Photo | Courtesy of Herb Chambers
Herb Chambers, head of Herb Chambers Cos.
5 hours ago
Herb Chambers offloads 10 Central Mass. facilities as part of larger $1.5B sale to Atlanta firm
Photo | Courtesy of Herb Chambers Co.
Herb Chambers' automotive collision repair center in Holliston
The Herb Chambers Cos., the Somerville-based automotive retail and service firm with 10 locations in Central Massachusetts, has finalized its sale to Atlanta-based Asbury Automotive Group for $1.45 billion.
The sale was first announced in February and finalized on Monday, marking the end of Chambers’ involvement with the portfolio of dealerships he had first begun to establish in 1985.
The $1.45-billion purchase price includes $750 million for goodwill, approximately $610 million for the real estate and leasehold improvements, and approximately $85 million for vehicles and other assets, according to a Monday filing with the U.S. Securities and Exchange Commission from Asbury Automotive.
“Over the past decade, I have been approached by several companies interested in acquiring my organization,” Herb Chambers said in a Monday press release from the two firms announcing the sale being finalized. “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.”
At least $79.65 million of the real estate purchase price came from the 10 Central Massachusetts facilities involved in the deal, according to Worcester District Registry of Deeds and Middlesex South Registry of Deeds records. The Central Massachusetts dealerships and service centers involved in the deal were:
- Bentley, Rolls, Lamborghini, Alfa, 533 Boston Post Road, Wayland
- Chrysler Jeep Dodge Ram Millbury, 2 Latti Farm Road, Millbury, 479 Southwest Cutoff and 16 Aurilla St., Worcester
- Ford Westborough, 310 Turnpike Road, Westborough
- Hyundai Auburn, 735 Southbridge St., Auburn
- Infiniti Westborough, 312 Turnpike Road, Westborough
- Jaguar Land Rover Sudbury, 83 Boston Post Road and 105 Boston Post Road, in Sudbury
- Lincoln Westborough, 75 Otis St., Westborough
- Maserati/Alfa Millbury, 461 Southwest Cutoff and 16 Aurilla St., Worcester
- Mercedes Benz Sudbury - Body Shop, 60 October Hill Road / 11 Bartzak Drive, Holliston
- Toyota Auburn, 809 and 805 Washington St., Auburn, 20 Prospect St., and 19, 27, 31 & 33 Appleton Rd., Auburn
Herber Chambers Cos. sold 50,000 new and used vehicles in 2024, according to the press release. The firm employs more than 2,200 workers at dealerships and other facilities in Massachusetts and Rhode Island.
A Fortune 500 company trading on the New York Stock Exchange under the ticker ABG, Asbury Automotive operates 145 new vehicle dealerships across the country. The company’s stock is up 3.8% since Monday, sitting at about $238 per share.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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