Australian-owned textile manufacturing firm Charles Parsons confirmed it is the new owner of the Line 7 brand, which went into receivership in late June.

Charles Parsons announced the purchase of the assets of Line 7 yesterday, including the brand, intellectual property and all registered trademarks worldwide.

It would continue to supply Line 7's existing agriculture and marine customers.

Charles Parsons New Zealand chief executive Peter Allard said there were tremendous synergies between the two companies as Charles Parsons had been a supplier to Line 7.

Local marine and sports clothing company Line 7 has gone into receivership.

The business, owned by Ross Munro and Marilyn Horne, is most well-known for dressing Team New Zealand sailors in the America’s Cup.

Receivers Grant Graham and Brendon Gibson of KordaMentha were appointed to the business today.

It is not known whom they were appointed by; but Companies Office records show ANZ National Bank is the only bank listed as a Line 7 secured creditor.