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

NEW YORK, July 13, 2010 - 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 US$352 million, subject to customary
post-closing adjustments. An investment affiliate of JFL acquired the
business in August 2006.

    (Logo: photos.prnewswire.com/prnh/20091221/NY29520LOGO )
    (Logo: www.newscom.com/cgi-bin/prnh/20091221/NY29520LOGO )

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.

About J.F. Lehman & Company

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, Washington, DC and London.

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

Lisa M. Steffens of J.F. Lehman & Company, +1-212-634-1150, lms at jflpartners.com