Perelman was the corporate raider who acquired Pantry Pride and Revlon. He was born and raised in Philadelphia, Pennsylvania in comfortable circumstances since his father owned a metal-fabricating business called Belmont Industries. He attended the University of Pennsylvania and received his MBA from the Wharton School. His first wife Faith Golding, was from money which he managed while working at his father's business. He began doing acquisitions in 1978 when he bought Cohen-Hatfield Industries with borrowed money and then MacAndrews and Forbes. He continued to do small acquisitions, mostly backed by Drexel, including Pantry Pride and Revlon.