Private equity firm Altor said on Wednesday it has agreed to buy a majority stake in Canada’s iconic 125-year-old brand CCM Hockey, which specializes in manufacturing sports equipment and apparel.

Private equity firms are increasingly looking toward the booming sports sector, where companies partner with popular leagues that attract large crowds and foster a loyal customer base.

In August, NFL owners allowed some private equity firms to buy up to a 10 per cent stake in any team, joining other major leagues such as the NBA and MLB, among others, in allowing limited investment from funds.