Early Life and Education
Born in Greensboro, North Carolina, on January 1, 1943, Ronald Perelman was raised in a Jewish family. He attended The Haverford School and earned a Bachelor of Arts in economics in 1964 and an MBA from the Wharton School of Finance in 1966, both from the University of Pennsylvania.
Rise to Success
Perelman's career began with his father's company, Belmont Industries. However, he sought more independence and orchestrated the purchase of Cohen-Hatfield Jewelers in 1978, marking his first major deal as an independent investor. His business acumen led him to acquire MacAndrews & Forbes, a licorice extract and chocolate distributor, which he transformed into a holding company. Through MacAndrews & Forbes, Perelman acquired numerous companies across various sectors, including Revlon in 1985 for $1.74 billion, making it one of his most notable acquisitions. He later sold assets to pay off debts.
Key Business Strategies
Perelman is known for his strategy of acquiring undervalued companies, restructuring them, and either selling them for profit or integrating them into his portfolio. He employed leveraged buyouts to finance many of his acquisitions. His ability to identify profitable businesses and adapt to market changes was crucial to his success.
Philanthropy
Perelman is a committed philanthropist and has donated to various causes, including medical research, education, and the arts. He established the Revlon/UCLA Women's Cancer Research Program and the Ronald O. Perelman Department of Dermatology at New York University Langone Medical Center. He has also supported Carnegie Hall and the Guggenheim Museum.