that is the right term - it happens when there are long term arterial subacute blockages - ischaemia/reduced oxygen flow triggers tissues to release vessel growth factors that will lead to extra artery growth.

Bizzarely this leads to situations where diabetics (who develop lesions all along their vessels, and thus have lots of areas of narrowing) can potentially be more protected from a sudden blockage compared to someone with an area of only one blockage - they have enough collateral circulation that the area of infarct is smaller with less damage resulting