LANCASTER, PA — Burnham Holdings, Inc. (BHI) has announced its decision to divest the assets of subsidiaries Thermo Pride (TP) and Norwood Manufacturing (NMI) as part of a strategy to strengthen its core boiler business and expand its commercial and industrial service operations.
The assets of TP and NMI will be acquired by R.W. Beckett Corporation (RWB), based in North Ridgeville, OH, for $27.6 million in cash, subject to final adjustments. The acquisition allows Beckett to broaden its product offerings within the liquid fuels sector while drawing upon the expertise and craftsmanship established by the TP and NMI teams.
“This decision allows us to further focus on and strengthen our offerings in the commercial industrial boiler service and support segment of our marketplace,” said Chris Drew, President and CEO of Burnham Holdings, Inc. He added that the move enables the company to better serve critical customer needs with advanced, reliable boiler solutions.
For Beckett, the deal represents an opportunity to enhance its position in the industry. “We are honored to welcome the talented teams from Thermo Pride and Norwood Manufacturing,” said Kevin Beckett, CEO of R.W. Beckett. “We’re excited to carry their legacy forward, serving customers with the same dedication and excellence these teams have long exemplified.”
The divestiture, alongside the previously announced wind-down of Crown Boiler’s operations in Philadelphia, underscores BHI’s ongoing commitment to focusing its resources on the core areas of its business. This includes further growth of its commercial and industrial boiler service offerings and the expansion of its mobile boiler room solutions under the Thermal InMotion brand.
The competitive sale process, managed by Janney Montgomery Scott’s investment banking arm, attracted multiple bidders, with the Beckett offer chosen for its value and alignment with BHI’s strategic goals.
Burnham Holdings’ pivot toward its key boiler markets marks a decisive step in shaping the company’s long-term vision while providing a focused platform for growth in the commercial and industrial sectors.
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