Snap-on Inc. has announced that it has entered into a definitive agreement to acquire Car-O-Liner Holding AB for approximately $155 million in cash.
Based in Gothenburg, Sweden, Car-O-Liner, with trailing 12 month sales of approximately $95 million, is a leading global provider of collision repair equipment and information, and truck alignment systems. Subject to certain closing conditions, the transaction is expected to close within 30 days.
“Car-O-Liner’s product offering and special expertise are important additions to our Repair Systems & Information Group, bringing greater capabilities in collision repair and strengthening Snap-on’s position in the heavy-duty segment,” said Nick Pinchuk, Snap-on chairman and CEO. “Given trends in the collision space, including the need for greater precision, the requirement to accommodate new materials and the higher emphasis on shop efficiency, 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 Car-O-Liner associates to the Snap-on family.”