A southern Maine businessman will announce with Gov. John Baldacci today his purchase of Granville Lumber, a 22-year-old family-owned business in Holden and Blue Hill.

Chris Rhoades, 42, a self-described entrepreneur, real estate developer and equity portfolio manager from Falmouth, purchased the building supply company from Ned Jennings, 63, of Holden on Tuesday.

“I’m very excited about the region,” Rhoades said Wednesday. “I think that there’s a lot of growth and opportunity.”

Rhoades plans to retain Granville Lumber’s 80 employees and to rename the business Rhoades Building Products. Rhoades also owns H.F. Pinkham Inc.’s stores at 55 North Main St. in Milbridge and 52 Dublin St. in Machias, which he purchased in 2004. Earlier this year, he opened his first Rhoades Building Products location at 416 High St. in Ellsworth. Within the next four months, all five locations will bear the Rhoades Building Products name, he said. The Holden location will serve as headquarters.

Jennings said Wednesday he has planned for more than a year to sell his business.

“I have other outside interests and two other companies that I want to focus on,” Jennings said. He will lease space from Rhoades and retain his ownership of Granville Rental and Granville Stone with locations in Holden and Ellsworth. Jennings hopes to open more locations in the midcoast area, he said.

“My wishes are to thank them [my customers] for their support over the years. Without them we wouldn’t have the support we have today or interested people like Chris Rhoades,” Jennings said.

Baldacci described Rhoades Building Products Inc. as a “quality company.”

“I think he [Rhoades] is looking to expand the work force. It reinforces the idea that Maine is open for business,” Baldacci said Wednesday.

Baldacci will join Rhoades for a press conference at 10 a.m. today at the Holden facility.

Rhoades moved to Maine from California in 2003 and purchased commercial property in Windham, which he leases to Applebee’s restaurant and Planet Fitness athletic club. When he purchased H.F. Pinkham, he hired former Ellsworth Building Supply manager Steve Veilleux of Trenton to serve as president of the company. Veilleux will oversee operations at all Rhoades Building Products locations.

“We’ll probably add our own twist to things, bring in new product lines and the best products from H.F. Pinkham and Granville Lumber. As close as the two companies are, they do sell different products,” Veilleux said.

Granville Lumber is an ACE Hardware store and will retain that affiliation, Rhoades said. He will introduce Jeld-Wen windows and doors, Anderson windows and Heartland vinyl siding product lines.

“When you’re buying for five locations, there’s increased buying power which comes with pricing advantages and more inventory,” Rhoades said.

When asked how Rhoades Building Products plans to compete with Lowe’s and The Home Depot, which are currently planning or building new stores in Bangor and Brewer, Veilleux said Rhoades Building Products plans to “provide a level of service that can’t be duplicated at a big box.”

“Our core customers are professional builders,” Veilleux said. “Professional builders are not just looking for price. They’re looking for service, location and doing business with people they like.”

Rhoades Building Products will offer credit purchase options, experienced and knowledgeable staff, estimate services and boom truck deliveries of heavy supplies, Veilleux said.

Mike Jennings, Ned Jennings’ son, will move from Granville Lumber to Rhoades Building Products and remain the vice president of purchasing. The company plans to hire a new chief financial officer and experienced salesmen, Veilleux said.