Line7 assets sold to Australian company

11:25 AM Tue 13 Oct 2009 GMT

Australian firm Charles Parsons is buying the assets of collapsed sports and casual wear manufacturer Line7.

The textile wholesaler, which has been a Line7 supplier, said today it was buying 100 percent of the intellectual property related to Line7's brand and all its registered trademarks globally. No value for the deal was disclosed.

Line7, best known for making clothing worn by America's Cup sailors, was placed in receivership in July owing unsecured creditors $5 million. KordaMentha was appointed receiver and held a sale to clear stock with all stores now closed.

Charles Parsons said it would continue the 'proud tradition' of Line7's brand, by ensuring continuity of supply to existing agriculture and marine customers.

'We are really excited to have acquired this iconic NZ brand and we believe that there are tremendous synergies between the core values of Line7, the technical sourcing capabilities that we have on hand as a long term supplier to Line7, and the overall culture of our company,' Charles Parsons' New Zealand CEO Peter Allard said.

Ex-Line7 owner and director Ross Munro, who blamed foreign currency exposure and the recession for the receivership, said he was happy the firm had been bought by Charles Parsons which had a 'positive vision' for its future.

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