September 3, 2026 – Matrix Capital Markets Group, a division of Citizens, has advised Tooley Oil Company (“Tooley” or the “Company”) on the sale of its petroleum marketing and convenience retail business to an undisclosed, confidential buyer. 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.
Tooley Oil 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 Company, 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. 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.
Matrix provided merger and acquisition advisory services to Tooley, including valuation advisory and the execution of a confidential, structured sale process. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CFA, CPA, Director; Matthew Paniccia, CFA, Associate; and Josh Polce, CPA, Analyst.
Mick Tooley, President of Tooley Oil, commented, “After nearly 50 years of our family being in the retail business, this is certainly a bittersweet moment for us. 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.”
Mr. Fortemps 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.”
Hank Wineman of Frasco Caponigro Wineman Scheible Hauser Luttmann, PLLC served as legal counsel to Tooley.
About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group
Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation & logistics, terminals, car washes and quick service restaurants. Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 400 engagements.
About Matrix Capital Markets Group
Founded in 1988, Matrix Capital Markets Group, a division of Citizens, is a leading, advisory-focused investment bank headquartered in Richmond, VA, with an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.
Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, and diversified industrials. For additional information or to contact our team members, please visit www.matrixcmg.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $233.8 billion in assets as of June 30, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X , LinkedIn or Facebook.
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“Citizens” is the marketing name for the business of Citizens Financial Group, Inc. (“CFG”) and its subsidiaries. “Citizens Capital Markets & Advisory” is the marketing name for the investment banking, research, sales and trading activities of our institutional broker-dealer, Citizens JMP Securities, LLC (“CJMPS”), Member FINRA and SIPC (See FINRA BrokerCheck and SIPC.org). “Matrix Capital Markets Group” is a brand name of CJMPS. Securities products and services are offered to institutional clients through CJMPS. (CJMPS disclosures and CJMP Form CRS). Banking products and services are offered through Citizens Bank, N.A., Member FDIC.