If you've ever gone the mail order or online route when buying bicycle stuff, you've probably at least perused if not spent some money at Performance Bicycle.
Now that company with $200 million in annual sales is poised for some big growth, as it has been acquired by private investment firm North Castle Partners.
In addition to mail order and Internet sales, Performance also operates 74 retail stores in 14 states. The new owners plan to open 90 more Performance Bicycle stores in the next four years.
Performance was founded in 1982 in the basement of Garry and Sharon Snook's home in Chapel Hill, North Carolina. Garry Snook is one of the investors in the deal and will remain as CEO of the acquired company.
Until reading the press release on the deal, I hadn't realized that Performance had acquired Bike Nashbar and Supergo. Nashbar is still a going concern, but Supergo has been closed down.
In addition to selling other brands, Performance also has its own brand names — such as Scattante and Tirreno bicycles, E3 Cycling and Forte components and Spin Doctor and Ascent accessories.
One of North Castle's specialities is health and fitness companies. It also has controlling interests in Red Door Spas, Enzymatic Therapy and Octane Fitness.
See more about the sale in the Performance Bicycle press release.
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