Perfect Day, a US-based food technology venture that counts Singapore state investment firm Temasek, Disney veteran Bob Iger and Horizon Ventures among its investors, has sealed a deal to acquire Sterling Biotech Ltd, advancing the company’s manufacturing capacity and owned manufacturing network.
The firm said this acquisition will double its production capability in the near-term with the addition of four high-value assets, including two operational manufacturing facilities in Masar, Gujarat—more than returning on Perfect Day’s immediate investment of 1.5x the winning auction price of Rs 638 crore. Sterling was up for auction under the liquidation process, over pending dues.
These manufacturing facilities include precision fermentation capabilities with existing fermenters that will allow the company to service existing customers of Sterling Biotech in both the pharma and protein sectors.
The Food Safety and Standards Authority of India has also approved Perfect Day’s application for its animal-free milk proteins, opening the door for commercialization in India. In the near-term, Perfect Day will export animal-free protein produced in India to meet increasing global customer demands while it works on building a roadmap for domestic commercial opportunities.
The facilities also are outfitted for other premium, pharmaceutical-grade ingredient production, including gelatin and dicalcium phosphate.
“This strategic acquisition stands to vastly expand our ability to make and sell protein while leveraging our robust technology platform across new ingredient opportunities,” said Ryan Pandya, CEO and co-founder of Perfect Day. “Our mission is one driven by collaboration, and we look forward to working closely with Sterling Biotech’s existing customers and employees as we continue to expand our investment in India and drive positive change together,” he added.
Perfect Day’s team in India will now be based in Gujarat, Karnataka, and Tamil Nadu, with potential additional states in the future as the team grows in the market.
Founded in 2014 by Ryan Pandya and Perumal Gandhi, Perfect Day leverages expertise across biology, food innovation and consumer products to build a product portfolio.
The company’s flagship product, the world’s first precision-fermented protein, debuted in 2020 and today can be found in animal-free ice creams, cream cheese, baked goods, and sports nutrition products across the US, Hong Kong and Singapore. Instead of relying on cows, Perfect Day utilizes microflora to create proprietary animal-free milk protein.