Asbury Automotive Group has reached a definitive agreement to acquire 33 dealerships and three collision centers from The Herb Chambers Companies (HCC), marking one of the largest transactions in U.S. automotive retail history. The deal, valued at $1.34 billion, includes 52 franchises and is expected to close in late Q2 2025.
This acquisition will bring HCC’s impressive 2024 revenue of $2.9 billion into Asbury’s portfolio. Asbury plans to finance the deal through a combination of credit facility capacity, mortgage proceeds, and cash.
David Hult, Asbury’s President & CEO, expressed excitement over the collaboration, highlighting Herb Chambers’ iconic presence in Boston and his company’s reputation for customer service and community involvement. Hult wrote on social media platform X, “Herb is an icon in Boston, and he has built a world-class organization with a strong reputation for serving his guests.” Further, he wrote, “HCC’s culture aligns perfectly with Asbury’s vision to be the most guest-centric automotive retailer.”
Herb Chambers, principal of HCC, also shared his pride in the transaction, noting that his company’s legacy will be in good hands with Asbury. Moreover, Chambers will retain ownership of Mercedes-Benz of Boston in Somerville, Massachusetts, and assume the role of Special Advisor to Asbury.
The legal and advisory teams for Asbury and HCC consisted of Jones Day, Hill Ward Henderson, and WilmerHale. Baker Tilly provided transaction advisory services, while BofA Securities and Stephens Inc. served as financial advisors.
