Snap-on Acquires Challenger Lifts

Snap-on Incorporated announced that it has acquired Challenger Lifts, Inc. (“Challenger”) for approximately US$38 million in cash. Challenger, with 2012 sales of approximately US$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 & 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.”