Performance, Inc. has sold controlling interest in the company to North Castle Partners. North Castle is a leading private equity firm focused exclusively on investments in consumer-driven product and service businesses that benefit from “Healthy Living and Aging” trends. Terms were not disclosed.

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

“We look forward to a great partnership with North Castle and believe they can add tremendous value to our company,” said Snook. “By leveraging their expertise and resources in building other retail businesses and multi-channel retailing in general, we believe we will be able to accelerate our growth into new markets and increase average annual spend per household.”

Performance currently operates 74 retail stores located in 14 states, two catalogs and two e-commerce websites.

North Castle's investment in Performance further builds the firm's expertise in the Fitness and Recreation industry vertical. North Castle currently holds an investment in Octane Fitness Holdings, Inc., a leading designer and distributor of premium low-impact cardio fitness equipment. North Castle successfully completed a dividend recapitalization of Octane earlier this year. In addition, North Castle previously owned Equinox Fitness Holdings, a leading operator of upscale fitness clubs, which it sold to The Related Group last year.

Chip Baird, North Castle's Founder and Chairman, said, “We are very excited about our investment in Performance, which we believe is the leader in the independent bicycle dealer market and is poised for significant growth. 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. The combination of a strong management team, the involvement of North Castle's Operating Advisors, and our general knowledge and experience that has come from building other successful retail businesses, such as Equinox and Red Door, provides the foundation for Performance to continue its success as the retail leader in the cycling industry.”

Performance was represented by investment banking firm, Goldsmith Agio Helms.