Wall Street investment group Patriarch Partners has bought textile maker Galey & Lord for an undisclosed sum.

Since it left bankruptcy protection in March, the khaki, denim and corduroy supplier has been a privately-held company and must now present the acquisition plan to stakeholders.

In a statement on Wednesday, the company said Patriarch Partners, LLC, a New York-based financial firm, has approximately $4 billion under management and significant investments in textile industry companies.

"This transaction is an important milestone in the evolution of Galey & Lord, which has taken significant steps to compete in a changing market and amidst increased global competition," said John J Heldrich, president and CEO of Galey & Lord.

Lynn Tilton of Patriarch Partners said: "We have held a significant stake in the company's equity and debt for some time. We know the company and feel comfortable with its market position and its strong management team.

"During these challenging times, we are confident in our ability to make a difference. Our goal is not only to help the company achieve stability, but bring to bear the necessary resources for Galey & Lord to achieve long term success."

Galey & Lord Inc operates domestically and in Canada under two divisions, Swift Denim and Galey & Lord Apparel, and internationally through joint ventures in Europe, North Africa, Asia and Mexico.

Its customers include Gap, Old Navy, Banana Republic, Polo Ralph Lauren, Abercrombie & Fitch, Levi's, Tommy Hilfiger, LL Bean, Nautica, Eddie Bauer, and Liz Claiborne.