Tooley Oil Co. sells 12 convenience stores, exits retail business after nearly 50 years

Tooley Oil Co., which operated Mixx Market convenience stores, has exited the convenience retail business. | Tooley Oil Co. Tooley Oil Co., which operated Mixx Market convenience stores, has exited the convenience retail business. The Sacramento, California-based company sold its 12 convenience stores and seven car washes to an undisclosed buyer, Matrix Capital Markets Group said Thursday. Matrix, a division of Citizens, advised Tooley Oil Co. on the sale. Tooley Oil retained its wholesale motor fuels distribution business and plans to use proceeds from the transaction to support its continued growth, Matrix said. Michael 'Mick' C. Tooley founded Tooley Oil in 1978 when he purchased eight unbranded retail locations from Tosco. The company operated stores under the Tooley Oil brand throughout the '80s before transitioning to Shell-branded fuels, Matrix said. Mick's sons, David and Michael, joined the family business in the 1990s and helped drive the company's growth, Matrix said. Tooley Oil became a wholesale distributor for Shell Oil Co., expanding the business beyond retail operations. In 2024, it rebranded nearly all its c-stores, located throughout the Sacramento metropolitan area, under the Mixx Market banner. It also upgraded several of its car washes and unified them under the CleanMixx brand, Matrix said. 'After nearly 50 years of our family being in the retail business, this is certainly a bittersweet moment for us,' Mick Tooley said. 'We are extremely proud of the business we built and especially grateful to the dedicated employees who helped make it successful.' Richmond, Virginia-based Matrix is an advisory-focused investment bank that provides merger and acquisition and financial advisory services for privately-held, private-equity-owned and publicly traded companies. Providence, Rhode Island-based Citizens Financial Group acquired Matrix in March. Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here. news mergers and acquisitions