client advisory, business valuation and site evaluation, real estate and petroleum marketing law, buyer/seller identification, contract negotiation, debt restructurings, and the Bankruptcy Code.  Our downstream energy investment banking professionals are located in Richmond, VA, Baltimore, MD, Chicago, IL and Dallas, TX.

The clients we serve include Convenience Store Retailers, Petroleum Marketers and Fuels Distributors, as well as companies in Propane Distribution, Heating Oil Distribution, Lubricants Distribution, Petroleum Transportation & Logistics, Petroleum Storage, Terminal & Bulk Plants, Oilfield Services, Renewable Fuels, Food Service and Specialty Retail.

We are members of the following associations:  ACG Global, Below the Line Club, BPAMA, CTPMA, ILTANACS, NACS Hunter Club, NASM, NPGA, PEI, SIGMA and TMA

 

 

What our Clients Are saying

  • “It has been a pleasure to work with Sean Dooley and Spencer Cavalier and the entire Matrix team over the last few months to successfully undertake and conclude this project. Their professionalism and expertise has exceeded any expectations that I might have had on how this endeavor might go. And I want to compliment the folks at SMO and The Wills Group as well for their outstanding cooperation to diligently consummate this project. Finally, I want to express my deepest appreciation to the employees of Jiffy Mart and Tevis Oil for their wonderful efforts to create and sustain a wonderful group of stores in our community over the past thirty years.”

    Jack Tevis
    Tevis Oil, Inc.
  • “I would like to thank all of our employees who helped build our company over 37 years. Coming to the U.S. with only $100, my parents are the epitome of the American Dream. This was a very difficult process to go through, but having a team like Matrix made it much easier. They made sure that every detail was considered to ensure we were in the best possible situation. Our family is also thankful to our legal team led by Richard Few and his associates at Parker Poe for guiding us through the legal process.”

    Shrivastava-Patel, President
    Carolina Convenience Corporation
  • “Matrix has been a great advisor and partner throughout this entire journey. They conducted a thorough financial analysis and handled detailed contract negotiations which resulted in a successful conclusion. Matrix’s knowledge and experience in this area definitely helped us increase the value of our business. I would like to thank God for his blessings and support of all the employees and valued customers who made the business successful.”

     

    Madhu Shrivastava, Chairman & CEO
    Carolina Convenience Corporation
  • “I would like to thank all of our employees who helped build our company over many years and Matrix who was a pleasure to work with.” Mr. Bryan Cairns added, “The Matrix team did a tremendous job. This was quite the process to go through, but having such a professional team directing us with their tireless work ethic and attention to detail made the process that much easier.”

    Tony Cairns, President
    Champlain Oil Company, Inc. and Coco Mart, Inc.
  • “When it came time to market our stores, I wanted to hire the best advisor I could find. I will go through this process of selling our fourth-generation company only once in my life and am confident Matrix was the best partner to help me get it right. Matrix did a fantastic job managing the process from beginning to end, exceeding our expectations every step of the way, and I am extremely pleased with the service they provided. I am delighted to have a fine company like Enmarket purchasing our business and retaining our wonderful, dedicated team of
    employees while continuing to service our great customers. I thank God for entrusting me to be the steward of this business, blessing it over the years, and putting the people in place to make this transaction successful for all involved.”

    Brab McCully, President
    Brabham Oil Company, Inc.

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: Tevis Oil, Inc.
  • Client Description: A leading petroleum marketer and convenience retailer
  • Transaction Description: Advised on the sale of the convenience retailing and wholesale motor fuel assets to SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Westminster, MD
  • DATE: September 2018
  • CLIENT: Carolina Convenience Corporation
  • Client Description: A petroleum marketer and convenience store operator in Columbia, South Carolina and eastern South Carolina with 8 S-Mart branded convenience stores and a dealer fuel supply business
  • Transaction Description: Advised on the sale of 7 S-Mart branded convenience stores and the wholesale fuels distribution business to an affiliate of Dublin, Ireland based Applegreen plc and Petrogas Global Ltd.
  • TYPE: Corporate Carve Out
  • Client Location: Lexington, SC
  • DATE: August 2018
  • CLIENT: Cheshire Oil Company, LLC
  • Client Description: A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten T-Bird Mini Mart convenience stores that also sold gasoline and diesel, a home heating oil and burner service business, a commercials fuels business and a fuels transportation business
  • Transaction Description: Advised on the sale of the home heating oil, burner service and commercial fuels businesses to Dead River Company
  • TYPE: Company Sale
  • Client Location: Keene, NH
  • DATE: July 2018
  • CLIENT: Cheshire Oil Company, LLC
  • Client Description: A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten T-Bird Mini Mart convenience stores that also sold gasoline and diesel, a home heating oil and burner service business, a commercials fuels business and a fuels transportation business
  • Transaction Description: Advised on the sale of the Company's ten convenience stores to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Keene, NH
  • DATE: July 2018
  • CLIENT: Champlain Oil Company, Inc. and Coco Mart, Inc.
  • Client Description: A leading petroleum marketer, convenience retailer and fuels transporter throughout the Northeast
  • Transaction Description: Advised on the sale to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Burlington, VT
  • DATE: July 2018
  • CLIENT: NEMO Oil Company
  • Client Description: A leading lubricants distributor to customers throughout New England
  • Transaction Description: Advised on the sale to a subsidiary of a publicly-traded company
  • TYPE: Company Sale
  • Client Location: Lawrence, MA
  • DATE: June 2018
  • CLIENT: Brabham Oil Company, Inc.
  • Client Description: A petroleum marketer and convenience store operator in southern South Carolina with 34 E-Z Shop convenience stores, a motor fuels distribution business, and a motor fuels transportation fleet
  • Transaction Description: Advised on the sale to Enmark Stations, Inc. & Colonial Fuel and Lubricant Services, Inc.
  • TYPE: Company Sale
  • Client Location: Bamberg, SC
  • DATE: April 2018
  • CLIENT: CHS Inc.
  • Client Description: Owner/operator of two petroleum refineries and more than 2,500 miles of pipeline that manufactures, markets, and distributes Cenex® branded refined fuels through a network of more than 1,500 retail outlets across 19 states
  • Transaction Description: Advised on the sale of 33 Cenex Zip Trip convenience stores in eastern Washington and northwestern Idaho to a subsidiary of Par Pacific Holdings, Inc. (NYSE: PARR)
  • TYPE: Corporate Carve Out
  • Client Location: Inver Grove Heights, MN
  • DATE: March 2018
  • CLIENT: Polsinello Fuels, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels and lubricants distributor in the Northeast
  • Transaction Description: Advised on the sale of the propane, heating oil and other refined fuel products business to Mirabito Holdings, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Rensselaer, NY
  • DATE: March 2018
  • CLIENT: Crenco Food Stores, Inc. and Crenshaw Oil Company, Inc.
  • Client Description: A fuels distributor and convenience retailer located in South Carolina
  • Transaction Description: Advised on the sale of four convenience stores and one truck stop location to affiliates of GPM Investments, LLC
  • TYPE: Company Sale
  • Client Location: Lancaster, SC
  • DATE: March 2018
  • CLIENT: Jet-Pep, Inc. and Bama Terminaling and Trading, Inc.
  • Client Description: A 270,000-barrel motor fuels terminal owner/operator and fuel distributor to 120 petroleum marketing retail assets throughout Alabama
  • Transaction Description: Advised on the sale to Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B) and CrossAmerica Partners LP (NYSE: CAPL)
  • TYPE: Company Sale
  • Client Location: Holly Pond, AL
  • DATE: December 2017
  • CLIENT: Honey Farms, Inc.
  • Client Description: A convenience retailer operator with 33 Honey Farms branded stores in Massachusetts and New Hampshire
  • Transaction Description: Advised on the sale of the company to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Worcester, MA
  • DATE: October 2017
  • CLIENT: Confidential
  • Client Description: Southeast convenience store retailer
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Southeast
  • DATE: October 2017
  • CLIENT: Revere Gas, Inc.
  • Client Description: A third-generation, family owned propane gas supplier serving over 26,000 residential and commercial customers throughout Eastern and Central Virginia, the Middle Peninsula, and the Northern Neck.
  • Transaction Description: Advised on the acquisition of Natural Gas Company of Virginia, Inc., d/b/a Mr. Able Propane
  • TYPE: Buy-Side Advisory
  • Client Location: Hartfield, VA
  • DATE: August 2017
  • CLIENT: Revere Gas, Inc.
  • Client Description: A third-generation, family owned propane gas supplier serving over 26,000 residential and commercial customers throughout Eastern and Central Virginia, the Middle Peninsula, and the Northern Neck.
  • Transaction Description: Advised on the acquisition of Dixie Fuel Company
  • TYPE: Buy-Side Advisory
  • Client Location: Hartfield, VA
  • DATE: August 2017
  • CLIENT: Confidential
  • Client Description: Southwest convenience store operator
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Southwest
  • DATE: August 2017
  • CLIENT: Superior Transport, Inc.
  • Client Description: Regional petroleum marketer serving northern Alabama, northwestern Georgia, and southern Tennessee that distributes over 75 million gallons of motor fuels annually through over 120 consignment and dealer supply accounts
  • Transaction Description: Advised on the sale of the consignment and wholesale assets to Empire Petroleum Partners, LLC
  • TYPE: Company Sale
  • Client Location: Rome, GA
  • DATE: June 2017
  • CLIENT: Leonard E. Belcher, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels distributor in the Northeast
  • Transaction Description: Advised on the sale of the retail assets and wholesale businesses to Petroleum Marketing Group, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Springfield, MA
  • DATE: April 2017
  • CLIENT: Bradley Petroleum, Inc. and Sav-O-Mat
  • Client Description: A leading petroleum marketer and convenience retailer
  • Transaction Description: Advised on the sale to Stinker Stores, Inc.
  • TYPE: Company Sale
  • Client Location: Centennial, CO
  • DATE: February 2017
  • CLIENT: Leonard E. Belcher, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels distributor in the Northeast
  • Transaction Description: Advised on the sale of the distillate terminal assets, commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC
  • TYPE: Corporate Carve Out
  • Client Location: Springfield, MA
  • DATE: February 2017

Downstream Energy Press Releases

  • September 17, 2018 -
    Matrix Expands Service Offering, Establishes New Downstream Energy Consulting and Strategic Advisory Group

    RICHMOND, VA – September 17, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent, investment bank, is pleased to announce the formation of a new in-house business consulting group, Matrix Consulting Services Group (“MCS”), and welcomes Melvin L. Strine as Director of the new endeavor. This specialized group will exclusively serve clients within […]

  • September 9, 2018 -
    Matrix Announces the Successful Sale of Tevis Oil, Inc.’s Convenience Retailing & Wholesale Motor Fuel Assets

    RICHMOND, VA – September 10, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Tevis Oil, Inc.’s (collectively “Tevis” or the “Company”) convenience retailing and wholesale motor fuel assets to SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of […]

  • August 13, 2018 -
    Matrix Announces the Successful Sale of Carolina Convenience Corporation’s Petroleum Marketing Assets

    RICHMOND, VA – August 13, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised Carolina Convenience Corporation (“Carolina Convenience” or the “Company”) on the sale of seven of its S-Mart branded convenience stores and its wholesale fuels distribution business in South Carolina to an affiliate […]

  • July 26, 2018 -
    Matrix Announces the Successful Sale of Cheshire Oil Company, LLC

    RICHMOND, VA – July 26, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised Cheshire Oil Company, LLC (“Cheshire Oil” or the “Company”) on the sale of its ten (10) “T-Bird Mini Marts” branded convenience stores located in New Hampshire and Vermont, as well as […]

  • July 18, 2018 -
    Matrix Announces the Successful Sale of Champlain Oil Company, Inc. & Coco Mart, Inc.

    RICHMOND, VA – July 18, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Champlain Oil Company, Inc. and Coco Mart, Inc. (collectively “Champlain” or the “Company”) to Global Partners LP (NYSE: GLP). The acquired assets include 37 company operated convenience stores with gas, trading as Jiffy […]

  • July 2, 2018 -
    Matrix Announces the Successful Sale of NEMO Oil Company

    RICHMOND, VA – July 2, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the sale of NEMO Oil Company, d/b/a New England Motor Oil (“NEMO” or the “Company”) to a subsidiary of a publicly-traded company.  The transaction closed on June 29. Founded in 2000, NEMO […]

Downstream Energy Team

Thomas E. Kelso

Managing Director & Principal, Head of Downstream Energy & Convenience Retail Group tkelso@matrixcmg.com (667) 217-3330

Tom is Head of the Downstream Energy & Convenience Retail (DER) Group and serves as the President of Matrix.  He founded the DER Group to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. In addition, he manages the firm’s Restructuring, Reorganization and Bankruptcy practice.  Prior to joining Matrix […]

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Spencer P. Cavalier, CFA, ASA

Managing Director & Principal spcavalier@matrixcmg.com (667) 217-3320

Spencer is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in […]

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Cedric C. Fortemps, CFA

Managing Director & Principal cfortemps@matrixcmg.com (804) 591-2039

Cedric is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions.  He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Cedric joined Matrix in […]

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M. Vance Saunders, CPA

Managing Director & Principal vsaunders@matrixcmg.com (804) 591-2037

Vance is a member of the Downstream Energy & Convenience Retail Group (DER) and is responsible for new client development and 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.  Vance joined Matrix in 2006 and has extensive […]

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John J. Underwood

Managing Director junderwood@matrixcmg.com (667) 217-3324

John is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and 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.  He brings over 30 years of major […]

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Robbie L. Radant

Director rradant@matrixcmg.com (667) 217-3323

Robbie is a member of the Downstream Energy & Convenience Retail Group (DER) and is responsible for new client development and 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 2016, Robbie […]

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R. H. “Tod” Butler, Jr.

Vice President of Business Development tbutler@matrixcmg.com (667) 217-3314

Tod is a member of the Downstream Energy & Convenience Retail Group (DER) and is responsible for all aspects of new client and business development and assisting in transaction management. Prior to joining Matrix in 1999, Tod served as an acquisition advisor with Petroleum Realty Investment Partners, L.P., and as the Mid-Continent Regional Director of […]

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Sean P. Dooley, CFA, ASA

Vice President sdooley@matrixcmg.com (667) 217-3322

Sean is a member of the Downstream Energy & Convenience Retail (DER) 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 2010, Sean was […]

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Stephen C. Lynch, CFA, CPA

Vice President slynch@matrixcmg.com (804) 591-2033

Stephen is a member of the Downstream Energy & Convenience Retail (DER) 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, Stephen was […]

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Andrew A. LoPresti, CFA, CPA

Senior Associate alopresti@matrixcmg.com (667) 217-3325

Andrew is a member of the Downstream Energy & Convenience Retail (DER) Group and is involved in all aspects of transaction execution, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts.  Prior to joining Matrix in 2012, Andrew was an Audit Associate with Deloitte & Touche, […]

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Christian P. Klawunder

Senior Associate cklawunder@matrixcmg.com (667) 217-3321

Christian is a member of the Downstream Energy & Convenience Retail (DER) 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 2014, Christian was an analyst with Ewing Bemiss & Co.  He also held intern positions […]

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John C. Duni, CFA, CPA

Associate jduni@matrixcmg.com (804) 591-2031

John is a member of the Downstream Energy & Convenience Retail (DER) 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 2015, John was an Associate Equity Analyst with BB&T Capital Markets and Senior Associate – Assurance […]

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Martin C. P. McElroy, Jr., CFA

Senior Analyst mmcelroy@matrixcmg.com 804-591-2035

Martin is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was an Equity Research Associate Analyst with Stifel Nicolaus in the Industrials group. Martin graduated […]

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Kyle A. Profilet, CFA, CPA

Analyst kprofilet@matrixcmg.com (804) 591-2040

Kyle is a member of the Downstream Energy & Convenience Retail (DER) 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 2014, Kyle was an associate with RSM US LLP. Kyle received a B.S. in Business […]

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Kyle B. Tipping

Analyst ktipping@matrixcmg.com 804-591-2047

Kyle is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2017, Kyle was a research analyst at JoycePayne Partners. Kyle received a B.A. in Mathematics […]

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John T. Mickelinc

Analyst jmickelinc@matrixcmg.com 804-591-2046

John is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix, John was an associate with MuniCap, Inc., a tax increment financing consulting firm. John received a B.S. […]

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Kelly A. Simons

Manager of Administrative Services ksimons@matrixcmg.com 804-591-2038
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Melvin L. Strine

Director - Matrix Consulting Services mstrine@matrixcmg.com 804-591-2061

Mel is Head of Matrix Consulting Services and is a member of the Downstream Energy & Convenience Retail (DER) Group.  He has worked in the retail petroleum industry for over 40 years.  In 1977 he joined Exxon Company, USA and served in many different key management roles, geographies, and departments, all within downstream marketing.  In January […]

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Capital Markets Perspective Newsletter

Capital Markets Perspective

Welcome to Capital Markets Perspective! This publication focuses on capital markets activity, its impact on the downstream energy and convenience retail industry and other issues that can have an effect on shareholder value.

Our goal is to provide a combination of insight and expertise from our investment banking professionals about current market conditions and other issues affecting downstream energy companies from a financial perspective. We will also provide proprietary research on timely financial topics. Our plan is to devote one issue per year to sharing our consensus forecast on capital markets issues affecting the industry over the upcoming year. The other two issues will combine original research with timely insight.

We hope you find this publication interesting and informative!

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