BAE Systems to buy Atlantic Marine

ARLINGTON, Va. - BAE Systems today announced it has entered into a definitive agreement to acquire Atlantic Marine Holding Co. from JFL-AMH Partners LLC, a portfolio company of the private equity firm J.F. Lehman and Company for a cash consideration of $352 million. Atlantic Marine is a privately held vessel maintenance, repair, overhaul and conversion, marine fabrication, and ship construction services provider with operations at Mayport and Jacksonville, Fla., Moss Point, Miss., and Mobile, Ala. The acquisition does not include Atlantic Marine's Boston and Philadelphia operations. The acquisition will be funded from BAE Systems' existing cash resources. (Source: BAE Systems, 05/18/10)