May 19, 2026 – Matrix Capital Markets Group, a division of Citizens, is pleased to announce the sale of Local Boy Outfitters, LLC to Boyne Capital Management, LLC, Sisu Equity, LLC, and Consumer Growth Partners.

Founded in 2012 by lifelong friends David Faulkenberry and Patrick Stamps, Local Boy Outfitters is a consumer apparel and lifestyle brand offering clothing and accessories centered around the outdoor enthusiast and inspired by Southern culture. The Company, based in Columbia, SC, blends timeless style with modern design to create apparel that resonates with outdoor enthusiasts, students, and everyday adventurers alike. Beginning in 2020, the Company began to see explosive growth and in 2022, after several consecutive years of doubling the business, brought in industry veteran Luis de la Mata as Chief Operating Officer.

Under the collective guidance of Mr. Faulkenberry, Mr. Stamps, and Mr. de la Mata, Local Boy continued to scale and build a nationwide network of highly respected retail partners, as well as an impressive direct-to-consumer offering. With the formal launch of the Local Girl brand, matched with a number of product line and partnership expansion opportunities, the Local Boy leadership team elected to find a financial partner to assist the organization in its next chapter.

Regarding the transaction, Mr. Faulkenberry commented, “I am so proud of what we’ve built and excited to continue that growth alongside partners that understand our unique brand and mission. There are many employees and trusted partners that have helped us build one of the most respected organizations in this marketplace. I am excited to continue that trajectory with the support of the Boyne, Sisu, and CGP teams.”

Boyne Capital Managing Director Roman Krislav commented, “Local Boy has done an exceptional job building a brand that resonates with customers through fresh, thoughtfully designed products with an authentic, grassroots identity. We see a significant opportunity to support the Company by investing in product innovation, brand building, and disciplined channel expansion.”

Matrix provided merger and acquisition advisory services to Local Boy, which included valuation advisory, managing a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director & Head of Outdoor Recreation & Marine Investment Banking; Matt Oldhouser, CPA, Vice President; Hayden Daniel, Analyst; Bing Song Lin, Analyst; and David Shoulders, Managing Director.

Regarding Matrix’s services, Mr. Faulkenberry noted, “Matrix’s extensive knowledge of our marketplace played a critical role in the success of our transaction. They are truly best-in-class in what they do and their focus throughout the engagement was unwavering. We are so grateful for their efforts.”

“It was a pleasure to work with David, Patrick, Luis, and the entire Local Boy team,” Mr. O’Flaherty commented. “Local Boy is one of the fastest growing brands, not only in outdoor apparel, but in the broader lifestyle apparel category as well. They’ve built a model that breeds customer loyalty, while also providing its team with incredible visibility into demand and market trends. I look forward to seeing the brand continue to thrive for years to come.”

Rob Bethea, Will Umbach, and Pearson Lewallen of Adams & Reese served as legal counsel for Local Boy, while Eric Pitts, Anne Crowell, and Meg Bates of Elliott Davis provided accounting services.

About Matrix Capital Markets Group
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, management buyouts, 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.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

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“Citizens” is the marketing name for the business of Citizens Financial Group, Inc. (“CFG”) and its subsidiaries. “Citizens Capital Markets & Advisory” is the marketing name for the investment banking, research, sales and trading activities of our institutional broker-dealer, Citizens JMP Securities, LLC (“CJMPS”), Member FINRA and SIPC

(See FINRA BrokerCheck and SIPC.org). “Matrix Capital Markets Group” is a brand name of CJMPS. Securities products and services are offered to institutional clients through CJMPS. (CJMPS disclosures and CJMP Form CRS). Banking products and services are offered through Citizens Bank, N.A., Member FDIC.