Performance Bicycle bought

Aug 01, 2007 9:30 PM  By

North Castle Partners has been wheeling and dealing: The private equity investor announced on July 3 it bought Performance Bicycle. Terms of the deal were not disclosed.

In addition to the flagship Performance brand, the $200 million-plus marketer of bicycling gear and accessories also operates the Bike Nashbar bicycling brand. Performance, which mails an estimated 10 million catalogs annually, closed a third title, Supergo, last year.

Garry Snook and his wife Sharon in 1982 founded Performance Bicycle in the basement of their Chapel Hill, NC-based home as a bike parts and accessories catalog, and later expanded into retail. To date, Performance has 74 stores in 14 states with plans to open 90 more stores during the next four years.

As part of the deal, Garry Snook, who also invested an undisclosed sum, will continue as chief executive of Performance. New York-based investment bank Goldsmith Agio Helms represented the sellers.

Performance sells to cycling enthusiasts 35-54 years with a household income exceeding $100,000. North Castle Partners sees the bicycle merchant a fit in its cadre of investments targeting healthy living and aging baby boomers including Red Door Spas, Enzymatic Therapy, and Octane Fitness. North Castles will build upon its retail experience with Equinox and Red Door to help Performance complete its rollout.