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.
SOURCE ARGYLE CAPITAL PARTNERS
