Asbury Automotive to acquire Herb Chambers Companies for $1.34B

Asbury Automotive (ABG) signed a definitive agreement to acquire various automotive dealerships owned by The Herb Chambers Companies, the fourteenth largest by revenue privately-owned dealership group in the country. The company represents $2.9B in revenue in 2024, and includes 33 dealerships, 52 franchises, and three collision centers. The transaction is subject to customary closing conditions and is expected to close late in the second quarter of 2025. Asbury plans to fund the $1.34B purchase price with a combination of credit facility capacity, mortgage proceeds and cash. Herb Chambers, principal of the Herb Chambers Companies, has agreed to assume the post of special advisor to Asbury and will retain ownership of Mercedes-Benz of Boston in Somerville, Massachusetts.