Westhampton Pastry Shop at Patterson and Libbie avenues in Richmond has new owners — brothers George A. Oley III and Mark Oley and their cousin Billy Fallen, a breadmaker who will manage the day-to-day operations of the bakery.
Capital Business Brokers, which brokered the sale, announced the new ownership Monday. The new owner, O&B Pastry LLC, registered the new business with the state on June 22.
The sale price was not disclosed.
Mark Oley, a pharmacist, runs Westwood Pharmacy located about a block west from the pastry shop at 5728 Patterson Ave. George Oley is a dentist in private practice. Fallen has sold baked goods under the name Billy Bread Bakery.
Westhampton Pastry Shop has been a Richmond tradition since 1952 — producing doughnuts, cakes, buns, cookies and other goodies to satisfy Richmonders’ cravings for sweets.
“I sold it. I’m 69 years old. It’s time to move on,” said Guy “Boots” Rogers III, former owner, whose father purchased the bakery in 1976.
“It’s been the life of my parents. My dad turned it over to me in 1994, and I have been running it since then. I’ve been there since I was 30 years old. It’s been my life. When you own a bakery, you basically live at the bakery. It’s your life.”
George Oley said he learned about six months ago that Rogers wanted to sell. His family has been going to the bakery for more than 60 years, he said.
“This is a Richmond icon. My mother used to buy us Easter eggs from the Westhampton bakery,” Oley said, emphasizing that the partnership wanted to preserve that legacy.
“We decided to keep everything exactly like it is — the brownies, pastries, doughnuts, pies, macaroons, butter star cookies — every single thing there has a following. You don’t want to lose any of it,” he said.
Rogers no longer works for the bakery but helped with the transition — sharing the recipes and training the new baker to cook the bakery’s specialties. Rogers’ wife, Diana, continues to do some bookkeeping and is remaining long enough to make sure all the wedding cakes she promised clients are delivered. A daughter, Christina, who was employed at the business left to pursue another career, Rogers said.
Capital Business Brokers, a subsidiary of Chesterfield County-based financial advisory firm Transact Capital Partners, focuses on transactions involving small, privately held businesses located in Virginia.
“We enabled a multigeneration family business to remain operational and maintain its identity,” said Barry Krauss, a senior vice president at Capital Business Brokers, who brokered the deal for the sellers.
Steve Moore, a vice president, co-brokered the transaction, representing the buyers.
George Oley said they have kept all the employees who wanted to stay and there are no immediate plans for any major changes. The bakery might add coffee, he said.
“Boots was very appreciative of the fact that we knew him and his products and wanted to keep it in the family, so to speak,” Oley said.