Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S., signed a definitive agreement to acquire various automotive dealerships owned by The Herb Chambers Companies (HCC), the fourteenth largest by revenue privately owned dealership group in the country.
The sale of this flagship New England Region company is one of the most sizable in U.S. auto retail history. It included 33 dealerships, 52 franchises, and three collision centers and represented $2.9 billion in revenue in 2024.
The deal is subject to customary closing conditions and is expected to close late in the second quarter of 2025. And Asbury plans to fund the $1.34 billion purchase price with credit facility capacity, mortgage proceeds, and cash. Herb Chambers, principal of the Herb Chambers Companies, has agreed to assume the post of Special Advisor to Asbury and will retain ownership of Mercedes-Benz of Boston in Somerville, Massachusetts.
Jones Day and Hill Ward Henderson served as legal counsel, Baker Tilly served as the transaction advisory firm, and BofA Securities served as financial advisor to Asbury Stephens served as financial advisor and WilmerHale served as legal counsel to HCC.
KEY QUOTES:
“We’re excited to bring Asbury and the Herb Chambers team together. Herb is an icon in Boston, and he has built a world class organization, with a strong reputation for serving his guests and being highly engaged in the communities. HCC is a respected brand with a rich history and reputation for having a customer and team member-focused culture, aligning directly with Asbury’s North Star to become the most guest-centric automotive retailer.”
– David Hult, Asbury’s President & CEO
“As I look back on the last 40 years in business, I do so with immense pride, and as I look forward, I will do so with great satisfaction knowing what we built together will be in trusted hands. David Hult and the Asbury Automotive Group share our customer-focused philosophy which will remain as the foundation from which they move our great company into the future.”
– Herb Chambers, principal of the Herb Chambers Companies
