JV2 Innovative Products LLC, a Delaware-based entity created June 4, completed the purchase less than a year after Tervis filed for Chapter 11 bankruptcy with more than $30 million in debt. Company officials did not disclose the purchase price and declined to name the investors, saying the group includes one local partner and several from outside Florida with backgrounds in manufacturing.

The new owners intend to retain the Tervis brand and will soon appoint a new president, chief revenue officer and sales leaders. Plans also include investment in product development, manufacturing upgrades and a larger sales team.

Rogan Donelly, whose family founded the company in 1946, will remain a minority shareholder. Donelly and outgoing CEO Hosana Fieber, who will assist with the transition but depart afterward, will jointly own the company’s last remaining retail store in Osprey.

Tervis built its reputation on the double-walled insulated tumbler and became one of Sarasota County’s best-known brands, employing as many as 1,000 people at its peak. The company generated $90 million in revenue in 2022 but saw sales drop by half two years later. The business filed for bankruptcy protection in September 2024, listing $15.7 million in assets and $32 million in liabilities. The company emerged from bankruptcy in February after shedding debt and resolving litigation.

Recent launches include TervisHome, a household products line, and a melamine dinnerware collection. Company leaders said the new ownership aims to position Tervis to better compete with brands like Yeti and Stanley.

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