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 sixteenth largest by revenue privately-owned dealership group in the country.

“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. 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,” said Herb Chambers, founder of The Herb Chambers Companies.

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.

The Herb Chambers Companies sold approximately 50,000 new and used vehicles during the year ended December 31, 2024.

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.

For additional information, please see the Form 8-K that will be filed in connection with this transaction.

 

Source: businesswire.com

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