J.F. Lehman & Company Completes Sale of Atlantic Marine

For Immediate Release

July 13, 2010

NEW YORK – J.F. Lehman & Company (“JFL”) is pleased to announce the completion of the sale of Atlantic Marine Holding Company (“Atlantic Marine”) to a subsidiary of BAE Systems, Inc. (“BAE Systems”). Atlantic Marine is a leading provider of vessel maintenance, repair, overhaul and conversion (“MROC”) as well as marine fabrication services to government and commercial maritime customers. The company has operations in Mobile, AL, Jacksonville and Mayport, FL and Moss Point, MS. JFL has retained the company’s MROC operations in Boston, MA and Philadelphia, PA and a parcel of real estate in Mobile. The sale price was approximately $352 million, subject to customary post-closing adjustments. An investment affiliate of JFL acquired the business in August 2006.

Tig H. Krekel, Lead Director of Atlantic Marine and Vice Chairman of JFL, said, “We are pleased to sell Atlantic Marine to BAE Systems as we believe it will be a very complementary fit with its ship repair business and will benefit from BAE Systems’ global resources and excellent reputation.”

According to John F. Lehman, Chairman of Atlantic Marine and Chairman of JFL, “Atlantic Marine was a successful investment for our investors, and we are confident it will prove to be a great addition to BAE Systems. The success of the business over the past four years has been a result of improving asset utilization, investment in new and upgraded facilities, achieving operational excellence and meeting strong growth objectives.”

J.P. Morgan, led by Managing Director Chris Ventresca, provided M&A advisory services for the seller in connection with the transaction. Mike Dyer and Peter Schnur led the Blank Rome legal team advising the seller.

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

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

Contact

Lisa M. Steffens

J.F. Lehman & Company

(212) 634-1150

lms@jflpartners.com