Snap-on acquires Challenger Lifts for $38 million

Snap-on Inc. announced that it has acquired Challenger Lifts, Inc. for approximately $38 million in cash. 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.

"Challenger is an important addition to our repair systems and 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 under car 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."