Latest news with #CostaHaitas
Cision Canada
6 days ago
- Automotive
- Cision Canada
Argyle announces successful exit of its investment in The Mufflerman
TORONTO, Aug. 13, 2025 /CNW/ - Argyle Capital Partners Management Inc. ("Argyle") today announced the successful exit of its investment in The Mufflerman ("Mufflerman" or the "Company"), a leading automotive repair and maintenance provider, to ASG Auto Service Repair Group Inc. The transaction marks the conclusion of a highly successful 4.5-year investment, during which Argyle and its investor group generated, net of fees, a ~5x multiple of invested capital ("MOIC") and a ~45% internal rate of return ("IRR"). Mufflerman, based in London Ontario, operates a network of automotive repair locations under multiple banners across the province. Founded over 60 years ago, the Company has built a reputation for high-quality service and trusted local relationships. Argyle initially acquired the platform in early 2021. Over the hold period, Mufflerman evolved into one of Ontario's leading multi-store operators in the automotive aftermarket. The transformation was driven by a focused buy-and-build strategy, disciplined operational upgrades, and a capital structure purpose-built for growth. The Company benefitted from its senior leadership team, led by Costa Haitas and Argyle partner, Glenn Gatcliffe, who spearheaded efforts to professionalize operations, improve margin performance, and integrate new locations. As part of its M&A strategy, Argyle completed five tuck-in acquisitions, financed on balance sheet, enabling the business to triple its EBITDA during the investment period. "We're incredibly proud of what was accomplished with Mufflerman," said Mark MacPherson, Co-Founder and Managing Partner at Argyle. "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." About Argyle Founded in 2016, Argyle is a Toronto-based private equity firm focused on partnering with family-owned businesses in Canada's lower middle market. Argyle invests in traditional businesses in industrial products, manufacturing, distribution, and business services.
Cision Canada
6 days ago
- Automotive
- Cision Canada
The Mufflerman Inc. announces recapitalization and rebranding
TORONTO, Aug. 13, 2025 /CNW/ - The Mufflerman Inc., a portfolio company of Argyle Capital Partners Management Inc. ("Argyle") has undertaken a recapitalization and rebranding, culminating in the creation of ASG Auto Service Repair Group Inc. ("The Auto Service Group") and an exit of Argyle from the investment. The Mufflerman was built through six acquisitions and now consists of six brands, 29 locations across Ontario and is focused on the service and repair of cars, light vans, trucks and fleets. Going forward the group will be rebranded to Auto Service Group with all individual brands continuing operations with no changes. The recapitalization was led by the existing operational management team of Glenn Gatcliffe (Director), and Costa Haitas (President) who will continue to provide leadership to The Auto Service Group. The transaction was financed by original investors, participation of new investors and with the support of Toronto-Dominion Bank and BDC Capital Inc. Costa Haitas, President of The Auto Service Group said, "We are thrilled to be entering a new stage in our growth and evolution. Over the last 4.5 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. We are well positioned to continue our M&A strategy, integrating new businesses into our purpose built operational and capital infrastructure." About Auto Service Group: About Argyle Capital Partners: Founded in 2016, Argyle Capital Partners is a Toronto-based private equity firm focused on partnering with family-owned businesses in Canada's lower middle market. Argyle invests in traditional businesses in industrial products, manufacturing, distribution, and business services.
