Chester native Raymond Perelman, a master investor and philanthropist who gave more than $300 million to various causes, has died at the age of 101, writes Joseph DiStefano for the Philadelphia Inquirer.
The son of a Lithuanian immigrant, Perelman was a bold dealmaker who built his fortune by buying, stripping, and selling or liquidating companies for profit. Several brands he owned are household names, such as Champion auto parts and Bobcat construction vehicles.
He was also one of the greatest philanthropists in the Philadelphia region, leaving his mark especially on the University of Pennsylvania’s medical school, Philadelphia art, and Jewish charities.
He also continued to conduct business in Bala Cynwyd from the modest offices of his RGP Holdings and Belmont Holdings companies well into his 90s.
One of his biggest donations was eight years ago, when he donated $225 million to Penn’s medical school, later renamed the Raymond and Ruth Perelman School of Medicine. According to Penn, the donation has sped up research and increased student aid.
“All successful people are risk-takers,” Perelman said after donating $15 million to the Philadelphia Museum of Art for the Ruth and Raymond G. Perelman Building. “And I always wanted to be successful.”
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