Tervis Sold to Investor Group, Headquarters Moving to Bradenton After 75 Years in Venice

After more than seven decades under Donelly family ownership, Venice-based drinkware maker Tervis has been sold to a five-member investor group operating as JV2 Innovative Products LLC, with plans to relocate the headquarters to Bradenton. The move marks the end of an era for the Sarasota County icon, once one of the region’s largest employers, and the start of a new chapter fueled by outside investment.

JV2 Innovative Products LLC was formed on June 4 in Delaware. While the identities of the investors remain undisclosed, one is local to Florida and four are from outside the state. Tervis officials describe the group as having extensive manufacturing experience and a commitment to strengthening the company’s market position in the face of competition from brands such as Yeti and Stanley.

Financial terms of the sale, as well as the amount JV2 plans to invest, were not disclosed. Company officials say the new owners will retain the Tervis name and plan to appoint a new president, chief revenue officer, and four sales leaders in the coming weeks. Their strategy includes expanding the sales force, enhancing product development, and introducing innovations in materials and manufacturing.

Chairman Rogan Donelly, whose family has owned Tervis for 75 years, will remain a minority shareholder and will co-own the company’s sole remaining retail store in Osprey with outgoing CEO Hosana Fieber. The two emphasized that while the sale closes a long chapter for the Donelly family in Venice, it represents a strong move for the company’s future. From 2020 to 2024, principal family shareholders loaned nearly $19 million to keep the business operating, according to bankruptcy court records.

“The entire Donelly family is extremely proud of Tervis’ legacy, and we are excited for the opportunity ahead given the renewed investment in the brand,” Donelly said in a statement. “This investment is exactly what is needed to position Tervis for success in its next 80 years.”

Founded in 1946 by Detroit engineers Frank Cotter and G. Howlett Davis, the company’s name was formed from the last three letters of their surnames. They invented the double-walled insulated tumbler that remains Tervis’s signature product. The company moved to Venice in the 1950s after being purchased by Casey Key entrepreneur John Winslow, Donelly’s grandfather. Winslow’s son-in-law, former Wall Street banker Norbert Donelly, later took over leadership before passing the reins to his son Rogan.

From 2000 to 2020, Tervis grew from a niche tumbler maker into a nationally recognized brand, selling products through major retailers like Bed Bath & Beyond and Beall’s while building a strong e-commerce business. At its peak a decade ago, the company employed about 1,000 people, including seasonal workers. In 2022, Tervis reported $90 million in revenue, but by 2024, revenue had fallen by half.

When the company filed for Chapter 11 bankruptcy on Sept. 5, 2024, it listed $15.7 million in assets against more than $32 million in liabilities. Contributing factors included fluctuating e-commerce demand following the pandemic, a prolonged decline in consumer discretionary spending, high operating expenses, and a complex lawsuit from a former supplier.

Tervis emerged from bankruptcy on Feb. 10, 2025, with litigation dismissed and debt resolved. Post-bankruptcy plans focused on expanding into home-use products, including the TervisHome line and new melamine dinnerware launched in January.

Fieber, who has led the company since October 2023 and served in various roles since 2009, will step down but help with the transition. While she retains a connection through the Osprey store, she says she looks forward to seeing what JV2 will bring to the brand.