Next Frontier acquires Muhu ginBy Nicola Carruthers
CBD-infused Muhu gin has been sold to US-based private equity firm Next Frontier Brands for a seven-figure sum.
London-born Sally Wynter launched the UK’s ‘first’ CBD-infused gin in 2019 with a budget of £1,000 (US$1,225) at the age of 24.
Muhu gin has been made with sweet hibiscus and infused with CBD (cannabidiol).
The brand takes its name from a beach shack on the west coast of Thailand, which Wynter visited during her travels around Asia.
Wynter took to Linkedin last week to confirm that the brand was sold for seven figures.
After sales of Muhu online quadrupled following the first fundraising round, Wynter said she received an offer to buy the brand.
In late 2020, the business was acquired by Next Frontier Brands, the founder recently revealed.
“Acquisitions are rare, especially in the food and drink sector, so I never imagined it would happen for me… let alone having an offer agreed just five months after it had launched,” said Wynter.
“It’s what every entrepreneur dreams of and somehow, against the odds, it happened for me.”
Wynter now advises business owners on strategy, marketing and bootstrapping. She is also an investor in dating club ‘Thursday’ and tea-based canned drink IKO.
Wynter added: “There’s definitely another business in me which I’ll probably start working on towards the end of 2022.
“At the moment, I’m really enjoying advising other entrepreneurs – especially on bootstrapping. People say you need £50,000-plus to launch a start-up and (with the right advice) that’s just not true.”