Tooley Oil is selling its NorCal convenience stores and car washes

A beloved brand that has been serving Northern California customers for nearly 50 years is now getting out of the petroleum and convenience retail business.

Tooley Oil Company has sold its 12 convenience retail stores and seven car washes in the Sacramento metropolitan area to an undisclosed, confidential buyer.

The news was announced in a press release from Matrix Capital Markets Group, an “advisory-focused investment bank” based in Richmond, Virginia, which advised Tooley on the sale.

Tooley will retain its wholesale motor fuels distribution business, with the release stating the company, “plans to use proceeds from the transaction to support its continued growth.”

“After nearly 50 years of our family being in the retail business, this is certainly a bittersweet moment for us,” Tooley Oil president Mick Tooley said in a statement.

“We are extremely proud of the business we built and especially grateful to the dedicated employees who helped make it successful,” Tooley added.

He also praised the team at Matrix Capital Markets Group, adding, “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,” the statement concluded.

Tooley Oil was founded in 1978, when he purchased eight unbranded retail locations from Tosco, operating under Tooley Oil throughout the 1980s.

The company became a wholesale distributor for Shell in the 1990s, as Mick’s sons David and Michael joined the family business to help accelerate growth.

Tooley rebranded most of their retail convenience stores to a proprietary brand dubbed Mixx Market, while rebranding their car washes as CleanMixx.

Cedric Fortemps, who helped manage the transaction, added, “Over its nearly 50-year history, the Tooley family built a very successful business with well-positioned stores in and around the Sacramento market.”

“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,” Fortemps concluded.

Tooley is the latest of many convenience retailers to remove themselves from the business, in just this year alone.

Monfort Companies, which owned 80 convenience stores at its peak, sold its final 20 stores back in February, another deal advised by Matrix Capital.

Other companies such as Big Boss Stores, FastLane, PowerTrac, Fleming Brothers Oil and Earnhart Oil have sold off assets throughout the year.

Download The California Post App, follow us on social, and subscribe to our newsletters