Another iconic Canadian brand has fallen into the hands of our U.S. neighbors. Canada Goose today announced a deal that would see a majority stake of the 55-year-old Toronto-born brand sold to Boston-based Bain Capital.

Dani Reiss will stay on as chief executive and president of the company started by his grandfather in a small Toronto warehouse. Financial terms of the transaction were not disclosed.

“With this investment, we’re able to amplify what has driven our success for the last 15-plus years: delivering the best and warmest jackets to the rest of the world – all proudly made in Canada,” said Reiss, who will continue to hold a “significant minority stake,” according to a company press release.

The plush, pricey, and often counterfeited coyote-fur lined parkas – which are sold in over 50 countries – have gained favour with Hollywood royalty like Matt Damon and Emma Watson as well as serious Arctic adventurers.

Canada Goose opened a headquarters in Denver, Colorado earlier this year. Growth in the U.S. market is reported to have grown 1,500 per cent over the past five years. The company has bucked the trend of outsourcing its manufacturing overseas in favour of cheap labour costs, and has recently expanded its Toronto and Winnipeg facilities.

“Dani and the Canada Goose management team have already accomplished a great deal in establishing the premium outerwear category and creating a unique global brand that exudes authenticity,” said Ryan Cotton, a principal at Bain Capital.

Bain Capital is no stranger to Canadian consumer brands. The private investment firm co-founded by U.S. presidential hopeful Mitt Romney holds shares in Shoppers Drug Mart and Bombardier Recreational Products among its $US 70 billion in assets.

Despite the new foreign ownership, the Canada Goose website still reads, “We stay in Canada because that’s who we are.”