12/10/2013 01:52 EST | Updated 02/09/2014 05:59 EST

Canada Goose bought by Bain Capital hedge fund

New York hedge fund 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 55 years ago, Canada Goose makes winter apparel for use in extreme low temperatures. Their goods are sold in more than 50 countries and are a frequent target for counterfeiters.

More to come