John J. Whalen

John serves as Head of the Capital Advisory Investment Banking Group and is responsible for client development, all facets of capital intermediation and transaction execution, as well as advising clients on capital structure & efficiency, liquidity, and go-to-market strategy.  Having structured, underwritten, and executed $200B+ of complex debt transactions as lead arranger, John is well-versed in the bank loan, leveraged finance, structured credit, and private debt markets.

John joins Matrix after a 30-year career at M&T Bank Corporation.  As head of M&T’s Investment Banking practice, he founded and was responsible for all components of the Bank’s Debt Capital Markets platform, as well as the Bank’s Leveraged Finance and Private Equity/Sponsor Coverage businesses, the Corporate Finance/Mergers & Acquisitions team, the Alternative Asset portfolio, and Corporate Securities origination function.  He served on the Bank’s Senior Loan Committee, Alternative Asset Committee, Securities Transaction Approval Committee, and arbitrated all market risk positions assumed by his teams.

John’s industry experience includes extensive work in healthcare, food & beverage, transportation & logistics, financial institutions, consumer products, and general industrial (including building products, specialty chemicals, and paper & packaging).  Throughout his career, he has structured and led complex bank loan market transactions (pro-rata, ABL, institutional term loans), non-bank direct lender credits, uni-tranche structures, second lien, mezzanine and bridge loans.

He previously served on the Juvenile Diabetes Research Foundation, Health Care Initiatives, LLC, and various other non-profit entities. John received his Bachelor of Arts degree in English and History from Williams College. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79). Capital Markets Update

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Casey Van de Walle

Casey serves as Head of the Healthcare Investment Banking and is responsible for new client development and co-managing all aspects of client transactions. She advises healthcare clients on mergers and acquisitions and capital markets activities. Casey’s approach is high-touch, rooted in a deep expertise with founder-owned, family-owned, and provider-owned healthcare businesses. She has spent her entire career working as an investment banker in the healthcare industry, advising companies across the healthcare services continuum. Prior to joining Matrix in 2020, Casey was a Vice President with Edgemont Partners where she provided M&A advisory services to healthcare clients. Casey also previously served as a Vice President in Raymond James’ Healthcare Finance Group. She serves as Co-Chair of the Leadership Council of the Lung Cancer Research Foundation.

Casey graduated from Princeton University, where she received an A.B. degree in Economics and a Certificate in Finance. She is qualified as a FINRA Municipal Advisor Representative (Series 50), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Stephen C. Lynch, CFA, CPA

Stephen is a member of the Downstream Energy & Convenience Retail 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, 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.  In addition, he has experience with limited partner investments in private equity and venture capital funds.

Stephen received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Tech.  He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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William J. O'Flaherty

William is a member of the Broad Sector Advisory and Outdoor Recreation & Marine Investment Banking Groups 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. William has worked across a variety of sectors, including transportation & logistics, industrial products, business services, building products, consumer products, outdoor recreation and marine, manufactured goods, and value-added distribution. Select prior clients include American Producers Supply; ICAT Logistics; ASAP Expediting; TBC Corporation; MXL Industries; G.G. Schmitt & Sons; Engineered Metals & Composites; Shades of Light; Tri-State Utilities; Narcote, LLC; Gen Cap America; Alliance Holdings; and Albion Investors.

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, logistics, 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).

He is a member of the Association for Corporate Growth’s Richmond Chapter and serves on its Investment Committee.

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M. Vance Saunders, CPA

Vance is a member of the Downstream Energy & Convenience Retail Investment Banking 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 joined Matrix in 2006 and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains on various transactions.  He has also advised municipalities and specialty retail chains and has advised financially distressed companies both inside and outside of bankruptcy proceedings.  Prior to joining Matrix, Vance worked in the Business Assurance and Advisory Services Group for the public accounting firm of Keiter, Stephens, Hurst, Gary & Shreaves in Glen Allen, Virginia, where his experience included a variety of assurance engagements.  Vance also held a senior associate position in the Treasury group of Capital One Financial Corporation.

Vance received a B.S.B.A. with concentrations in Finance and Accounting from Longwood University and an M.B.A. from Virginia Commonwealth University.  He holds the Certified Public Accountant designation. 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).  He previously served on the Alumni Advisory Board for the Longwood University College of Business & Economics.

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David W. Shoulders

David has decades 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. David works with and advises on transactions across all banking groups within Matrix resulting from his tenure and breadth of industry experience.

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.

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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Cedric C. Fortemps, CFA

Cedric is Co-Head of Downstream Energy & Convenience Retail Investment Banking and is responsible for new client development and managing all aspects of client transactions. He advises clients on mergers and acquisitions, valuations and capital raising. Cedric joined Matrix in 1998 and has advised over 150 companies, with the majority of those being downstream energy companies involved in petroleum marketing, convenience retailing, fuels distribution, lubricants distribution, fuels transportation, propane distribution and heating oil distribution. A few notable clients include Andretti Petroleum Group, Warren Equities, Inc. (Xtra Mart), 7-Eleven, Inc., Alimentation Couche-Tard, Inc. (Circle K), Cumberland Farms, Inc., CHS, Inc., Victory Petroleum, Inc., Apache Oil and F.L. Roberts and Company, Inc.

Cedric has also advised real estate investment trusts, municipalities, specialty retail, and hospitality companies, including Getty Realty, Inc., eatZi’s Market & Bakery, Inc., ZOOTS, and Connecticut’s Department of Transportation. He has also been employed as a professional in over a dozen Chapter 11 bankruptcy cases, including DB Companies, Inc., Acme Petroleum & Fuel Co. Inc., and Fas Mart, and has provided expert testimony in court on behalf of some of those clients. In addition, Cedric has successfully advised clients in financial distress on transactions outside of bankruptcy.

Cedric received a B.S.B.A. with a concentration in Finance and graduated cum laude from the University of Richmond. He is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Introducing Broker-Dealer Financial and Operations Principal (Series 28), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79). He also serves on the Advisory Board for the University of Richmond’s Student Managed Investment Fund and has been a guest lecturer for the University’s undergraduate business school and MBA program.

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Sean P. Dooley, CFA, ASA

Sean is a member of the Downstream Energy & Convenience Retail 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 2010, Sean was an associate in the Forensic and Valuation Services Group for the public accounting firm of Ellin & Tucker, Chartered in Baltimore, Maryland, where his experience included a variety of valuation engagements.  He also held an analyst position in the Federal Systems Group of Unisys Corporation.

Sean received a B.S.B.A. with a concentration in Finance from East Carolina University.  He is a CFA Charterholder and member of the CFA Institute, and is also recognized as an Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers.  He is also qualified as a FINRA General Securities Principal (Series 24), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Spencer P. Cavalier, CFA, ASA

Spencer serves as President of Matrix and Co-Head of the Downstream Energy & Convenience Retail Investment Banking Group (DER).  As Co-Head of DER, he 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, special situations, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in 1998, Spencer has advised numerous companies of various sizes, with the majority of those being downstream energy companies involved in petroleum marketing and convenience retailing, quick service restaurants, wholesale fuels distribution, propane and heating oil distribution, lubricants distribution, and refined fuels and propane terminaling.  Examples include: Carroll Independent Fuel Co.; CrossAmerica Partners, LP; Revere Gas, Inc.; Quarles Petroleum, Inc.; Dixie Gas & Oil; Freeman Gas; Global Partners, LP; SC Fuels; Pester Marketing Company; E.J. Pope and Sons, Inc.; Ports Petroleum Company, Inc. & Ports Investments, LLC; Tedeschi Food Shops, Inc.; and The Wills Group.

In addition to advising many leading companies in the downstream energy & convenience retail industry, Spencer has authored and contributed to several articles on the topics of mergers and acquisitions, access to capital, strategic planning and valuations. He is a member of the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS), and the National Propane Gas Association (NPGA).

Prior to joining Matrix, Spencer was a senior business valuation consultant with Ellin & Tucker, Chartered, a nationally recognized business valuation, consulting and accounting firm, and a corporate lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. Spencer holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University.

He is a member of the Board of Directors for the West Virginia University Foundation; Chesapeake Employers’ Insurance Company and its wholly owned corporate venture subsidiary, iCubed Ventures, LLC.  He also serves on the Board of Advisors for PCI II, L.P., an SBIC that makes mezzanine and minority equity investments.  Spencer previously served on the Board of Visitors for University of Maryland’s Hospital for Children and the Board of Directors for The CollegeBound Foundation.

He is also qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63), Investment Banking Representative (Series 79) and Operations Professional (Series 99).

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