#USA #Inc. #Burnham Holdings #HVAC Products #Lancaster, Pennsylvania #R.W. Beckett Corporation

Burnham Holdings, Inc. Announces Strategic Subsidiary Divestiture Plan

In a significant move aimed at solidifying its core business, Burnham Holdings, Inc. (BHI), the parent company known for its high-quality HVAC products, has unveiled its plan to divest most assets of its subsidiaries, Thermo Pride (TP) and Norwood Manufacturing (NMI). The announcement was made on May 5, 2025, and signifies a shift in the company’s focus towards strengthening its commercial and industrial boiler service operations.

The divestiture involves the sale of TP and NMI to R.W. Beckett Corporation (RWB) of North Ridgeville, OH, for an all-cash transaction valued at $27.6 million. This move aligns with BHI’s long-term strategy to enhance their position in the boiler solutions marketplace while expanding their rental and service offerings within the commercial sector.

This strategic decision reflects BHI's commitment to redirecting its resources towards growing its portfolio of comprehensive boiler solutions, which cater to residential, commercial, and industrial clients. BHI has established itself as a leader in hydronic heating solutions, providing a range of superior products, including cast-iron residential boilers, advanced high-efficiency condensing boilers, and a variety of hydronic heating accessories.

Chris Drew, President and CEO of Burnham Holdings, emphasized the importance of this divestiture in meeting the evolving demands of the boiler market. He stated, "This decision allows us to further focus on and strengthen our offerings in the commercial industrial boiler service and support segment of our marketplace." Drew reaffirmed BHI’s dedication to delivering reliable, high-quality boiler solutions tailored to meet customer needs.

On the other hand, Kevin Beckett, CEO of R.W. Beckett, expressed enthusiasm about integrating the talented teams from Thermo Pride and Norwood Manufacturing into their operations. He highlighted the legacy of craftsmanship and innovation that these teams bring, which will significantly enhance their product offerings in the liquid fuels sector. Beckett remarked, "We’re excited to carry that legacy forward – enhancing our offerings and continuing to serve our customers with the same dedication and excellence these teams have long exemplified."

The divestiture process was meticulously managed by Janney Montgomery Scott’s investment banking group and attracted numerous competitive bids. Ultimately, the selected proposal aligned closely with BHI’s strategic objectives and presented a unique opportunity to deliver substantial value.

This divestiture, in conjunction with the planned cessation of manufacturing operations at Crown Boiler in Philadelphia, is part of BHI’s broader commitment to focus on their core boiler operations. The goal is to enhance their commercial and industrial boiler service and installation business, particularly through the expansion of mobile boiler room offerings. This initiative builds on the success of BHI’s Thermal InMotion division, enhancing their ability to meet the diverse needs of their expanding client base.

Burnham Holdings, Inc. is recognized as a leading manufacturer of boilers, furnaces, and related HVAC products, catering to various applications across residential, commercial, and industrial sectors. BHI is publicly traded on the OTC Exchange under the ticker symbol "BURCA". For additional information, interested parties can visit www.burnhamholdings.com.

Conclusion

In conclusion, the divestiture of Thermo Pride and Norwood Manufacturing marks a pivotal moment for Burnham Holdings, Inc. by allowing the company to sharpen its focus on core operations and explore new growth avenues. As the company gears up for future challenges, its commitment to providing innovative and reliable boiler solutions remains steadfast, ensuring they meet the dynamic requirements of their customers in today’s ever-evolving marketplace.