He rarely grants interviews and was notorious for using Revlon’s clout to influence journalism about him. Revlon has been a strange journey for Perelman since 1985. He has been married five times, including for six years to actor Ellen Barkin and for one year to Patricia Duff, the political activist. Hampton that’s rivaled by none, and for years has taken his 257-foot yacht, the C2, down to St. He also owns an oceanfront spread in East
He owns an art-filled palazzo on East 62nd Street in Manhattan that serves as his corporate headquarters and that is just behind the town house he lives in, on East 63rd Street.
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He was said to never-ever-allow others (not even the circle of deal masterminds he employed full time) to share equity in his deals. The grandson of Lithuanian immigrants who grew up in suburban Philadelphia, Perelman parlayed a $1.7 million loan from his first wife-the granddaughter of a wealthy New York banker and real estate mogul-into his massive self-generated wealth. Perelman’s successful bid for Revlon changed the rules of the merger game on Wall Street for the next generation of bankers and boards of directors.Īt the time, in 1985, Perelman was one of the nation’s richest people. Until the likes of Perelman came along, doing deals on Wall Street was a more genteel affair, where old boys divvied up prized assets among themselves without too many prying eyes questioning who bought what or why.
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To be sure, at the time, Perelman’s audacity stunned the staid Revlon and its board of directors and transfixed Wall Street, which for months was consumed by the drama of the tiny, cigar-chomping Perelman going to battle with Milken against the likes of Forstmann Little, an established buyout firm, and Felix Rohatyn, the Lazard kingpin advising Revlon on how to sell to anyone but Perelman. Now that Perelman has decided, if he can, to sell Revlon at long last-he slipped a little-reported disclosure this past August into a document filed with the Securities and Exchange Commission and has hired Goldman Sachs-it’s a good moment to reflect on what the Revlon saga has meant for Wall Street’s mergers-and-acquisitions business, and to wonder if it was all worth it for Perelman, whose fortune is now estimated at $8.3 billion. Perelman likely wasn’t keen to use a lot of his own money at the time, and he worked with Mike Milken at the (now defunct) Drexel Burnham Lambert investment bank to raise what he needed to buy Revlon through the then controversial practice of selling junk bonds. Thirty-four years ago this month, Ron Perelman, then a 42-year-old corporate raider, shocked the Wall Street and corporate establishment by buying Revlon Inc., the cosmetics giant, in a hostile takeover valued at $2.7 billion, including debt.
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