Early Life and Education
Ronald Owen Perelman was born in Greensboro, North Carolina, on January 1, 1943. He was raised in a Jewish family in Elkins Park, Pennsylvania. Perelman's father, Raymond G. Perelman, was a businessman who owned Belmont Iron Works. Ronald attended The Haverford School and later pursued business studies at the University of Pennsylvania, earning a Bachelor of Science and an MBA from the Wharton School of Business.
Rise to Success
Perelman's career is marked by his proficiency in leveraged buyouts, where he acquired controlling interests in various companies, and then restructured them to create value. His early ventures included an investment in Cohen-Hatfield Industries. He gained prominence through MacAndrews & Forbes Incorporated, a holding company that he built and continues to lead. Key acquisitions include Revlon in 1985, which once formed a substantial part of his wealth, and investments in companies like Scientific Games Corporation.
Key Business Strategies
Perelman's business strategy centered on acquiring undervalued assets and restructuring them. He utilized high-yield debt, often associated with Michael Milken, to finance his acquisitions. His approach involved divesting non-core assets and reinvesting in companies with strong growth potential. Perelman's involvement in Revlon and his ability to navigate complex financial transactions were central to his business success.
Philanthropy
Ronald Perelman is also known for his significant philanthropic contributions. He has supported educational institutions, arts organizations, and healthcare initiatives. He is the founder of the Revlon/UCLA Women's Cancer Research Program and has donated to the Ronald O. Perelman Department of Dermatology at NYU Medical Center. Furthermore, he has been involved with the Police Athletic League of New York City and has committed to The Giving Pledge.