Snap-on Inc., a manufacturer of tools, diagnostics and equipment solutions, announced Monday that it has entered into a definitive agreement to acquire ProQuest Business Solutions from ProQuest Co. for approximately $480 million in cash plus the assumption of $19 million of debt.
Based in Ohio, ProQuest Business Solutions’ products include integrated software, services and systems that transform complex technical data for parts catalogs into easily accessed electronic information (electronic parts catalogs or EPCs). Over 33,000 automotive dealerships globally use ProQuest Business Solutions’ EPCs, which support 15 automotive manufacturers and 31 brands. Unaudited revenues for the 12 months ending June 2006 were $185 million.
Snap-on's product lines include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle manufacturers, dealerships and repair centers, as well as customers in industry, government, agriculture and construction. Snap-on is a $2.4 billion, S&P 500 Company headquartered in Kenosha, Wis.