Piper invests in Borough Broth
Context
Piper finalized the acquisition of a 33% minority stake in Borough Broth through a £7.5 million growth equity injection. Borough Broth currently reports revenue of and projects sales to exceed £20 million by 2026. Growth proceeds will fund a move to a new 27,500 sq ft manufacturing facility in West London, more than doubling production capacity to support product expansion into adjacent organic categories (soups, stocks, and gravies). Capital will also support key senior hires to scale the product development pipeline and operations. The investment represents Piper’s seventh deployment from Fund VII (target ticket size: £5m–£25m) and deepens its exposure to mission-led food brands. Borough Broth (a B-Corp certified business) benefits from strong UK retail distribution across Tesco, Sainsbury’s, Waitrose, and Ocado in a premium ready-to-eat market projected to grow at an 8% CAGR through 2028. Post-close, Piper will take one board seat to provide strategic oversight while preserving the founder-led culture. The transaction is fully equity-funded and expected to close in Q4 2025, subject to customary closing conditions.
-> Deep-dive in AgriFood market trends
Target
Specialist in ultra-slow-cooked organic foods, Borough Broth Company manufactures and distributes nutrient-rich culinary liquids for the United Kingdom retail market. Founded in 2015 by Ros Heathcote in a small London kitchen, the B Corp-certified enterprise operates a fully internalized production infrastructure to maintain strict control over its supply chain. The operational model relies on reclaiming British organic bones from the meat industry, utilizing ingredients from Soil Association certified farms. Through a twenty-four-hour extraction process, the manufacturer produces a specialized portfolio including grass-fed beef bone broth, free-range chicken pho, wild fish bone broth, and Tonkotsu Ramen. To distribute its packaged food lines, the company maintains commercial agreements with major grocery retailers, ensuring product availability across Tesco, Sainsbury's, Waitrose, and Ocado. The industrial framework is supported by a dedicated workforce of approximately 50 employees who oversee the in-house manufacturing protocols. The brand caters to specific dietary profiles, offering low-carbohydrate and high-protein formulations tailored for longevity regimens and gut health support.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (GBP)
Similar deals in Food Processing
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2026 | KEURIG DR PEPPER | JDE PEETS | NETHERLANDS | Coffee & Tea |
| 01/2026 | ILLVA SARONNO | DELITE | ITALY | Ingredients |
| 12/2025 | NEWPRINCES GROUP | PLASMON | ITALY | Food Products |
| 12/2025 | EUROPE CAPITAL PARTNERS | ESCA | ITALY | Food Products |
| 12/2025 | Katjes International | Graze | UNITED KINGDOM | Food Products |
| 12/2025 | ANHEUSER-BUSCH INBEV (AB INBEV) | BEATBOX BEVERAGES | UNITED STATES | Soft Drinks |
| 12/2025 | VALSOIA | KREPKO | SLOVENIA | Dairy |
| 12/2025 | SOLUM PARTNERS | GREENYARD | BELGIUM | Food Products |
| 11/2025 | INVESTCorporate | TREEHOUSE FOODS | CANADA | Food Products |
| 11/2025 | CAMLIN FINE SCIENCES | VINPAI | FRANCE | Ingredients |
REFERENCES
Revenue range: 10M - 30M GBP
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Borough Broth by Piper are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: borough broth
Acquirer: piper