Tooley Oil Co. has sold its petroleum marketing and convenience retail business to an undisclosed, confidential buyer, according to a statement from Matrix Capital Markets Group, which advised Tooley on the sale.
The transaction included 12 convenience retail stores and seven car washes. The company retained its wholesale motor fuels distribution business and plans to use proceeds from the transaction to support its continued growth.
Tooley Oil is a leading convenience retailer with stores throughout the Sacramento metropolitan area that market Shell, Chevron and the company’s proprietary Mixx-branded fuels.
The company was founded in 1978, when Michael “Mick” C. Tooley purchased eight unbranded retail locations from Tosco. Throughout the 1980s, the company operated stores under the Tooley Oil brand before transitioning to Shell-branded fuels. In the 1990s, Mick’s two sons, David and Michael, joined the family business and helped drive the company’s continued growth. Shortly thereafter, Tooley Oil became a wholesale distributor for Shell Oil Co., expanding the business beyond its retail operations.
More recently, in 2024, Tooley Oil rebranded nearly all of its convenience stores under the proprietary “Mixx Market” banner to enhance brand awareness and strengthen customer loyalty. At the same time, the company made significant investments to upgrade several of its car washes and unified its car wash program under a proprietary “CleanMixx” brand.
“After nearly 50 years of our family being in the retail business, this is certainly a bittersweet moment for us,” said Mick Tooley, president of Tooley Oil. “We are extremely proud of the business we built and especially grateful to the dedicated employees who helped make it successful. The Matrix team was with us every step of the way in this process and really took the time to understand our business and what we wanted to accomplish. We had a tremendous amount of confidence in their advice and guidance throughout the process. While this closes an important chapter for our family, we’re excited about what’s ahead for Tooley Oil and the continued growth of our wholesale operations.”
“Over its nearly 50-year history, the Tooley family built a very successful business with well-positioned stores in and around the Sacramento market,” said Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group. “We’ve known Mike and David for many years and are honored to have been able to advise them on the successful sale of their convenience retail business. We look forward to seeing them continue to grow their wholesale business.”
