A familiar name in Ontario’s auto repair scene is entering a new chapter. The Mufflerman Inc. has officially rebranded as Auto Service Group Inc. following a recapitalization and the exit of Argyle Capital Partners Management Inc., its previous investor.
The move marks a new chapter for the company, which has grown through six acquisitions to encompass six distinct brands and 29 locations across Ontario. While the group will now operate under the Auto Service Group banner, all individual brands — including The Mufflerman, Superior Tire & Auto, Fleet Specialties, EuroMechanic, Sil’s Auto Service, and 4 Aces Auto Centre — will continue business as usual.
Argyle made its initial acquisition in 2021. It reported that over its 4.5 years, its investor group generated, net of fees, about a five-times multiple of invested capital and around a 45 per cent internal rate of return.
“We’re incredibly proud of what was accomplished with Mufflerman,” Mark MacPherson, co-founder and managing partner at Argyle, said in a separate announcement. “This transaction is a clear example of Argyle’s ability to identify and scale regional leaders through thoughtful M&A, hands-on operational support, and disciplined capital management. The company is well-positioned for continued growth under its new ownership.”
The recapitalization was led by the company’s existing management team, including director Glenn Gatcliffe and President Costa Haitas, who will continue to steer the organization. Financing came from a mix of original and new investors, with support from Toronto-Dominion Bank and BDC Capital Inc.
“We are thrilled to be entering a new stage in our growth and evolution,” said Haitas. “Over the last four-and-a-half years, Argyle Capital Partners have provided tremendous strategic vision and leadership. Along with our entire team of over 155 employees, Glenn and I would like to thank Argyle, and we look forward to continued success in building The Auto Service Group into one of the preeminent automotive aftermarket companies in Canada.”
He added that the company says it is well-positioned to continue its M&A strategy and integrate new businesses into its network.
Its brands operate in Southwestern Ontario, Oakville, Toronto, Barrie, Guelph and Peterborough.
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