The pension fund for teachers in Ontario province, called Teachers', said it had bought 75 percent of Helly Hansen from Swedish fund Altor Fund.
Teachers' said it wanted to expand the brand beyond Europe where it is best known for outer clothing for skiers and leisure marine wear.
Helly Hansen managing director Peter Sjolander said that the clothing group wanted to expand notably in North America.
Altor Fund, which bought the business in 2006, retains 25 percent of the business.
It said that it had turned the company around from making losses to having one of the highest margins in the sector.
Helly Hansen, founded by a sailor in 1877, publishes only sales figures which were 1.576 billion kroner ($259 million) in 2011.