Andy’s Handy Store, a Yarmouth institution since 1935, will change owners and undergo dramatic renovations in the coming months, the store’s current and future owners said.

A group of four local investors agreed in November to buy the iconic business on Main Street. It will retain its name but will be transformed inside to feature upscale bakery and pizza options, groceries and a seating area for about 25, said Sean P. Ireland, one of the investors.

Current owner Matt Williams, who purchased the business in 2013, said he will help Ireland and his business partners during the transition.

“We’re mostly excited about partnering with the town and the community to build and create a vibrant space at Handy Andy’s that both honors the tradition of the store and its legacy but also makes improvements upon it,” Ireland said.

The purchase deal is expected to be closed by February, and renovations completed by May, Ireland said.

He is joined in the venture by a cousin, Amy Ireland, and Chris Peters and Andrew Watson. All are from Yarmouth except Watson, who lives in Portland, Ireland said.

Although details are still being hashed out, Ireland said his group envisions adding a commercial kitchen and updating the grocery options. Most dramatic, perhaps, will be the transformation of an attached carriage house into a 1,300-square-foot cafe seating area.

“People can come in the morning, get their croissant and coffee, do some work, and on the way out buy some things for dinner or the next day,” Ireland said.

At night, Ireland said he envisions an upscale pizza maker using the carriage house as a dining room to offer casual restaurant-style food service.

Although he was unable to name companies or specifics, Ireland said he and his partners are looking for recognizable local vendors to offer high-quality food and beverages at the store.

“So the core function will be as a market-grocer, which will change a little from what I will call the convenience store component,” Ireland said. “It’s sort of like a place you (will) go to get anything you needed at home for the next couple days.”

Williams said he is excited to see the store adapt and move forward, even if it’s without him.

“I grew up in the (grocery) business, I love it. But truly it’s taken a toll on me,” Williams said. “So it’s best for us to pass it on, and to someone who can put some money into it. I think it’s going to be fantastic, what they do.”

Ireland said he hopes to perform renovation work in phases while keeping some or most of the store open for business.

“There’s a real pride of ownership in this,” Ireland said. “This seemed like something that was really missing in the village.”

The new setup will not exclude Yarmouth children, who now enjoy a popular ice cream counter at Andy’s Handy Store. Between them, Ireland and his co-owners have eight children, who have been vocal about what to include and what to add in the new store.

“We really like and embrace the kids’ portion of Handy Andy’s,” Ireland said. “It’s almost a rite of passage for local kids to be able to walk and ride their bike (to the store).”