Tooley Oil Company has sold its 12 convenience retail stores and seven car washes in the Sacramento metropolitan area to an undisclosed buyer, marking the end of the family business's nearly 50-year presence in the petroleum and convenience retail sector. The company will retain its wholesale motor fuels distribution business.
Mick Tooley, president of Tooley Oil, stated that the company plans to use the proceeds from the transaction to support continued growth in its wholesale operations. "After nearly 50 years of our family being in the retail business, this is certainly a bittersweet moment for us," 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."
Founded in 1978, Tooley Oil initially purchased eight unbranded retail locations. The company became a wholesale distributor for Shell in the 1990s, and its retail locations were later rebranded to proprietary names, Mixx Market for convenience stores and CleanMixx for car washes.
Matrix Capital Markets Group advised Tooley Oil on the sale. Cedric Fortemps, who managed the transaction for Matrix Capital, noted the success of the business built by the Tooley family over nearly five decades. "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 Oil's divestment follows a trend of consolidation in the convenience retail industry. In February, Monfort Companies sold its remaining 20 convenience stores, a transaction also advised by Matrix Capital. Other companies, including Big Boss Stores, FastLane, PowerTrac, Fleming Brothers Oil, and Earnhart Oil, have also sold off assets this year.