Doug Ashy Building Materials of Lafayette, La. has entered an agreement to purchase Covington, La.’s Poole Lumber Co. the Baton Rouge Advocate reports. Doug Ashy Building Materials has six stores in southwest Louisiana. The sale price is estimated at $4.5 million in a deal expected to close late this month or early in September.
Poole Lumber is in its 70th year of business. According to Steve Ashy Sr., president and CEO of Doug Ashy Building Materials, the 40-person workforce will remain at Poole Lumber and the company will continue to operate under its current name.
Ashy told the Advocate that he hopes to expand upon Poole Lumber’s product line, as well as add an additional five people to the staff in sales and delivery.
“We are remarkably similar to Poole, both in our roots and by our continuing passion to make sure our customers can rely on us to have the quality of materials they need,” Ashy said in a press release.