### Asbury Automotive Acquires Herb Chambers Dealerships in $1.34B Deal
Asbury Automotive Group, based in Duluth, GA, has announced the acquisition of multiple automotive dealerships from Herb Chambers Companies (HCC), a Somerville, MA-based firm. This $1.34 billion transaction ranks among the largest in U.S. automotive retail history.
The acquisition includes 33 dealerships, 52 franchises, and three collision centers across the Boston and Providence metropolitan areas. Herb Chambers, the principal of HCC, will remain involved as a special advisor to Asbury while retaining ownership of Mercedes-Benz of Boston in Somerville.
“We’re excited to bring Asbury and the Herb Chambers team together,” said David Hult, president and CEO of Asbury. “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.”
Legal counsel for the deal was provided by Jones Day and Hill Ward Henderson, while Baker Tilly served as the transaction advisory firm. BofA Securities acted as Asbury’s financial advisor. On HCC’s side, Stephens Inc. served as financial advisor, and WilmerHale provided legal counsel.
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