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12/2025Minority

Piper invests in Borough Broth

UNITED KINGDOM Food Processing / Food Products REV £10–30M

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 £10–30M 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.

By taking control of Borough Broth, Piper continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Yard Sale Pizza in 2025.

-> 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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2026
£10–30M
[members only]
[members only]
2025
£10–30M
[members only]
[members only]

Other operations with Piper

Other operations with Piper
DateAcquirerTargetCountrySector
10/2026PIPERREEVE THE BAKERUNITED KINGDOMRestaurants / Chains
12/2025PIPERVIEVEUNITED KINGDOMHygiene & Beauty Brands
04/2025PIPERYARD SALE PIZZAUNITED KINGDOMRestaurants / Chains
11/2024PIPER / COOL JAPAN FUNDINSIDE TRAVEL GROUPUNITED KINGDOMTour Operators
07/2024PIPERMARTIN RANDALL TRAVELUNITED KINGDOMTour Operators
02/2016PIPERMONICA VINADERUNITED KINGDOMWatches & Jewelry

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REFERENCES

Revenue range: REV £10–30M

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.

Target: borough broth

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Borough Broth, a British company specialised in Food Products, by Piper in 2025.

What was Borough Broth’s revenue at the time of the deal?

At the time of the transaction, Borough Broth’s annual revenue was estimated within the £10–30M range (FY 2026). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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