Pro Hockey Life has 23 urban, high-end hockey stores operating in five provinces across Canada and boasts annual revenues of about $95 million.
The transaction follows Canadian Tire's successful acquisition of FGL Sports in 2011.
Upon conclusion of the transaction, Pro Hockey Life will operate as a banner under FGL Sports, joining others such as Sport Chek and Sports Experts.
"This acquisition is a natural extension of our core authority in sports and hockey and Pro Hockey Life will be an excellent addition to our family of great Canadian companies," said FGL president Michael Medline.
Pro Hockey Life president Scott Jackson said his company sees "a bright future as part of the Canadian Tire family and I have no doubt that the company will reach even greater heights within FGL Sports."