North Castle buys controlling interest in Performance Inc.

Share this content:

Multichannel bicycle merchant Performance Inc. has sold a controlling interest in the company to private equity firm North Castle Partners.

The terms of the deal were not disclosed.

Peformance is the largest independent bicycle dealer in the US with 74 retail stores, two catalogs and two e-commerce Web sites. It is positioned as offering the broadest selection of branded bicycles, parts, accessories and technical apparel and "everyday value" pricing.

The deal complements North Castle's strategy of focusing on investments in consumer-driven product and service businesses that benefit from "healthy living and aging" trends. Greenwich, CT-based North Castle currently also holds investments in Octane Fitness Holdings Inc., a designer and distributor of low-impact cardio fitness equipment; Skincare brand Glominerals; and Red Door Spas.

Representatives of North Castle and Performance could not immediately be reached for comment.

"Performance is similar to other successful North Castle investments in that it operates in a highly fragmented industry that is benefiting from burgeoning consumer interest in health and fitness," said Chip Baird, founder and chairman of North Castle. Performance, Chapel Hill, NC, stands to benefit from the involvement of North Castle's operating advisors and the private equity firm's experience building other retail businesses, accelerating their growth and increasing the average annual spend per household.

Garry Snook, Performance's CEO and co-founder maintains a significant portion of his investment in the company, and he and other members of senior management will continue in their current positions.

Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here