US bone-broth supplier Kettle & Fire has secured $43m in a secondary buyout led by Colter Ventures.
In a statement to Just Food, Kettle & Fire said the fresh investment meant “previous investors” was bought out but did not amount to a majority stake in the business.
Nick Mares co-founded Kettle & Fire with his brother Justin in 2014. They remain shareholders but the terms of the transaction were not disclosed.
Colter Ventures founder Sam McBride said: “We partnered with the founding and operating teams to create a structure that aligns investors, founders, and operators to unlock Kettle & Fire’s full potential.”
The investment Kettle & Fire has raised since its inception includes $8m in a 2018 funding round led by Cavu Ventures.
Kettle & Fire CEO Brian Hack added the Texas-based company “was in an excellent position for a transaction like this.”
He said: “The early investors were fantastic partners who helped lay a strong foundation.
“Looking ahead, we believe Kettle & Fire has the potential to become a multi-hundred-million-dollar platform, and this investor base is perfectly aligned to help achieve that vision.”
Kettle & Fire’s bone broths, cooking broths and soups are available through retailers such as Walmart, Whole Foods Market and Sprouts Farmers Market, as well as direct-to-consumer channels.
The company said it plans to use the investment to grow retailer demand, “deepen investments in supply chain partnerships” and launch more products.
Without disclosing figures for its annual net sales, Kettle & Fire said it aims to “surpass company sales records”.
According to Justin Mares, the brand sells into more than 50,000 points of distribution.
The company is also weighing up moving into more international markets.
“We are currently sold in Canada and are evaluating additional international markets,” it told Just Drinks.
