Promontory guides Central Furnace Supply sale to WSM Industries

By AI, Created 11:38 AM UTC, May 20, 2026, /AGP/ – Promontory Strategy Group advised Central Furnace Supply on a confidential sale to WSM Industries, completing a family ownership transition in the first quarter of 2026. The deal gives the longtime HVAC distributor a new growth platform while delivering liquidity and succession planning for the Ruble family.

Why it matters: - The transaction completes a succession and ownership transition for a third-generation family business. - Central Furnace Supply gains a new owner with broader scale in HVAC products and distribution. - The deal also addresses shareholder liquidity for the Ruble family.

What happened: - Promontory Strategy Group advised Central Furnace Supply, Inc. on the sale of the family-owned wholesale HVAC distributor to WSM Industries. - WSM Industries is a portfolio company of Maple Hill Capital. - The sale closed in the first quarter of 2026. - Promontory completed the full transaction process in less than eight months. - Christopher Riegg, CFA, CPA, founder of Promontory Strategy Group, led the structured and confidential process.

The details: - Central Furnace Supply is based in suburban Chicago, Illinois, and has served contractors and builders across northern Illinois and southern Wisconsin since 1957. - The company built its regional position through HVAC industry expertise, long-standing manufacturer relationships, exclusive sales and marketing relationships with select HVAC manufacturers, and a service-oriented culture. - Central Furnace Supply operates with a 50,000-square-foot warehouse and a dedicated delivery fleet. - Promontory was brought in by the company’s third-generation family ownership to support succession planning, ownership transition, and liquidity goals. - The engagement covered transaction marketing materials, targeted outreach to strategic and financial buyers, management of buyer interest, and coordination of the sale of both the operating business and the separately owned real estate facility. - Multiple interested parties took part in the process before WSM Industries was chosen as the preferred partner. - WSM Industries was founded more than 100 years ago and manufactures and distributes sheet metal and related HVAC products for mechanical contractors across the Midwest. - The transaction includes both Central Furnace Supply’s operating business and its separately owned facility.

Between the lines: - The deal suggests the Ruble family prioritized a confidential process that balanced continuity, liquidity, and future growth. - Selling to an established industry buyer can preserve customer and supplier relationships while giving Central Furnace Supply access to a larger platform. - Christopher Riegg framed the transaction as a typical path for privately held companies facing succession and long-term growth decisions. - Tony Ruble, president, and Mike Ruble, vice president, said Promontory provided steady, thoughtful leadership throughout the process.

What’s next: - Central Furnace Supply is positioned for continued growth inside WSM Industries. - The Ruble family has completed a comprehensive ownership transition. - WSM Industries will fold Central Furnace Supply into its Midwest HVAC manufacturing and distribution network. - Promontory Strategy Group continues to focus on succession planning, mergers and acquisitions, and ownership transition advisory for privately held businesses.

The bottom line: - The sale marks a clean exit for a long-held family business and a strategic expansion for WSM Industries.