KENOSHA – Snap-on
Incorporated announced Tuesday it has acquired
Challenger Lifts, Inc. for about $38 million in cash.
Snap-on is an innovator, manufacturer and marketer of
tools, equipment, diagnostics, repair information and
system solutions for professional users. Challenger
designs, manufactures and distributes a comprehensive
line of vehicle lifts and accessories to the automotive
repair sector. It had sales of about $45 million in
2012, according to a company statement.
“Challenger is an important addition to our Repair
Systems & Information Group,” said Nick Pinchuk, Snap-on
chairman and chief executive officer. “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. 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. We look forward to welcoming
Challenger associates to the Snap-on family.”
Founded in 1920, Snap-on is a $2.9 billion, S&P 500
company headquartered in Kenosha.