PHILADELPHIA (BRAIN) — Advanced Sports International has bought the nation’s largest bicycle retailer, Performance Bicycle, including its 106 stores, private-label brands Forte, Spin Doctor, Transit and Scattante, and online businesses Performancebike.com and Nashbar.com.
ASI declined to reveal the purchase price, but the deal had been in the works since ASI learned last November that Performance was on the block.
The move could help ASI compete with rivals Trek, Specialized and Giant, which have opened corporate-owned stores or retail partners. All three have been squeezing out competing brands from retail floors. ASI can now capitalize on Performance’s position as an omnichannel retailer with its strong internet business as well as brick and mortar.
Performance Bicycle’s annual revenue is estimated to be between $275 and $280 million. The Chapel Hill, North Carolina, company employs approximately 2,000 people across its retail and online businesses.
ASI has formed a new U.S. company called Advanced Sports Enterprises. It will oversee both ASI’s wholesale business and Performance’s retail operations, but will treat them as separate companies, said Pat Cunnane, who becomes CEO of ASE and will continue to lead brand development and the wholesale division under the ASI banner.
Performance Bicycle CEO David Pruitt will continue to …read more