Asbury Automotive Group, Inc. has acquired The Herb Chambers Companies (HCC) in a deal valued at $1.34 billion. The acquisition, one of the largest in the industry’s history, includes 33 dealerships, 52 franchises and three collision centers, positioning Asbury for significant expansion in the New England market.
HCC, the 14th-largest privately-owned dealership group in the U.S. by revenue, reported $2.9 billion in revenue in 2024. The transaction is expected to close in the second quarter of 2025, pending customary closing conditions.
“Asbury and the Herb Chambers team coming together marks an exciting new chapter,” said David Hult, president and CEO of Asbury Automotive Group. “Herb is an icon in Boston, and he has built a world-class organization with a strong reputation for customer service and community engagement. HCC’s team member-focused culture aligns directly with Asbury’s North Star of becoming the most guest-centric automotive retailer.”
Asbury plans to fund the acquisition through a mix of credit facility capacity, mortgage proceeds and cash. Despite the sale, Herb Chambers will retain ownership of Mercedes-Benz of Boston in Somerville, MA, and will serve as a special advisor to Asbury.
Reflecting on the deal, Chambers expressed confidence in Asbury’s leadership.
“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,” Chambers said. “David Hult and Asbury share our customer-focused philosophy, which will remain the foundation of the company’s future.”
The deal was facilitated by Jones Day and Hill Ward Henderson as legal counsel, with Baker Tilly serving as the transaction advisory firm. BofA Securities advised Asbury, while Stephens Inc. and WilmerHale represented HCC.
