Advanced Sports International (ASI) has acquired Performance Bicycle, a 106-store bicycle retail chain. ASI is the Philadelphia-based owner of bicycle brands Fuji, SE, Kestrel, Breezer and Phat Cycles, and is part owned by Ideal of Taiwan. Performance Bicycle of North Carolina was started as a mail-order catalogue business in 1981. It is one of ASI's biggest customers, and has been seeking a buy-out for some months.
A new company – Advanced Sports Enterprises – has been created with ASI and Performance Bicycle becoming separate divisions of the newly formed company. ASI President and CEO, Patrick Cunnane will be the CEO of the new company while David Pruitt, current CEO of Performance, will lead the retail division.
“This move capitalises on continuing changes in the bicycle industry,” said Cunnane, adding: "The new business model also capitalises on the changes in the buying habits of consumers who expect a seamless omnichannel brand and retail experience."
Pruitt said: “Competitive differentiation is absolutely critical given the historic shift we’re seeing in consumer buying behaviour and the retail landscape as a whole."