Christopher Riegg, a CPA and CFA, is a partner with Promontory Point Capital and brings more than three decades of financial services experience to advisory work with business owners and executive teams. His background includes mergers and acquisitions, debt refinancing, restructuring, recapitalization, succession planning, corporate lending, and growth strategy guidance for family-owned and privately held companies. After earning a BBA in accounting from the University of Wisconsin-Milwaukee and an MBA in corporate finance from Marquette University, he held roles that included audit supervisor at JPMorgan Chase & Co., vice president of Capital Markets at U.S. Bank, and managing director at L. William Teweles & Co. His experience advising more than 200 clients provides relevant context for Promontory’s work guiding Central Furnace Supply through its sale to WSM Industries.
Promontory Guides Central Furnace Supply through Sale
Promontory Strategy Group recently advised Central Furnace Supply, Inc. in its successful sale to WSM Industries, marking a big milestone for the family-owned HVAC distributor. The transaction highlights the importance of succession planning for privately held businesses navigating ownership transitions.
Founded in 1957 and based in Chicago, Illinois, Central Furnace Supply is a wholesale distributor of HVAC equipment. Over the decades, it has built a strong reputation serving contractors and builders in Illinois and Wisconsin. The company established itself as a trusted distributor through industry expertise, strong manufacturer relationships, and a customer-focused, service-oriented business culture. Operating from a large warehouse facility with its own delivery fleet, the company consistently provides efficient distribution services to customers in the regions it serves.
For seven decades, Central Furnace Supply remained under the ownership and management of the Ruble family. In 2025, the third generation of ownership was evaluating the future of the company, specifically with regard to the family’s ownership of the business over its next chapter of growth. Management, led by company president Tony Ruble and vice president Mike Ruble, formally engaged Promontory Strategy Group to advise on the transition process.
Promontory provides strategy consulting and financial advisory services to private companies. Its services cover pre-transaction advisory (sales and mergers), succession planning, and capital raising initiatives. Promontory provides external perspective that complements a business’s existing legal, accounting, and banking relationships.
Following its engagement with Central Furnace Supply, Promontory conducted a confidential and competitive transaction process designed to identify the right strategic partner for the business. After discussions with multiple parties, WSM Industries emerged as the preferred buyer.
WSM Industries, a portfolio company of Maple Hill Capital, brings more than a century of experience in manufacturing and distributing sheet metal and HVAC-related products throughout the Midwest. It specializes in manufacturing pipes, ducts, fittings, and spiral pipes as well as a range of flat sheets, insulation supplies, venting, and registers and grills. What started as Wichita Sheet Metal Works in 1909 is now a regional operator with seven locations serving clients in 10 states.
The acquisition of Central Furnace Supply positions the Chicago-based distributor to continue growing while benefiting from the resources and larger operational capabilities of WSM Industries. The transaction represents the beginning of a new chapter for the business. Central Furnace Supply’s experienced workforce and strong customer relationships will remain valuable assets under new ownership.
The deal also provided liquidity and transition certainty for the Ruble family, after owning the company for generations. Owners of family businesses often face complex decisions regarding long-term continuity of their business after a sale. Transactions like this demonstrate how strategic acquisitions can preserve a company’s legacy while opening new opportunities for expansion and modernization.
Promontory’s role in the transaction highlights the need for advisory services by privately held companies navigating transitions. Advisors not only facilitate negotiations but also help ownership groups conduct due diligence and identify suitable buyers that align with their objectives.
For Central Furnace Supply, Promontory oversaw every phase of the business’ sale, including succession planning, buyer outreach, negotiations, and coordination of the sale process. It also completed the transaction in under eight months, further underscoring the value of working with qualified advisors.
Speaking after the acquisition was announced, Tony and Mike Ruble complimented Promontory’s thoughtful leadership throughout the transaction. They further appreciated its expertise and professionalism while handling the important milestone for the family business. Ultimately, the successful sale of Central Furnace Supply demonstrates how strategic advisory support from firms like Promontory Strategy Group can help family-owned businesses navigate major transitions while preserving their legacy.
About Christopher Riegg
Christopher Riegg is a partner with Promontory Point Capital, where he advises business owners and executive teams on financial and strategic matters. A certified public accountant and Chartered Financial Analyst, he earned a BBA in accounting from the University of Wisconsin-Milwaukee and an MBA in corporate finance from Marquette University. His areas of focus include mergers and acquisitions, succession planning, debt refinancing, restructuring, recapitalization, corporate lending, and growth strategy.