Advanced Sports International (ASI) creates a new U.S. company called Advanced Sports Enterprises (ASE) to acquire the business of Performance Bicycle (PB). ASE will oversee the brand development, wholesale, and retail operations of both ASI and PB. ASI and PB will remain as separate divisions of the newly formed company. ASI will continue to manage its brand development and wholesale business out of Philadelphia while PB will maintain its retail home of ce in North Carolina. ASI President and CEO, Patrick J. Cunnane will continue to lead the brand development and wholesale division under the ASI banner while PB CEO David Pruitt will continue to lead the retail division under Performance Bicycle. Cunnane becomes the CEO of Advanced Sports Enterprises.
“This move capitalizes on continuing changes in the bicycle industry,” said Cunnane. “ASI has seen remarkable growth over the last decade and, like so many of our customers, Performance has been an instrumental partner each step of the way. As our