Burnham Holdings

What Burnham Holdings does

Burnham Holdings, Inc. is a publicly traded holding company (OTC: BURCA) headquartered in Lancaster, Pennsylvania, that operates a multi-subsidiary platform in the HVAC industry with origins dating back to 1858. The company designs, manufactures, and markets boilers and related thermal products for residential, commercial, and industrial applications through more than ten wholly-owned subsidiaries organized into three business units: Residential (U.S. Boiler Company, Velocity Boiler Works, New Yorker Boiler Company, Governale), Commercial (Burnham Commercial, Bryan Steam, Thermal Solutions, CSI Services, Thermal InMotion), and Integration (Casting Solutions, Lancaster Metal Manufacturing). Core technologies span high-efficiency stainless steel and aluminum condensing boilers, flexible water tube boilers, copper-finned boilers, cast iron and steel gas/oil boilers, and cast iron radiators and heat distribution products.

The company generates revenue primarily through hardware sales of boilers and HVAC equipment distributed via direct field sales to enterprise and commercial buyers, and through dealer/contractor networks for residential products. Complementary revenue streams include managed services through Thermal InMotion's mobile boiler rentals and professional services through CSI Services' commercial mechanical contracting. Vertical integration via in-house iron casting (Casting Solutions) and sheet metal production (Lancaster Metal Manufacturing) supplies key components to the broader subsidiary platform. FY2025 net sales reached a record $258.1 million across a manufacturing footprint spanning the East, South, and Midwestern United States, with go-to-market organized through direct field sales, subsidiary brand distribution, mobile rental, and service contracting channels.

Recent strategic actions include the divestiture of legacy asbestos liabilities and $90.4 million in pension obligations, the divestiture of Thermo Products and Norwood Manufacturing, the opening of the U.S. Boiler Condensing Center of Excellence, and the February 2026 Chapter 11 filing of subsidiary Crown Boiler Co. The company is led by President and CEO Christopher R. Drew and trades on OTC Pink Sheets with a market capitalization of approximately $88.66 million and a dividend yield of 3.7%.

Name

Burnham Holdings

Legal name

Burnham Holdings, Inc.

Website

https://burnhamholdings.com

Company type

Public

Founded year

1858

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Burnham Holdings is a Lancaster, Pennsylvania-based holding company operating more than ten subsidiaries that design, manufacture, and market boilers and thermal HVAC products for residential, commercial, and industrial customers across the East, South, and Midwestern United States.

Ownership category

akta.pro rank

Product category

HVAC Equipment Manufacturing

NAICS

Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Power Boiler and Heat Exchanger Manufacturing (33241), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433), Fabricated Plate Work (Boiler Shops) (3443), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)

akta.pro secondary industries

Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), Chillers, Boilers & Central Plant Operations (BPABACAG), HVAC & Refrigeration Contracting (IMAFALAB), Boiler & Hydronic Heating System Installation (HSAOAGAF)

Keywords

• Hydronic boilers
• HVAC manufacturing
• Commercial boiler systems
• Residential heating products
• Thermal comfort solutions

Headquarters

HQ city

Lancaster

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Others

Revenue model

1. Boiler and HVAC Product Sales: Sale of residential, commercial, and industrial boilers and related HVAC products including condensing boilers, cast iron boilers, steel boilers, copper-finned boilers, heat distribution products, and accessories. Products are sold under established brand names including U.S. Boiler, Velocity Boiler Works, New Yorker Boiler, Bryan Steam, Burnham Commercial, and Thermal Solutions.
2. Mobile Boiler Rental: Thermal InMotion provides temporary turn-key mobile boiler room rental solutions for steam and hot water boilers, serving commercial and industrial customers with short-term heating needs.
3. Commercial Industrial Services: CSI Services provides full-service commercial industrial mechanical contracting including boiler, heat recovery, and chilled water system installation, service, and preventative maintenance.
4. Foundry and Metal Manufacturing: Casting Solutions converts scrap metal into boiler castings and gray and ductile iron castings. Lancaster Metal Manufacturing produces painted light-gauge metal parts for internal use.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Burnham Holdings designs, manufactures, and sells boilers and related HVAC products for residential, commercial, and industrial applications through multiple wholly-owned subsidiaries. The company produces high-efficiency condensing boilers, cast iron and steel boilers, copper-finned boilers, flexible water tube boilers, cast iron radiators, and heat distribution products. It also offers mobile boiler room rentals, commercial mechanical contracting services, and vertically integrated iron castings and sheet metal manufacturing.

Product overview

Burnham Holdings is a holding company that operates a multi-subsidiary platform in the HVAC industry, offering the widest array of thermal-specific technologies. The company is structured around three main segments: Residential HVAC subsidiaries (U.S. Boiler, Velocity Boiler Works, New Yorker Boiler, and Governale) providing hydronic heating products; Commercial HVAC subsidiaries (Thermal Solutions, Bryan Steam, Burnham Commercial, CSI Services, and Thermal InMotion) providing boiler and heating solutions for commercial and industrial applications; and Associated Businesses (Casting Solutions and Lancaster Metal Manufacturing) providing vertical integration through iron castings and sheet metal manufacturing. Products include high-efficiency stainless steel and aluminum condensing boilers, industrial boilers, copper-finned boilers, cast iron and steel gas and oil boilers, cast iron radiators, and boiler room accessories. The portfolio is complemented by rental boiler services and commercial mechanical contracting services.

Differentiator

Problem solved

Functional benefit

Brands

• U.S. Boiler: Residential HVAC products including high-efficiency condensing stainless steel boilers, cast iron and steel boilers, combination heat and hot water boilers
• Velocity Boiler Works
• New Yorker Boiler
• Governale
• Bryan Boilers
• Burnham Commercial
• Thermal Solutions
• CSI Services
• Thermal InMotion
• Casting Solutions
• Lancaster Metal Manufacturing
• Crown Boiler

Products and services

• U.S. Boiler A recognized leader in residential boilers offering high-efficiency condensing stainless steel boilers, cast iron and steel boilers, combination heat and hot water boilers, as well as cast iron and steel heat distribution products, indirect-fired water heaters, and accessories.
• Velocity Boiler Works Residential boiler products including high-efficiency condensing boilers, combination heat and hot water boilers, cast iron boilers, indirect-fired water heaters, warm air furnaces, and a full line of accessories.
• New Yorker Boiler Steel boiler brands and a line of gas and oil-fired cast iron boilers for residential applications.
• Governale Cast iron radiators, baseboards, convectors, and accessories offering high quality and dependable performance for residential heat distribution.
• Thermal Solutions Compact, high-efficiency stainless steel condensing, copper tube, and stainless steel boilers and water heaters for light commercial markets, from small commercial buildings to educational facilities to multi-unit residential applications.
• Bryan Steam (Bryan Boilers) Flexible water tube boilers, including high-efficiency stainless steel condensing, noncondensing, and high-pressure steam units for heating and process applications in commercial and industrial markets.
• Burnham Commercial High-quality boilers and control systems for commercial and industrial applications, featuring firetube boilers of scotch marine and firebox design, as well as large modular and packaged cast iron water and steam boilers.
• CSI Services A full-service commercial industrial mechanical contracting company specializing in Boiler, Heat Recovery, and Chilled Water systems, offering customized preventative maintenance plans.
• Thermal InMotion A sales, mobile and rental boiler-room solution for commercial needs, with locations in Lancaster, PA and Abingdon, MD providing turn-key mobile boiler room rental options for steam and hot water boilers.

Quantifiable outcome

• Q1 2026 net sales increased 18.7% to $66.2 million
• +4 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators16 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Bosch Thermotechnology: Bosch Thermotechnology is a global manufacturer of heating and hot water solutions including high-efficiency condensing boilers, heat pumps, and commercial systems. It competes across multiple Burnham brands in residential and commercial hydronic heating.
• Carrier Global Corporation: Carrier is a global HVAC and building solutions major offering residential, commercial, and industrial heating products including boilers and hydronic systems through its IAC and Commercial HVAC businesses. It is a broad incumbent competing with Burnham across multiple segments.
• A.O. Smith Corporation: A.O. Smith is a leading global manufacturer of water heaters, boilers, and water treatment products serving residential and commercial markets. It is a broad incumbent in the same hydronic heating and water-heating category as Burnham's residential and commercial boiler lines.

Direct peers

• Watts Water Technologies: Watts Water manufactures water and plumbing products including boilers and hydronic heating components for residential and commercial applications. It directly overlaps with Burnham's thermal and water-heating product portfolio.
• Bradford White Corporation: Bradford White manufactures water heaters, boilers, and storage tanks for residential, commercial, and industrial applications. It directly competes with several Burnham subsidiaries in the hydronic heating and water-heating categories.
• Rinnai America Corporation: Rinnai is a major manufacturer of tankless water heaters, boilers, and hydronic heating systems for residential and light commercial applications. It directly competes with U.S. Boiler, Velocity Boiler Works, and Thermal Solutions in high-efficiency heating.
• Cleaver-Brooks: Cleaver-Brooks is a leading North American manufacturer of commercial and industrial boiler systems, including firetube, watertube, and condensing boilers. It directly competes with Burnham Commercial, Bryan Steam, and Thermal Solutions in the C&I boiler market.
• Triangle Tube / Ideal Boilers (Ideal Heating): Triangle Tube, part of Ideal Heating, manufactures high-efficiency condensing boilers and water heaters for residential and light commercial markets in North America. It directly overlaps with Burnham's high-efficiency condensing product lines.

Emerging players

• Miura America Co., Ltd. Miura is a Japanese-headquartered manufacturer of modular on-demand steam boilers used widely in commercial and industrial applications in North America. It competes with Bryan Steam and Burnham Commercial in modular commercial boiler offerings.
• Navien, Inc. Navien is a manufacturer of high-efficiency condensing tankless water heaters and combi-boilers for residential and light commercial markets. It is an emerging player with overlapping technology and customer segments with Burnham's high-efficiency boiler brands.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/BHICorporate

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Burnham Holdings