Nelson Peltz
Encyclopedia
Nelson Peltz is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 businessman. He is a board director of Wendy's Group, the franchise parent of T.J. Cinnamons
T.J. Cinnamons
T.J. Cinnamons is a cinnamon bun chain operating across the United States, owned by the Wendy's/Arby's Group.The company was founded in 1985 by Ted and Joyce Rice. He was a cameraman for KCTV Channel 5 and she was an elementary school teacher. The first T.J. Cinnamons opened in the Ward Parkway...

, Pasta Connection and Wendy's
Wendy's
Wendy's is an international fast food chain restaurant founded by Dave Thomas on November 15, 1969, in Columbus, Ohio, United States. The company decided to move its headquarters to Dublin, Ohio, on January 29, 2006. It has been owned by Triarc since 2008...

. Peltz is the former owner of Snapple
Snapple
Snapple is a brand of tea and juice drinks which is owned by Dr Pepper Snapple Group and based in Plano, Texas. The brand was founded in 1972. The brand achieved some notoriety due to various pop-culture references including television shows.-History:...

.

Background

Peltz was born ~1930 in Brooklyn, New York, the son of Claire (née Wechsler) and Maurice Herbert Peltz, who developed the Flagstaff Corporation. He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...

, but never completed his degree. He dropped out to work for his family's business selling food to restaurants in New York.

Peltz resides in Mount Kisco, New York
Mount Kisco, New York
Mount Kisco is a community that is both a village and a town in Westchester County, New York, United States. The Town of Mount Kisco is coterminous with the village. The population was 10,877 at the 2010 census.- History :...

. He also owns a house in Paris, France, and Montsorrel (or "Mountain of Sorrow"), which is his house in Palm Beach, Florida
Palm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...

 previously owned by Anita Young, the sister of Georgia O'Keeffe
Georgia O'Keeffe
Georgia Totto O'Keeffe was an American artist.Born near Sun Prairie, Wisconsin, O'Keeffe first came to the attention of the New York art community in 1916, several decades before women had gained access to art training in America’s colleges and universities, and before any of its women artists...

. According to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...

, it is one of the most expensive homes in the United States.

In 2005, Peltz was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....

.

Peltz' daughter is actress Nicola Peltz
Nicola Peltz
Nicola Peltz is an American actress. Her most notable role to date is Katara in the 2010 film The Last Airbender, directed by M. Night Shyamalan.-Career:...

.

Heinz proxy fight

In 2006 he was involved in a proxy fight
Proxy fight
A proxy fight or proxy battle is an event that may occur when a corporation's stockholders develop opposition to some aspect of the corporate governance, often focusing on directorial and management positions. Corporate activists may attempt to persuade shareholders to use their proxy votes A proxy...

 with Heinz
H. J. Heinz Company
The H. J. Heinz Company , commonly known as Heinz and famous for its "57 Varieties" slogan and its ketchup, is an American food company with world headquarters in Pittsburgh, Pennsylvania.Perhaps best known for its ketchup, the H.J...

 to get five members of his company Triarc on the board of Heinz. In the end he succeeded in getting two members on the board.

Corporate acquisitions

Nelson Peltz first gained national notice with an audacious takeover bid for National Can in late 1984. The takeover vehicle was Triangle Industries, controlled by Mr. Peltz and Steven May, which was in the wire and cable and vending machine businesses and was smaller than National. The bid was backed up by Mike Milken at Drexel Burnham who placed hi-yield bonds and preferred stock to fund the purchase, which closed in early summer 1985. Following the purchase National Can did well under the direction of Mr. Peltz and the company's long time CEO, Mr. Frank Considine. Thanks to the increased profits at National Can and with Mr. Milken's support, Mr. Peltz and Mr. May were able to purchase a packaging business from American Can
American Can Company
The American Can Company was a manufacturer of tin cans. It was a member of the Tin Can Trust, that controlled a "large percentage of business in the United States in tin cans, containers, and packages of tin." It was formerly a member of the Dow Jones Industrial Average from 1959–1991, though...

 and a chemical business from Uniroyal
United States Rubber Company
The United States Rubber Company was founded in Naugatuck, Connecticut in 1892. It was one of the original 12 stocks in the Dow Jones Industrial Average, and became Uniroyal Inc...

, giving them control of an industrial empire with revenues in excess of $4 Billion. Quite a step up from Triangle's pre-acquisition revenues of about $300 million.

In 2007 he bought a 3% share of Cadbury-Schweppes which may have influenced the spin-off of Cadbury Schweppes Americas Beverages
Dr Pepper Snapple Group
Dr Pepper Snapple Group Inc. is an American soft drink company, based in Plano, Texas.It was spun off from Britain's Cadbury Schweppes, on May 5, 2008, with trading in its shares starting on May 7, 2008...

 from the Cadbury Schweppes confectionary group. In 2007, he also bought $1.8 billion in shares of Kraft Foods
Kraft Foods
Kraft Foods Inc. is an American confectionery, food and beverage conglomerate. It markets many brands in more than 170 countries. 12 of its brands annually earn more than $1 billion worldwide: Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oscar Mayer, Philadelphia, Trident, Tang...

, roughly a 3% of the total equity of the food maker.

On Thursday, April 24, 2008 it was announced that Triarc Cos. would merge with burger chain Wendy's
Wendy's
Wendy's is an international fast food chain restaurant founded by Dave Thomas on November 15, 1969, in Columbus, Ohio, United States. The company decided to move its headquarters to Dublin, Ohio, on January 29, 2006. It has been owned by Triarc since 2008...

. The merger was completed on Sept. 29, 2008. The new company is named Wendy's Arby's Group and trades on the New York Stock Exchange under the symbol WEN. The new company consists mainly of Wendy's and Arby's QSR chain restaurants.

In mid-February 2011, Mr. Peltz's investment vehicle the Trian Group, announced it had accumulated an 8% stake in the Family Dollar company and indicated a willingness to participate in a take private LBO for the company with a total value of about $7 to 8 billion. This overture was rejected by the company management and Board of Directors. However, the price of Family Dollar shares had increased in early March 2011 by 20% to 25% over the value in mid-February indicating a nice profit for Mr. Peltz if he can manage to liquidate his rather substantial position at the new higher price.

Curriculum vitae

  • Trian CEO (2007- )
  • Triarc Chairman & CEO (1993–2007)
  • Triangle Industries, Inc. Chairman and CEO (1983–88)
  • Member of the Board of Encore Capital Group (-2007)
  • Member of the Board of Heinz (2006-)
  • Member of the Board of Triarc (as Chairman, 1993-)
  • Avon Old Farms School Trustee (2007-)
  • Intrepid Sea-Air-Space Museum
    Intrepid Sea-Air-Space Museum
    The Intrepid Sea-Air-Space Museum is a military and maritime history museum with a collection of museum ships in New York City. It is located at Pier 86 at 46th Street on the West Side of Manhattan. The museum showcases the World War II aircraft carrier USS Intrepid, the submarine , a Concorde...

     Trustee
  • Milken Institute
    Milken Institute
    The Milken Institute is an independent economic think tank based in Santa Monica, California that publishes research and hosts conferences that apply market-based principles and financial innovations to a variety of societal issues in the US and internationally.The mission of the Institute, founded...

     Overseer
  • Prostate Cancer Foundation
    Prostate Cancer Foundation
    The Prostate Cancer Foundation , formerly known as CaP CURE, is the world’s largest philanthropic source of support for prostate cancer research. PCF was founded in 1993 in order to discover better treatments and a cure for prostate cancer...

     Board of Directors
  • Simon Wiesenthal Center
    Simon Wiesenthal Center
    The Simon Wiesenthal Center , with headquarters in Los Angeles, California, was established in 1977 and named for Simon Wiesenthal, the Nazi hunter. According to its mission statement, it is "an international Jewish human rights organization dedicated to repairing the world one step at a time...

     Co-Chairman

Personal finance

His current net worth is estimated at $1.1 billion. Peltz resides in both an oceanside mansion in Palm Beach, Florida
Palm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...

 and in a country house in Greenwich, Connecticut
Greenwich, Connecticut
Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2010 census, the town had a total population of 61,171. It is home to many hedge funds and other financial service companies. Greenwich is the southernmost and westernmost municipality in Connecticut and is 38+ minutes ...

 .

In December 2010 he was rumored to be interested in the purchase of the New York Islanders
New York Islanders
The New York Islanders are a professional ice hockey team based in Uniondale, New York. They are members of the Atlantic Division of the Eastern Conference of the National Hockey League...

 hockey club from Charles Wang
Charles Wang
Charles B. Wang is the co-founder of Computer Associates International, Inc. and owner of the New York Islanders ice hockey team and their AHL affiliates, the Bridgeport Sound Tigers....

, formerly of CA Inc.

According to CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...

, on February 15, 2011, Peltz offered to buy Family Dollar
Family Dollar
Family Dollar is a regional chain of variety stores in the United States. It opened in 1959 and operates approximately 6,617 stores in 44 states and the District of Columbia. It is headquartered in Matthews, North Carolina....

 for $55-60 per share.

External links




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