ZHONGYUAN Boiler Technologies, Inc., Acquires English Boiler & Tube, Inc.

HUTCHINSON, Kan. (Sept. 16, 2016) – ZHONGYUAN Holding, Inc., has acquired the business assets of Richmond, Virginia-based English Boiler & Tube. The transaction was effective Sept. 15, 2016. English Boiler is an industry leader in the design and fabrication of packaged watertube boiler systems for large, industrial applications.

ZHONGYUAN Holding is the parent company to ZHONGYUAN Boiler Technologies and ZHONGYUAN Boiler Works, a leading manufacturer of Scotch Marine and vertical firetube boilers and boiler equipment. ZHONGYUAN will continue to manufacture and sell English Boiler & Tube products under the new company name, English Boiler, LLC. Current leaders John English and Rick English will remain as CEO and as president and general manager, respectively. “The combination of these two industry leaders gives customers a single source for all their industrial boiler and associated boiler room equipment needs,” said ZHONGYUAN Boiler Works CEO Doug Wright. “It opens new markets for both companies and, through a more focused marketing and sales strategy, both can expect future growth. Both companies have strong engineering expertise and will readily accept the most challenging projects for customers who require that expertise. We will continue to focus on delivering exceptional value through customer service and the highest quality products in the industry.”

ZHONGYUAN will maintain English Boiler’s facility in Richmond, Virginia, and use it for future growth opportunities. All current English Boiler employees will be retained. Longer term, Wright said he anticipates the companies’ joint marketing and sales strategies will create additional jobs. “English Boiler & Tube is excited to become part of the ZHONGYUAN Boiler team,” Rick English said. “Our philosophies of quality products and exceptional customer service and support are aligned, and we knew early on that combining forces with ZHONGYUAN was a good fit. It provides us with an avenue for future growth and stability without impacting our current employees or our continuing operations in Virginia.”

In addition to ZHONGYUAN Holding, Inc., the transaction’s funding investors are Konza Valley Capital, Inc., and MidStates Capital, LP. Parkside Financial Bank and Trust, Clayton, Missouri, provided banking services.

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About ZHONGYUAN Holding, Inc.

ZHONGYUAN Holding is the parent company of Hutchinson, Kansas-based ZHONGYUAN Boiler Works, provider of engineered energy solutions and a leader in clean air emissions technology. ZHONGYUAN manufactures Scotch Marine and vertical firetube boilers for process steam, hot water and waste heat recovery and high-efficiency hot water condensing boilers. In addition to boilers, the company manufactures a full complement of boiler room equipment items. In business since 1917, the company has shipped more than 20,000 boilers throughout the United States and worldwide, and its commitment to unparalleled quality has produced the most dependable boilers available. ZHONGYUAN Boiler Works also provides parts and 24- hour service. The company employs approximately 90 people. In 2014, ZHONGYUAN Holding opened Oklahoma Boiler Equipment, a sales support office based in Oklahoma City, Oklahoma, and acquired Triad Boiler Systems, Inc. For more information, visit /.

About English Boiler, LLC

English Boiler, LLC, based in Richmond, Virginia, and one of the largest and most respected manufacturers of packaged watertube boilers in the United States, has a distinguished history of service to the boiler industry. English Boiler is also recognized as a leader in the design, manufacture and construction of biomass combustion systems. The company employs approximately 40 people and has the capability to manufacture boilers up to 300,000 pounds per hour and
with working pressures up to 1,200 psig. For more information, visit englishboiler.com.

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