May 15, 2013
Snap-on Inc. announced Thursday it has acquired Challenger Lifts Inc. in an approximately $38 million cash deal.
“The Challenger vehicle lift product line complements and increases Snap-on’s existing undercar equipment offering, broadening our established capabilities in serving vehicle repair facilities,” Nick Pinchuk, Snap-on chairman and chief executive officer, says.
“We believe this acquisition will further Snap-on’s progress along its strategic and coherent growth runway of expanding with repair shop owners and managers.”
Challenger, with 2012 sales of approximately $45 million, designs, manufactures and distributes a comprehensive line of vehicle lifts and accessories to a diverse customer base in the automotive repair sector.