Press Releases


Matrix Announces Promotions and Expansion of Industry Groups

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.”