Snap-on Inc. (NYSE: SNA) has purchased Challenger Lifts Inc., a vehicle lift manufacturer, for $38 million.
Kenosha, Wisc.-based Snap-on makes tools, equipment, and provides repair information for professional repairers. The target will be added to Snap-on’s repair systems and information group.
Challenger, headquartered in Louisville, Ky., distributes lifts to customers in the automotive repair sector.The company was majority owned by private equity firm Gen Cap America Inc., through Southvest Fund VI LP.
Snap-on was able to increase itsrevenue to $82.8 million from $71 million the prevoius year, in April. The company's sales also grew, up $6.5 million.
Brookwood Associates served as Challenger Lifts' financial adviser.