Snap-on Acquires Challenger Lifts

On Monday, professional hand and power tool maker Snap-on  announced that it has bought for $38 million auto repair vehicle lift maker Challenger Lifts, which had approximately $45 million in sales in 2012.

Noting that the acquisition complements its existing product lineup while broadening its ability to service the vehicle repair market, Snap-on Chairman and CEO Nick Pinchuk said: "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 makes and sells a comprehensive line of vehicle lifts and accessories, which seems to integrate well with Snap-on's tool storage, diagnostics software, shop equipment, and information systems for vehicle dealerships and repair centers.

Headquartered in Kenosha, Wis., Snap-on was founded in 1920 and has a long history of serving the automotive repair market. Although revenues fell 18% in 2010 because of the recession, customers have snapped back to buying its products, with revenues rising more than 4% in 2012 to $3.1 billion.

The article Snap-on Acquires Challenger Lifts originally appeared on

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story