North Castle Partners, a private equity firm based in Greenwich, Conn. has acquired a controlling interest in Performance, Inc.

Chapel Hill-based Bitech, which does business as Performance, Inc., is the largest retailer of bicycle gear in the United States. Founded in 1982 by Garry and Sharon Snook in the basement of the couple’s Chapel Hill home, the company now operates 74 retail stores in 14 states, along with catalog and Web sales. 

Performance has a retail location on Main Street in Carrboro and its headquarters and mail order center on Old Lystra Road in Chatham County. In addition to bicycles, the company sells cycling apparel, sports nutrition products and bicycle-related electronics.

“We look forward to a great partnership with North Castle and believe they can add tremendous value to our company,” said Garry Snook, CEO and co-founder. “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.”

Under terms of the deal, Snook will retain “a significant portion of his investment in the company” and along with the rest of the company’s senior management will continue in his current position.

North Castle’s investment strategy has focused on healthy living and aging trends and the firm has stakes in spas, fitness centers, recreational gear and nutritional products.

— From Staff Reports