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On Monday, Asbury Automotive Group announced its acquisition of several automotive dealerships owned by Herb Chambers Companies (HCC), a privately-owned dealership group based in Somerville, MA. This $1.34 billion deal is one of the largest in the history of U.S. automotive retail.
The HCC portfolio being acquired by Asbury includes 33 dealerships and 52 franchises located across the Boston and Providence metro areas, as well as three collision centers. HCC’s principal Herb Chambers will remain involved with Mercedes-Benz of Boston in Somerville as a special advisor to Asbury.
David Hult, president and CEO of Asbury, expressed excitement about bringing together two respected brands with customer-focused cultures that align with their goal to become the most guest-centric automotive retailer.
Legal counsel for this transaction was provided by Jones Day and Hill Ward Henderson while Baker Tilly served as the transaction advisory firm and BofA Securities acted as financial advisor for Asbury. Stephens Inc., along with WilmerHale serving as legal counsel for HCC also played key roles in this deal.
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