Dive Brief:
- Tooley Oil has sold its convenience retail and petroleum marketing business to an undisclosed buyer, according to a Thursday announcement from Matrix Capital Markets, which provided merger and acquisition advisory services during the transaction.
- The deal includes Tooley’s 12 convenience stores and seven car washes in Northern California, mostly near Sacramento. Tooley has retained its wholesale motor fuels distribution business and plans to use proceeds from the transaction to grow that segment, per the announcement.
- Tooley’s exit from the c-store industry marks yet another example of an independent retailer selling its assets as economic headwinds continue to challenge small and midsize convenience retailers.
Dive Insight:
Tooley was founded in 1978 with eight unbranded convenience retail sites. Through the following years, the company transitioned to Shell-branded fuels, and eventually became a wholesale distributor for Shell, expanding the business beyond retail operations.
In 2024, Tooley rebranded nearly all of its convenience stores to its proprietary Mixx Market banner and unified its car washes under the CleanMixx brand.
Mick Tooley, president of Tooley Oil, said in the announcement that the decision to sell its c-store business after nearly 50 years in business was “a bittersweet moment.”
“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,” Tooley said.
Tooley is among numerous convenience retailers with fewer than 50 locations that has exited the industry in 2026 as financial pressures mount and larger competitors target their assets. Others have included Earnheart Oil, Fleming Brothers Oil, PowerTrac, FastLane, Big Boss Stores and Monfort Companies.
