The Mufflerman Inc. has completed a recapitalization and rebranding, becoming ASG Auto Service Repair Group (Auto Service Group.)

The refinancing and rebranding moves mark Argyle’s exit from its investment in the company.

Built through six acquisitions, The Mufflerman operates six brands and 29 locations across Ontario, 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,” Haitas said.

Founded in 2016, Toronto-based Argyle invests in family-owned businesses in Canada’s lower middle market. Argyle acquired The Mufflerman in 2021 and completed five tuck-in acquisitions, tripled EBITDA and upgraded operations during its 4.5-year hold. The exit generated a net ~5x multiple of invested capital and about a 45% internal rate of return for Argyle and its investor group, the company said.

“This transaction is a clear example of Argyle’s ability to identify and scale regional leaders. …The company is well-positioned for continued growth under its new ownership,” said Mark MacPherson, Argyle’s co-founder and managing partner.

Auto Service Group operates 29 locations in Southwestern Ontario, including 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.