Snap-on Inc. has acquired Challenger Lifts Inc. for roughly $38 million in cash. Challenger — with 2012 sales of approximately $45 million — designs, manufactures, and distributes vehicle lifts and accessories to the auto repair sector. Challenger is now a part of Snap-on’s Repair Systems & Information Group.
“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,” said Nick Pinchuk, Snap-on chairman and CEO, in a statement. “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.”
According to the May 16 issue of PitchBook News, it was Gen Cap America that sold Challenger to Snap-on. Gen Cap, a private investment firm headquartered in Nashville, acquired Challenger in 2010 via a management buyout of the retiring owner. PitchBook News reports that Brookwood Associates was Challenger’s exclusive financial advisor in the Snap-on transaction.
Editor’s Note: This is an update to a story that originally appeared in our sister publication, The Greensheet.
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