Graeme Roustan holds a hockey stick in Toronto's financial district in 2017. Mr. Roustan has acquired True Hockey with the goal of replicating the success he had with Bauer.

Sports executive Graeme Roustan acquired True Hockey on Wednesday, with a goal of once again turning the No. 3 equipment maker into the top player on the ice.

Mr. Roustan, who made Bauer Hockey the sport’s dominant brand 15 years ago, bought True from Memphis, Tenn.-based True Temper Sports Inc., which is owned by private-equity fund Lincolnshire Management Inc., headquartered in New York.

“We plan to roll out the same game plan at True that made Bauer number one, by expanding product lines and making hockey more affordable,” Mr. Roustan said in an interview. He said: “True will introduce low-priced, entry-level p

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