Early Life
Ronald Owen Perelman was born on January 1, 1943, in Greensboro, North Carolina. He was raised in a Jewish family in Elkins Park, Pennsylvania. Perelman's father, Raymond G. Perelman, was a successful businessman who owned Belmont Industries, a metal-fabricating firm that served as a holding company for various businesses. Ronald gained early exposure to business by attending board meetings with his father from a young age. He graduated from The Haverford School in 1962 and earned a Bachelor of Science in Economics in 1964 and an MBA from the Wharton School of the University of Pennsylvania in 1966.
Rise to Success
Perelman's career began with his first major business deal in 1961, buying Esslinger Brewery with his father. He later moved to New York and, in 1978, orchestrated the purchase of Cohen-Hatfield Jewelers, marking his independent investor status. A significant turning point was the acquisition of MacAndrews & Forbes, a licorice extract and chocolate distributor, which he transformed into a diversified holding company. Perelman's leveraged buyout strategy led to notable acquisitions, including Revlon in 1985.
Key Business Strategies
Perelman's business strategy centered on acquiring undervalued companies, restructuring them, and sometimes divesting non-core assets. He was known for using high-yield debt to finance his acquisitions. His approach involved identifying companies with strong brand recognition and growth potential. Perelman's ability to read financial statements and spot opportunities contributed significantly to his success.
Philanthropy
Ronald Perelman is a committed philanthropist, significantly contributing to women's health, education, and the arts. He established the Revlon/UCLA Women's Cancer Research Program in 1994 and the Ronald O. Perelman Department of Dermatology at NYU Medical Center. Perelman has donated to numerous institutions, including the New York Presbyterian Hospital, Weill Cornell Medical Center, Columbia University, and the Guggenheim Museum.
