US bone-broth supplier Kettle & Fire has secured $43m in a secondary buyout led by Colter Ventures.
In a statement, Kettle & Fire confirmed that this fresh investment facilitated the buyout of “previous investors,” though it did not grant a majority stake in the business.
Co-founded in 2014 by Nick Mares and his brother Justin, Kettle & Fire retains its original shareholders; however, the specific terms of the transaction remain undisclosed.
According to Colter Ventures founder Sam McBride, “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.”
Kettle & Fire’s funding history includes $8m raised in a 2018 funding round led by Cavu Ventures, demonstrating consistent growth in the food manufacturing sector.
CEO Brian Hack emphasized that the Texas-based company was “in an excellent position for a transaction like this.” He further stated, “The early investors were fantastic partners who helped lay a strong foundation.”
Moving forward, Hack expressed confidence: “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 product range, which includes bone broths, cooking broths, and soups, is accessible through prominent retailers such as Walmart, Whole Foods Market, and Sprouts Farmers Market, in addition to direct-to-consumer channels.
With the recent investment, Kettle & Fire plans to enhance retailer demand, deepen investments in supply chain partnerships, and introduce more products to the market.
While Kettle & Fire did not disclose specific figures for its annual net sales, the company aims to “surpass company sales records.”
Justin Mares reported that the brand is currently sold in over 50,000 distribution points, significantly expanding its market presence.
Additionally, the company is contemplating entry into more international markets. “We are currently sold in Canada and are evaluating additional international markets,” Kettle & Fire stated.
