Add the brown sugar, apple cider vinegar, balsamic vinegar, water, 1 teaspoon of the fresh thyme and black pepper. Return the cooked bacon to the pan. Bring the mixture to a boil and then lower the heat and simmer for about 20 minutes until the liquid reduces and the consistency is thick and syrupy. Stir in the remaining fresh thyme.
Serve warm on burgers, steaks, waffles, sandwiches, crostini or as a condiment for a cheese board. To store, refrigerate in jars for up to four weeks.