Asbury Automotive Group has signed a deal to buy The Herb Chambers Companies for an estimated aggregate purchase price of $1.34 billion, the retailer announced Tuesday morning.

The purchase of the private dealership group includes 33 dealerships, 52 franchises and three collision centers in Massachusetts and Rhode Island. It is said to be “one of the most sizable in U.S. auto retail history” and expands Asbury’s footprint to New England.

Asbury has a cluster of stores in the Baltimore-Washington area, but this deal would extend its presence farther north along the Eastern Seaboard.

The Herb Chambers group generated $2.9 billion in revenue last year and is the 14th largest private dealer group by revenue in the U.S., Asbury said.

The company’s principal, Herb Chambers, will retain ownership of Mercedes-Benz of Boston in Somerville, Mass., and will be special advisor to Asbury.

The purchase would join other billion-dollar deals from Asbury in recent years:

In 2023, Asbury acquired Jim Koons Automotive Group for $1.2 billion. Two years earlier, Asbury agreed to buy Larry H. Miller Dealerships and Total Care Auto from the Larry H. Miller Group of Companies for $3.2 billion.

As for the latest deal, president and CEO David Hult, said in a news release: “We’re excited to bring Asbury and the Herb Chambers team together. Herb is an icon in Boston, and he has built a world class organization, with a strong reputation for serving his guests and being highly engaged in the communities.

“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.”

Chambers added, “As I look back on the last 40 years in business, I do so with immense pride, and as I look forward, I will do so with great satisfaction knowing what we built together will be in trusted hands. David Hult and the Asbury Automotive Group share our customer-focused philosophy which will remain as the foundation from which they move our great company into the future.”

The acquisition is expected to close late in the second quarter. Asbury plans to fund the purchase through its credit facility capacity, mortgage proceeds and cash.

Chevy store sale in Iowa

In other auto retail M&A, Christiansen Motors owner Patrick Kaiser has sold the Audobon, Iowa-based Chevrolet dealership to Bali Sandhu, according to a news release from Performance Brokerage Services, which advised on the sale.

The store will be renamed Emerald Chevrolet and remain at it current location.

“I had the pleasure of working with the Performance Brokerage Services team during the sale of my dealership, and I couldn’t be more satisfied with their service. From start to finish, they guided me through every step of the process with professionalism, expertise, and a personal touch that made the experience both smooth and enjoyable,” Kasier said in a news release.

“Matt Willis, along with Emily Bourne and Paul Kechnie of Performance Brokerage Services, were an outstanding team, always available to address any questions or concerns. Their attention to detail and dedication to helping me achieve the best outcome truly stood out. I wholeheartedly recommend Matt and his team to anyone considering the process of selling or divesting their dealership. They are the best in the business!”