Key Takeaways
- Promontory Strategy Group successfully led the sale of Central Furnace Supply (CFS) to WSM Industries through a structured and confidential transaction process.
- The transaction addressed key objectives for the Ruble family, including succession planning, ownership transition, and shareholder liquidity.
- CFS built a strong regional reputation over nearly 70 years through HVAC expertise, responsive service, and long-standing customer relationships.
- A competitive buyer evaluation process identified WSM Industries as the best strategic partner to support CFS’s future growth.
- Christopher Riegg’s experience in mergers and acquisitions, family-owned businesses, and ownership transitions helped guide the transaction from planning to completion.
Christopher Riegg is a partner with Promontory Point Capital and founder of Promontory Strategy Group, where he advises business owners and executive teams on financial and strategic matters. A CPA and CFA with more than three decades of financial services experience, he focuses on mergers and acquisitions, succession planning, debt refinancing, restructuring, recapitalization, and ownership transitions. His background includes roles with JPMorgan Chase & Co., U.S. Bank, and L. William Teweles & Co., as well as work with more than 200 clients in industries including manufacturing, services, distribution, and technology.
In the transaction involving Central Furnace Supply and WSM Industries, his experience with family-owned businesses, shareholder liquidity objectives, and confidential sale processes provides relevant context for the Promontory-led transition described below for readers.
Promontory Strategy Group Leads Central Furnace Supply Sale to WSM
Promontory Strategy Group has announced the completion of a successful sale involving the family-owned wholesale HVAC distributor Central Furnace Supply, Inc., based in Chicago, Illinois. Promontory founder Christopher Riegg, CFA, CPA, led the structured and confidential transaction process, which included a transition of both succession and ownership to WSM Industries, a portfolio company of Maple Hill Capital.
A third-generation family business, Central Furnace Supply (CFS), approached Promontory to guide transition processes, with a focus on succession planning, ownership transition, and shareholder liquidity objectives. CFS began operations in 1957, and for nearly 70 years has served the needs of northern Illinois and southern Wisconsin contractors, resulting in a sterling reputation throughout the region. Clients have praised the CFS team for their comprehensive HVAC knowledge, as well as their extensive network of manufacturing partners and exclusive sales and marketing partnerships with local HVAC companies.
CFS is also known for its highly responsive, client-first approach. The company maintains a dedicated delivery fleet operating out of a 50,000-square-foot warehouse, allowing for reliable daily distribution to regional clients.
Promontory first engaged with the CFS ownership group in June 2025 as shareholders assessed long-term goals for the company, along with matters of family ownership and the next phase of growth. Early discussions regarding a potential transition involved targeted communications with strategic and financial buyers, the evaluation of buyer interest, and the preparation of transaction marketing materials. This ultimately culminated in the complete coordination of the sale, which included not just the operating business but also a separately owned CFS real estate facility.
Promontory worked closely with the CFS family to identify a preferred partner. WSM Industries emerged as the top candidate following a competitive process that included several interested buyers. For more than a century, WSM Industries has manufactured and distributed sheet metal, gradually expanding to include an array of additional HVAC-related products. The organization has evolved into a major service provider to mechanical contractors throughout the Midwest. WSM leaders viewed the acquisition of CFS as a valuable opportunity for continued strategic growth.
Speaking on behalf of CFS, company president Tony Ruble and vice president Mike Ruble expressed gratitude to Promontory. “You provided steady, thoughtful leadership throughout every stage of the process. Thank you again for your leadership, professionalism, and expertise throughout this important milestone for our family and our business.”
The sales process occurred relatively quickly. Following early discussions with CFS in May 2025, Promontory Strategy Group completed the sale to WSM in early 2026, less than eight months later. Promontory has established a long track record of successfully partnering with family-owned and other privately held businesses on these types of transactions. The company uses a combination of investment banking discipline, extensive transaction experience, and strategic insight to ensure that clients fully understand their options for ownership transitions, risk management strategies, and a range of long-term business objectives and executive decisions.
Promontory founder Christopher Riegg described the CFS sale as an example of the “thoughtful, confidential process that is often required for privately held and family-owned companies navigating succession, liquidity, and long-term growth decisions.” He continued, stating that everyone at Promontory was proud to manage such an important transition for the Ruble family and CFS, “a strong business with a long operating history, respected customer relationships, and a dedicated team.”
FAQs
What role did Promontory Strategy Group play in the CFS sale?
Promontory Strategy Group managed the entire transaction process, including succession planning, buyer outreach, valuation support, negotiations, and coordination of the final sale. The firm also helped facilitate the transfer of both the operating business and related real estate assets.
Why did Central Furnace Supply pursue a sale?
The ownership group sought guidance on long-term succession planning, shareholder liquidity, and the future growth of the business. The sale allowed the family to achieve these objectives while positioning the company for continued success under new ownership.
Why was WSM Industries selected as the buyer?
WSM Industries emerged as the preferred partner after a competitive evaluation process involving multiple interested parties. Its long history in the HVAC industry and strategic growth objectives aligned well with the future vision for CFS.
What makes family-owned business transitions unique?
Family-owned business sales often involve balancing financial objectives with legacy considerations, employee relationships, and long-term business continuity. These transactions typically require careful planning, confidentiality, and stakeholder alignment.
How does an investment banking process help business owners maximize outcomes?
A structured transaction process creates competitive buyer interest, improves valuation visibility, and helps owners evaluate multiple options. This approach can lead to stronger outcomes while ensuring owners fully understand the strategic and financial implications of a sale.
About Christopher Riegg
Christopher Riegg is a partner with Promontory Point Capital and an experienced financial services professional. He holds a BBA in accounting from the University of Wisconsin-Milwaukee and an MBA in corporate finance from Marquette University. A CPA and CFA, he focuses on mergers and acquisitions, debt refinancing, restructuring, recapitalization, succession planning, and advising family-owned businesses. He is a member of the Association for Corporate Growth.
Cover photo credit: Ketut Subiyanto / Pexels
