Covington-based Poole Lumber Co. is slated to be sold in the coming weeks to Lafayette-based Doug Ashy Building Materials, which has six stores in southwest Louisiana and is one of Acadiana’s largest businesses.
The sale price is estimated at $4.5 million. The deal is expected to close by late August or early September.
Poole Lumber, now in its 70th year in business, is expected to keep its name and retain its 40-person workforce, said Steve Ashy Sr., president and CEO of Doug Ashy Building Materials.
Ashy plans to expand Poole’s product line and hire an additional five people to work in sales and delivery. More workers may be hired next year if the company’s business continues to expand, he said.
“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 statement. “But with our size, we bring more buying power and a wealth of knowledge with our more than 300 employees in the Lafayette area.”
Doug Ashy first opened in Lafayette in 1960. The company has two stores in Lafayette as well as locations in New Iberia, Rayne, Ville Platte and Breaux Bridge. It also operates a drywall and roofing supply company, Louisiana Drywall, in Lafayette.