Latest news with #DavidHult
Business Wire
21-07-2025
- Automotive
- Business Wire
Asbury Automotive Group Completes Acquisition of Herb Chambers Dealerships
DULUTH, Ga.--(BUSINESS WIRE)--Asbury Automotive Group, Inc. (NYSE: ABG) (the 'Company'), one of the largest automotive retail and service companies in the U.S., has completed the acquisition of The Herb Chambers Companies (HCC), the sixteenth largest by revenue privately-owned dealership group in the country. 'We're thrilled to complete the acquisition of The Herb Chambers Companies' assets and operations,' said David Hult, Asbury's President & CEO. 'Herb redefined the car-buying experience in New England, making 'Herb Chambers' a household name, synonymous with reliability and service. The HCC team is well known for its guest-centric focus and community involvement, and we are proud to welcome the team to the Asbury family.' 'Over the past decade, I have been approached by several companies interested in acquiring my organization. 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,' said Herb Chambers, founder of The Herb Chambers Companies. This acquisition further diversifies Asbury's geographic mix with entry into the Northeastern United States. The purchase of this flagship New England Region company is one of the most sizable in U.S. automotive retail history, representing $3.2 billion in revenue in 2024, and includes 33 dealerships, 52 franchises, and three collision centers. The Herb Chambers Companies sold approximately 50,000 new and used vehicles during the year ended December 31, 2024. The aggregate net purchase price was $1.45 billion, which includes $750 million for goodwill, approximately $610 million for the real estate and leasehold improvements, and approximately $85 million for new vehicles, used vehicles, service loaner vehicles, fixed assets, parts and supplies, which is net of non-manufacturer floorplan of $375 million. Asbury primarily funded the acquisition with a combination of credit facility capacity, mortgage proceeds and cash. For additional information, please see the Form 8-K that will be filed in connection with this transaction. Advisors Jones Day and Hill Ward Henderson served as legal counsel, Baker Tilly served as the transaction advisory firm, and BofA Securities served as financial advisor to Asbury; Wells Fargo served as lead for the syndicated mortgage facility. Stephens Inc. served as financial advisor and Simpson Thacher and WilmerHale served as legal counsel to HCC. About The Herb Chambers Companies Founded in 1985, The Herb Chambers Companies is one of the nation's largest private auto dealership groups and one of the leading automotive retailers in the New England region. HCC employs more than 2,200 people in locations throughout Massachusetts and Rhode Island, with most of its dealerships located in and around Boston. Herb Chambers is consistently named as one of the Boston Globe's "Top Places to Work." About Asbury Automotive Group, Inc Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multi-year plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury's constant North Star. As of June 30, 2025, Asbury operated 145 new vehicle dealerships, consisting of 189 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, and prepaid maintenance. Asbury is recognized as one of America's Fastest Growing Companies 2024 by the Financial Times and the Company is listed in World's Most Trustworthy Companies 2024 by Newsweek. For additional information, visit Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, objectives, beliefs, expectations and assumptions regarding the expected benefits of the recently completed acquisition of the Herb Chambers dealerships and performance, integration plans and expected synergies from the acquisition. The following are some but not all of the factors that could cause actual results or events to differ materially from those anticipated, including: risks related to our failure to realize the benefits expected from the acquisition; failure to promptly and effectively integrate the acquisition; disruption of management time from ongoing business operations due to the integration activities related to the acquisition; identification and remediation of insufficient control activities of the acquired business; the effect of the acquisition on the ability of Asbury to retain and hire key personnel and maintain relationships with suppliers; our ability to execute our business strategy; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2025 and subsequent filings. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Business Wire
17-06-2025
- Automotive
- Business Wire
The Presidio Group advises Asbury Automotive Group on the sale of Larry H. Miller Toyota Lemon Grove to Vaughan Automotive
SAN DIEGO--(BUSINESS WIRE)--The Presidio Group LLC ('Presidio'), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, advised Asbury Automotive Group ('Asbury') (NYSE: ABG) on the sale of a Toyota dealership and related real estate and business operations located in Lemon Grove, Calif. "The Presidio team expects to shepherd many additional closings in 2025 as our deal pace continues to gain momentum.' The sale to Vaughan Automotive closed June 16. Asbury purchased the Toyota dealership as part of its acquisition of Larry H. Miller Dealerships in December 2021, and it was the last of Asbury's California holdings following the sale earlier in June of another Toyota store in Corona, Calif. 'The Presidio Group's guidance once again exceeded our expectations and led to a transaction that helped us attain the best value for our shareholders and helped us find a buyer who will take good care of the Larry H. Miller Toyota Lemon Grove team,' said David Hult, Asbury president and CEO. For Vaughan Automotive, which already represented four metro Toyota stores in Texas, the transaction marks its first foray into California. 'Moving into California represents a significant milestone in our expansion strategy,' said Shawn Vaughan, CEO of Vaughan Automotive. 'We've come to know this market well and are excited to represent Toyota in another community. We thank The Presidio Group and Asbury for the chance to make this transaction happen. Presidio's professionalism and expertise was key to a great overall transaction process and smooth closing.' Vaughan will rename the store Maverick Toyota. 'We were honored to represent Asbury in this important transaction,' said Alex Watterson, managing director of The Presidio Group. 'We worked closely with both Asbury and Vaughan Automotive to support the transfer of the Larry H. Miller Toyota Lemon Grove team to Maverick Toyota. The Presidio team expects to shepherd many additional closings in 2025 as our deal pace continues to gain momentum.' 'We appreciate the trust the Asbury team has once again placed in Presidio,' said George Karolis, president of The Presidio Group. 'Our team has deep expertise in navigating the complexities of dealership transactions, and being chosen to represent a leading public retailer such as Asbury is a privilege. Our great partnership with David Hult and his team is emblematic of the kind of strong and far-reaching relationships that Presidio is known for creating with its clients.' Kevin H. Sutton, shareholder at Hill Ward Henderson, served as outside legal counsel to Asbury. Jill K. Bell and S. Katherine Frazier of Hill Ward Henderson provided legal counsel to Asbury on real estate matters. Eric Pridgen, attorney at Underwood & Roberts, PLLC, provided legal counsel to Vaughan Automotive. The Presidio Group provided exclusive M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC. About Asbury Automotive Group, Inc. Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, Ga., is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multiyear plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury's constant North Star. As of March 31, 2025, Asbury operated 150 new-vehicle dealerships, consisting of 196 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products and services, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance plans. Asbury is recognized as one of America's Fastest Growing Companies 2024 by the Financial Times, and the company is listed in World's Most Trustworthy Companies 2024 by Newsweek. For additional information, visit About The Presidio Group LLC The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed more than 290 transactions for over $19 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit
Business Wire
11-06-2025
- Automotive
- Business Wire
The Presidio Group Advises Asbury Automotive Group on the Sale of Larry H. Miller Toyota Corona in California
CORONA, Calif.--(BUSINESS WIRE)--The Presidio Group LLC ('Presidio'), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, advised Asbury Automotive Group ('Asbury') (NYSE: ABG) on the sale of a Toyota dealership and related real estate and business operations located in Corona, Calif. The Presidio Group is forecasting that dealership M&A activity will strengthen through the remainder of 2025. The transaction closed on June 9. Asbury had purchased the Toyota dealership as part of its acquisition of Larry H. Miller Dealerships in December 2021. 'The guidance from The Presidio Group afforded a smooth transaction,' said David Hult, Asbury president and CEO. 'We appreciate their efforts bringing this deal to market in a way that helped maximize shareholder value and ensures the Larry H. Miller Toyota Corona team is in good hands.' The dealership was sold to Mike Hong and Jerry Heuer, who will rename the store Toyota of Corona. 'Being able to grow with a tremendous brand like Toyota in Southern California is incredibly exciting,' Hong said. 'We thank the team at Presidio for their professionalism and expertise in guiding this transaction to a successful close.' Alex Watterson, managing director of The Presidio Group, said, "Working on this transaction has been a privilege for the Presidio team, and we thank Asbury once again for the opportunity to assist. Presidio has helped facilitate numerous transactions involving Asbury over the last several years, and the company's continued use of our advisory services is extremely validating.' With more deals in the industry now being finalized, Presidio's experts are forecasting that dealership M&A activity will strengthen through the remainder of 2025. 'Presidio's pipeline of deals continues to be robust, and we are getting steady interest from both dealers looking to sell and those interested in acquiring,' said George Karolis, president of The Presidio Group. 'The industry is positioned for a strong second half of 2025, and we expect transaction pace to pick up significantly from what turned out to be a slower first quarter for deal count. I also want to express my gratitude to David Hult and his team for being a great partner to Presidio and entrusting this important transaction to our team to shepherd.' Kevin H. Sutton, shareholder at Hill Ward Henderson, served as outside legal counsel to Asbury. Jill K. Bell and S. Katherine Frazier of Hill Ward Henderson provided legal counsel to Asbury as to real estate matters. Brian D. Langa, partner at Demetriou, Del Guercio, Springer & Francis, LLP, provided legal counsel to Mr. Hong and Mr. Heuer. The Presidio Group provided M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC. About Asbury Automotive Group, Inc. Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, Ga., is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multiyear plan to increase revenue and profitability strategically through organic operations, acquisitive growth and innovative technologies, with its guest-centric approach as Asbury's constant North Star. As of March 31, 2025, Asbury operated 150 new-vehicle dealerships, consisting of 196 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products and services, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance plans. Asbury is recognized as one of America's Fastest Growing Companies 2024 by the Financial Times, and the company is listed in World's Most Trustworthy Companies 2024 by Newsweek. For additional information, visit About The Presidio Group LLC The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed 290 transactions for over $19 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit
Yahoo
08-04-2025
- Automotive
- Yahoo
Asbury Automotive Group Releases 2024 Corporate Responsibility Report
DULUTH, Ga., April 08, 2025--(BUSINESS WIRE)--Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., has published its 2024 Corporate Responsibility Report to present its Environmental, Social, and Governance ("ESG") commitments and related initiatives. "As we continue working toward our mission to be the most guest-centric automotive retailer, our ESG initiatives are strengthened by the dedicated team members who make up our company. Through their hard work and attention to detail, we are making strides toward a more sustainable future," said David Hult, Asbury's President and Chief Executive Officer. "We are proud to share our ESG progress as we maintain a culture of shared values." To view the Company's 2024 report, visit About Asbury Automotive Group, Inc. Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a multi-year plan to increase revenue and profitability strategically through organic and acquisitive growth and innovative technologies, with its guest-centric approach as Asbury's constant North Star. As of March 31, 2025, Asbury operated 150 new vehicle dealerships, consisting of 196 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, Powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, and prepaid maintenance. Asbury is recognized as one of America's Fastest Growing Companies 2024 by the Financial Times and the Company is listed among the World's Most Trustworthy Companies 2024 by Newsweek. For additional information, visit View source version on Contacts Media Contact:Morgan Irwin - Head of Corporate Communicationsmirwin@ (678) 537-6593 Sign in to access your portfolio
Yahoo
18-02-2025
- Automotive
- Yahoo
Asbury Automotive Accelerates Expansion With $1.34 Billion Herb Chambers Takeover
Asbury Automotive Group Inc (NYSE:ABG) shares are trading lower on Tuesday. The company inked a deal to acquire The Herb Chambers Companies in a $1.34 billion deal. The transaction covers Herb Chambers' 33 dealerships, 52 franchises, and three collision centers, representing $2.9 billion in 2024 revenue. The transaction, expected to close in the late second quarter of 2025, is subject to customary conditions and will be funded through credit facilities, 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. David Hult, Asbury's President & CEO, said, '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.' Last month, Asbury Automotive reported fourth-quarter revenue of $4.5 billion, beating estimates , and adjusted EPS of $7.26, which exceeded expectations, with a strong Parts & Service segment performance offsetting margin pressures. As of December 31, 2024, the company had cash and floorplan offset accounts of $156 million and availability under the used vehicle floorplan line and revolver of $672 million. Investors can gain exposure to the stock via Invesco S&P SmallCap Consumer Discretionary ETF (NASDAQ:PSCD) and VanEck ETF Trust VanEck Morningstar SMID Moat ETF (BATS:SMOT). Price Action: ABG shares are down 1.37% at $299.20 at the last check Tuesday. Read Next:Photo courtesy: Shutterstock. UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? ASBURY AUTOMOTIVE GR (ABG): Free Stock Analysis Report This article Asbury Automotive Accelerates Expansion With $1.34 Billion Herb Chambers Takeover originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
