August 31, 2009
J.F. Lehman & Company Completes the Acquisition of Drew Marine from Ashland Inc.

NEW YORK – J.F. Lehman & Company (“J.F. Lehman”), a leading middle-market private equity firm focused on the defense, aerospace and maritime sectors, announced today that it has completed the acquisition of Drew Marine from Ashland Inc. (NYSE:ASH) for 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, N.J., Drew Marine employs approximately 325 people in 47 countries and services its customers through 98 stocking facilities around the world.

Louis N. Mintz, Partner, stated “Drew Marine is a unique, global business with a strong customer base and reputation for quality products and service. We are eager to continue the company’s long history of technical excellence and to explore potential new areas to grow the business.”

J.F. Lehman has appointed Len R. Gelosa to serve as President and CEO of Drew Marine. Mr. Gelosa is a fomer Senior Vice President of Ashland Inc. During his 17 year career at Ashland, Mr. Gelosa managed numerous businesses through growth and international expansion and oversaw the successful integration of over 20 acquisitions. Mr. Gelosa commented, “I am pleased to be joining a business I know well in partnership with J.F. Lehman. The combination of their sponsorship and Drew Marine’s outstanding management team will make for an exciting future.”

Senior debt financing for the acquisition was arranged by BNP Paribas Securities Corp. (as exclusive sole Lead Arranger), CIT Capital Securities LLC (as Co-Arranger) and Siemens Financial Services, Inc. (as Documentation Agent). Subordinated financing was provided by Babson Capital Management LLC. Blank Rome LLP, Jones Day and select international law firms provided legal counsel to J.F. Lehman & Company. Baker & McKenzie provided legal counsel to Ashland Inc.

About Ashland

Ashland Inc. (NYSE:ASH) provides specialty chemical products, service 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: Ashland Aqualon Functional Ingredients, Ashland Hercules Water Technologies, Ashland Performance Materials, Ashland Consumer Markets (Valvoline) and Ashland Distribution.

To learn more about Ashland, visit