J.F. Lehman & Company, a New York-headquartered private equity firm, completed its purchase of Ashland Inc.’s global marine services business, known as Drew Marine, for $120 million in cash.

Following Ashland’s purchase of Hercules last year for $2.6 billion in cash and stock, the sale of Drew Marine is part of Ashland’s effort to pay down its rising debt load. The Covington, Kentucky-based specialty chemicals company said it would pay down its debt by divesting non-core business units.

In speaking with MergersUnleashed, an Ashland representative said the company has made a focus of “growing as a specialty chemicals company” and developing less cyclical earnings, in addition to deriving more of its revenue from outside of North America.

JF Lehman initially agreed to buy the marine services business in June. The private equity firm was founded by John F. Lehman, former Secretary of the US Navy. Before founding the defense and aerospace-focused buyout firm, Lehman led PaineWebber, Inc.’s aerospace and defense advisory practice.

As of midday Thursday, Ashland stock closed at $35.13 per share. In addition to its New York headquarters, JF Lehman has offices in Arlington, Virginia and London. JF Lehman could not be reached by press time.