Asbury Automotive Group Completes Acquisition of Herb Chambers Dealerships
The purchase, one of the largest in U.S. automotive retail history, includes 33 dealerships, 52 franchises & three collision centers…
Asbury Automotive Group Inc., one of the largest automotive retail and service companies in the U.S., has completed the acquisition of The Herb Chambers Companies (HCC), the 16th largest by revenue privately-owned dealership group in the country, company officials announced in a press release.
“We’re thrilled to complete the acquisition of The Herb Chambers Companies’ assets and operations,” said David Hult, Asbury’s president & CEO. “Herb redefined the car-buying experience in New England, making ‘Herb Chambers’ a household name, synonymous with reliability and service. The HCC team is well known for its guest-centric focus and community involvement, and we are proud to welcome the team to the Asbury family.”
“Over the past decade, I have been approached by several companies interested in acquiring my organization,” said Herb Chambers, founder of The Herb Chambers Companies. “Throughout it all, the opportunity and well-being of the Chambers team remained my top priority. Without question, Asbury stood out as the ideal steward. Their leadership—especially under David Hult—is, without a doubt, the best in the industry.”
Acquisition Is One of the Largest in Automotive Retail History
This acquisition further diversifies Asbury’s geographic mix with entry into the Northeastern United States. The purchase of this flagship New England region company is one of the most sizable in U.S. automotive retail history, representing $3.2 billion in revenue in 2024, and includes 33 dealerships, 52 franchises and three collision centers, noted the release.
The aggregate net purchase price was $1.45 billion, which includes $750 million for goodwill, approximately $610 million for the real estate and leasehold improvements, and approximately $85 million for new vehicles, used vehicles, service loaner vehicles, fixed assets, parts and supplies, which is net of non-manufacturer floorplan of $375 million.
Asbury primarily funded the acquisition with a combination of credit facility capacity, mortgage proceeds and cash.
Advisors for the Acquisition
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; Wells Fargo served as lead for the syndicated mortgage facility. Stephens Inc. served as financial advisor, and Simpson Thacher and WilmerHale served as legal counsel to HCC.
