A Canada Goose employee sews a jacket at the company's factory in Toronto on Friday November 8, 2013.THE CANADIAN PRESS/Chris Young Chris Young/Canadian Press
New York private equity firm Bain Capital has bought a majority stake in Canadian winter gear manufacturer Canada Goose for an undisclosed sum.
The two companies announced the deal in a news release Tuesday.
Founded in Toronto in 1957, Canada Goose makes winter apparel for use in extreme low temperatures. Its goods are sold in more than 50 countries and are a frequent target for counterfeiters.The company has grown to employ more than 1,000 people in manufacturing facilities in various parts of Canada.
Bain, a private equity firm with offices across the U.S., has previously invested in a number of Canadian companies in their early stages, including Shoppers Drug Mart, Bombardier Recreational Products, and BTI Systems.
Former U.S. presidential nominee Mitt Romney was a co-founder of Bain Capital and spent the majority of his career there before entering politics.
The two companies say Bain's involvement will help spur the jacket-maker's international expansion plans.
"Bain Capital has a long and impressive track record of successfully investing in beloved Canadian companies, and we are thrilled to bring them on board. They're the right partner with the right resources and people to help us reach our potential," said Canada Goose president and CEO Dani Reiss, who will remain with the company after the deal closes.