Nearly one decade ago, Kyle Mufti laid the framework for Ontario’s largest concrete construction operation. Now 30 years-old with a net worth estimated between $25-30 million, the Canadian businessman is weighing his options as the economy wrestles with labour shortages, record inflation and riskier market conditions. We accompanied Mufti back to Montreal, Quebec as he discussed the potential expansion of North American Construction Alliance in Quebec, Alberta and British Columbia along with the industry challenges ahead.
The North American Group of Companies is a conglomerate consisting of 5 subsidiaries, including North American Concrete, North American Rebar, North American Equipment, North American Disposal and North American Pools. Mufti’s operations have dominated the market with construction and distribution of concrete products since 2011.
Earlier this year, a press release stated “Mufti considers selling a major share of Ontario’s construction” just 2 months after the grand opening of his rare book and artifact museum, Vivifica Inc. The storefront features rare early print works, occult artifacts, and fine art to public and private institutions. The collection took Mufti 12 years to curate in pursuit of studying enhanced states of consciousness through plant medicine. It surprised the antiquarian community after a fall catalogue was released for the first time in 2022 following with a Grand Opening in 2023.
Mufti is a devout man of God, purpose, and serving others. The pursuit of curating a “library of sacred knowledge” around religion, metaphysics and the occult may be enough for a change in wind. If he were to sell his majority holding, what would that equate to with respect to net worth? In short, a lot of zeros. Regardless, Mufti says better opportunities will arise from the short-term struggles, “micro losses – macro gains” to those that hold strong.
Industry leaders such as GFL Environmental want a bigger piece of the action and are actively buying out corporations like McAsphalt and Coco Paving, each of which received billion-dollar evaluations. These are Mufti’s direct competitors. As a result, GFL expects to generate an annualized C$1.1 billion in revenue with the new acquisition this year alone and major players are taking note. If Mufti were to sell one of his positions, the net worth conversation would be very different.
Mufti’s tone sounded conflicted between focusing on his work with Vivifica and scaling larger for more impactful philanthropy two decades from now. Every corporation within Kyle Mufti Holdings Inc. participates in giving back to the community through collaborative teamwork. Mufti transitioned from the charitable sector prior to pursuing his first for-profit venture with Groupa Construction. Having said that, it wouldn’t be the first time Mufti walks away from money that doesn’t fit his values.
Luxury-exotic car sharing app Luxur was dropped from both the App Store and Google Play for suspected similar reasons. The entrepreneur helped “turn liabilities into assets” with a high-end alternative to Turo. His private collection of classic and exotic cars was sold at auction, saying at first that it was in preparation of recessionary market indicators. He later explained that material attachments no longer served the path that he was on spiritually.
It’s anyone’s guess as to whether Mufti will scale up or sell out. He currently sits on 13 boards with invested interests in environment protection and scientific research at the Jack Pine Conservation. Some time away from construction to focus on his passions with a few more zeros in the bank might be an option to consider while it’s on the table.