Stephen C. Lynch, CFA, CPA

Stephen Lynch is a Managing Director and member of Matrix’s Downstream Energy & Convenience Retail and Automotive Aftermarket Investment Banking teams. He is responsible for new client development and leads all aspects of transaction execution for company sales, corporate carve-outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and buy-side advisory engagements.

He has advised a broad range of clients, including petroleum marketers, convenience retailers, fuels distributors, and multi-unit automotive service providers. Additionally, Stephen has significant experience guiding companies through complex corporate carve-outs and bifurcated sale transactions involving multiple parties. Notable engagements include advising Giant Eagle, Inc. on the sale of its GetGo Café + Market convenience retail business and representing TBC Corporation in multiple transactions related to the sale of its NTB and Tire Kingdom automotive service centers and the subsequent sale of Midas International.

Prior to joining Matrix in 2011, Stephen worked in the Audit and Assurance practice of Deloitte, one of the Big Four accounting firms, serving both public and private companies across a variety of industries.

Stephen earned both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Tech. He holds the Certified Public Accountant designation, is a CFA Charterholder and member of the CFA Institute, and 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 head 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 Managing Director of the Downstream Energy & Convenience Retail Investment Banking Group 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. He joined Matrix in 2006 and has extensive experience advising companies involved in petroleum marketing, convenience retailing, fuels distribution, propane and heating oil distribution, and lubricants distribution. He has also advised municipalities and specialty retail chains as well as financially distressed companies both inside and outside of bankruptcy proceedings. Example clients include National Petroleum, WTG Fuels, Superior Plus Energy Services, Quarles Petroleum, Slidell Oil Company, Rusher Oil Company, Freeman Gas, Stop-N-Go of Madison, Dixie Gas & Oil, Revere Gas, West Oil, and Brabham Oil Company.

Prior to joining Matrix, Vance worked in the Business Assurance and Advisory Services Group for the public accounting firm Keiter 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).

Vance has authored and contributed to several articles related to mergers and acquisitions and is very active with several industry associations and trade groups including the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS) and the National Propane Gas Association (NPGA).

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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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