Athletic apparel group Lole Brands has acquired cycling and sports equipment retailer Louis Garneau Sports.

Founded in Canada in 1983, Louis Garneau Sports owns three brands: Garneau, Sugoi and Sombrio.

The acquisition marks Lole Brands’ expansion and solidifies its global sportswear market position.

“The acquisition will allow us to diversify our product offering and strengthen our commitment to innovation, quality, and performance, providing our customers with an even broader range of sports clothing and equipment,” said Todd Steele, CEO of Lole.

“Together, we will continue to innovate and offer high-quality products to athletes and sports enthusiasts around the world,” said Jean-Marc Jahoo, CEO of Louis Garneau Sports.

The parties did not disclose the financial details of the acquisition, which will be effective immediately.