The Mufflerman Inc., has recapitalized and rebranded, emerging as ASG Auto Service Repair Group (Auto Service Group.)

In conjunction with the move, Argyle Capital Partners exited its investment in the company.

The Mufflerman, built through six acquisitions, operates six brands across 29 Ontario locations, servicing cars, light vans, trucks, and fleets. The network will now operate under the Auto Service Group name, while all individual brands continue unchanged.

The recapitalization was led by President Costa Haitas and Director Glenn Gatcliffe, with financing from existing and new investors, Toronto-Dominion Bank, and BDC Capital.

“We are thrilled to be entering a new stage in our growth and evolution. … We are well positioned to continue our M&A strategy, integrating new businesses into our purpose built operational and capital infrastructure,” said Haitas.

Auto Service Group’s 29 locations included 21 corporate-owned sites and eight franchises, under five brands: The Mufflerman, EuroMechanic, Fleet Specialties, Sil’s Auto Service, 4 Aces Auto Centre, and Superior Tire & Auto.

Founded in 2016, Toronto-based Argyleinvests in family-owned businesses in Canada’s lower middle market. Argyle acquired The Mufflerman in 2021 and oversaw five tuck-in acquisitions and operational upgrades.

“This transaction is a clear example of Argyle’s ability to identify and scale regional leaders,” said Mark MacPherson, Argyle’s founder and managing partner.

The rebranded company is well-positioned for continued growth under its new ownership, he added.

Argyle said the exit delivered a net approximately 5x multiple of invested capital and about a 45% internal rate of return for the firm and its investor group.

Photo: Mufflerman