A well-known brand that has served customers in Northern California for nearly five decades is exiting the petroleum and convenience retail sector.
Tooley Oil Company has finalized the sale of its 12 convenience stores and seven car washes located in the Sacramento area to a buyer whose identity remains confidential.
This development was shared through a press release from Matrix Capital Markets Group, an investment bank based in Richmond, Virginia, which provided advisory services to Tooley during the sale process.
Despite this change, Tooley Oil will continue to operate its wholesale motor fuels distribution business. The company plans to reinvest the proceeds from the sale to fuel its ongoing growth.
“This is definitely a bittersweet moment for us after being in the retail business for nearly 50 years,” stated Mick Tooley, president of Tooley Oil. “We take immense pride in what we’ve built and are especially thankful for our dedicated employees who have contributed to our success.”
Tooley also expressed gratitude for the support from Matrix Capital Markets Group, noting, “They were with us during every step of this process and took the time to truly understand our business and goals. We had a strong faith in their guidance. Though this wraps up a vital chapter for our family, we’re looking forward to what lies ahead for Tooley Oil and the continued expansion of our wholesale operations.”
Founded in 1978, Tooley Oil started by acquiring eight unbranded retail locations from Tosco, operating under the Tooley Oil name through the 1980s. In the 1990s, the company became a wholesale distributor for Shell, with Mick’s sons, David and Michael, joining the family business to promote growth.
They rebranded most of their retail convenience stores under the name Mixx Market and their car washes as CleanMixx.
Cedric Fortemps, who assisted with the transaction, remarked, “The Tooley family built a very successful operation over nearly 50 years, with strategically located stores around Sacramento. We’ve known Mike and David for many years and are honored to have advised them on this successful sale.” He added that they looked forward to watching the family flourish in their wholesale business.
Tooley Oil’s exit isn’t an isolated case; many convenience retailers have been stepping back from the industry this year. Monfort Companies, for instance, sold its final batch of 20 stores back in February, also with support from Matrix Capital. Other businesses like Big Boss Stores and FastLane have similarly divested their assets this year.
