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 vehicle lifts and accessories to a diverse customer base in the automotive repair sector.

Nick Pinchuk, Snap-on chairman and chief executive officer, says Challenger is an important addition to the company’s Repair Systems and 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. 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.”

For more information, visit the company’s website.