J.F. Lehman & Company Announces Definitive Agreement to Acquire Drew Marine from Ashland Inc.

For Immediate Release

June 22, 2009

NEW YORK – J.F. Lehman & Company, a leading middle-market private equity firm focused on the maritime, defense and aerospace sectors, announced today that it has signed a definitive agreement to acquire Drew Marine from Ashland Inc. (NYSE:ASH) in a transaction valued at approximately $120 million.

Drew Marine is a recognized global leader in the supply of marine water treatment, maintenance, welding and refrigeration, fuel treatment and fire, safety and rescue products and services to ship owners, ship managers and shipyards. Headquartered in Boonton, NJ with regional offices in locations including Singapore and Rotterdam, Drew Marine has approximately 325 employees and 98 stocking locations in 48 countries, and yearly revenue of approximately $140 million.

“We are very pleased that Drew Marine will be joining the J.F. Lehman & Company portfolio,” said Louis N. Mintz, Partner. “Drew Marine has many of the characteristics we seek in acquisition candidates – a leading market position, a loyal and diversified global customer base and a strong track record of performance. We plan to pursue new opportunities for growth to leverage the long-established Drew Marine brand and the company’s unique logistics capabilities.”

The transaction is expected to close in approximately 60 days, conditional upon a number of customary closing conditions.

About Ashland

Ashland Inc. (NYSE:ASH) provides specialty chemical products, services and solutions for many of the world’s most essential needs and industries. Serving customers in more than 100 countries, it operates through five commercial units.

To learn more about Ashland, visit www.ashland.com.

J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.

For more information about J.F. Lehman & Company, please visit www.jflpartners.com.


Lisa M. Steffens

J.F. Lehman & Company

(212) 634-1150