Step 1

Bring a small pot filled with water to a boil over medium high heat. Add onions and cook for 2 minutes, cool. Using a pairing knife, remove roots, ends and peel.

Step 2

In a medium saucepan over medium-high heat, add olive oil and butter. Add onions and lower heat to medium. Cook for 3 minutes or until bottoms are caramelized, then flip and repeat, and add thyme.

Step 3

Add balsamic vinegar, sugar, water and kosher salt. Cover the pan and leave for 2 minutes. Gently stir onions and cook until liquid has slightly reduced.