Nelson Peltz Biography
Nelson Peltz is an American billionaire businessman and investor. Peltz is also a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management, an alternative investment management fund based in New York. He also serves as the the non-executive Chairman of The Wendy’s Company.
He is a director of Legg Mason, Mondelēz International and Ingersoll Rand. He is also a former director of H.J. Heinz Company, and a former chief executive officer (CEO) of Triangle Industries.
He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania. There, he joined the Fraternity of Phi Gamma Delta, but never completed his degree.
Nelson Peltz Age
Nelson Peltz was born on June 24, 1942 in New York City, U.S. He is 76 years old as of 2018.
Nelson Peltz Family
Peltz was born to Claire and Maurice Herbert Peltz. His mother died in 2007 and his father in 1977. His family was Jewish.Nelson Peltz
Nelson Peltz Wife
Nelson has been married three times. His third wife is Claudia Heffner who is a former fashion model.
Nelson Peltz Children | Nelson Peltz Daughter
He has eight children with Claudia and two other children from his prior marriages. Among Peltz’s children are actors Nicola Peltz and Will Peltz. His son Brad Peltz was a professional ice hockey player who played in the ECHL during the 2012–13 ECHL season.
Nelson Peltz Activist Investor
Peltz dropped out of the University of Pennsylvania’s Wharton School with the intention of becoming a ski instructor in Oregon in 1963. Eventually, Nelson ended up driving a delivery truck for A. Peltz & Sons, a wholesale food distribution business which was founded by his grandfather Adolph in 1896. It delivered fresh produce and frozen food (Snow Top) to restaurants in New York.
His father then gave him free rein with the company. Over the next 15 years, Peltz and his older brother, Robert B. Peltz, grew the business gradually shifting the product line from produce to institutional frozen foods. Over the next 10 years, he bought up several food companies, and in 1972, Nelson and his brother took their company, then called Flagstaff Corp., with $150 million in sales, public. In 1982 his brother Robert bought back the assets of Peltz Food from Flagstaff after it went bankrupt In 1982.
Nelson and his business partner, Peter May, who had joined Flagstaff as chief financial officer after having been its accountant, went looking for new acquisitions in the 1990s. The two partners bought a stake in vending-machine and wire company Triangle Industries Inc. with the idea of using it to make acquisitions, building it into a Fortune 100 industrial company in April 1983. In 1988 Triangle was sold to Pechiney.
Through an investment vehicle they controlled, Triarc Cos, Nelson and May acquired Snapple, from Quaker Oats in 1997. In 2000, Snapple together with other beverage brands was sold to Cadbury Schweppes. Its turnaround was featured as a Harvard Business School case study.
Nelson Peltz Trian | Nelson Peltz Trian Partners
Nelson, May, and Ed Garden, founded Trian Fund Management, L.P in 2005. As an activist investing firm, Trian has invested in various companies such as Heinz, Cadbury, Kraft Foods, Ingersoll Rand, Wendy’s, DuPont, Mondelēz, PepsiCo, State Street Corporation and Family Dollar.
It was involved in a proxy contest with Heinz to get five independent directors on the board of Heinz in 2006. Trian succeeded in getting two members on the board, including Peltz.
Nelson Peltz Cadbury
Trian bought a 3% share of Cadbury-Schweppes in 2007. Later, Cadbury Schweppes Americas Beverages was spun off from the Cadbury Schweppes confectionery group. Trian bought $1.8 billion in shares of Kraft Foods which is roughly a 3% of the total equity of the food maker in 2007.
Nelson Peltz Wendy’s
It was announced that Triarc Cos. would merge with burger chain Wendy’s in April 2008. The merger was completed on September 29, 2008. The newly formed company was named Wendy’s Arby’s Group and then traded on the New York Stock Exchange under the symbol WEN. Wendy’s Arby’s sold Arby’s to Roark Capital Group on July 25, 2011 and then changed its name to The Wendy’s Company. Trian offered to buy Family Dollar for $55–60 per share according to CNBC on February 15, 2011.
Trian announced it had accumulated an 8% stake in the Family Dollar company and also indicated a willingness to participate in a take private LBO for the company with a total value of about $7 to $8 billion in February 2011. This overture was rejected by the company management and board of directors. Ed Garden who is Trian’s Chief Investment Officer, joined the Family Dollar board in September 2011.
Nelson Peltz Ingersoll Rand
In 2012, Nelson was appointed to the Ingersoll-Rand board of directors in 2012.
Nelson Peltz Dupont
It was reported that Trian held an approximate $1.25 billion stake in DuPont in August 2013.
Nelson Peltz Mondelez
As one of the company’s largest shareholders, with a current beneficial ownership of more than 46 million shares in January 2014, Nelson was appointed to the board of directors of global snacking company, Mondelēz International (NASDAQ: MDLZ).
As a beneficial owner of approximately $1.2 billion of PepsiCo, Inc. (NYSE: PEP) common shares, Trian now publicly released a letter to PepsiCo’s board of directors in February 2014 and a white paper detailing why separating global snacks and beverages into two independent public companies would be the right long-term decision for the business and would also create substantial value for shareholders. Trian then said it would immediately begin to engage fellow shareholders in a public dialogue with the goal of creating a groundswell of support for a separation of snacks and beverages.
Forbes listed Peltz in February 2014 as one of the 25 highest-earning hedge fund managers in 2013. He had total earnings of $430 million being ranked 16th.
Nelson Peltz And Dupont
In May 2015, Trian was unsuccessful in a bitter proxy contest to appoint four of its nominees to the board of DuPont in May 2015. Five months later Ellen Kullman, the CEO of DuPont,resigned. At that time DuPont acknowledged lower than expected earnings and the need to accelerate a cost-cutting plan.
Trian bought a $2.5 billion stake in General Electric in October 2015.
Nelson tried but failed to acquire a seat on the board of Procter & Gamble in October 2017, in which Trian has a 1.5% stake. On November 15, 2017, it was discovered that per a revision of all votes, which Peltz acknowledged to have resulted in a remarkably close battle, Peltz had in fact won the proxy battle, recognized as the largest in corporate history. On December 15, Procter & Gamble named Peltz to its board, although it stated that Peltz had nominally lost the proxy vote.
Nelson announced his departure from the board of Mondelez International in February 2018. He was to be succeeded by Trian President Peter May.
Nelson joined the Procter & Gamble board of directors in March 2018
Nelson Peltz Net Worth
The American billionaire invester has an estimated net worth of $1.67 billion.
Nelson Peltz House | Nelson Peltz Home
He resides in Bedford, New York. He also owns Montsorrel, a house in Palm Beach, Florida which was previously owned by Anita Young, the sister of Georgia O’Keeffe. Peltz began a refurbishment and expansion project for the property in 2015.
Nelson Peltz Describes Taking Position in GE
Nelson Peltz Trian Fund | Nelson Peltz Portfolio
Published; Nov. 23, 2018
Nelson Peltz’s 13F portfolio value increased from $10.30B to $10.34B this quarter. The number of positions remained steady at 9.
Trian Fund Management reduced Pentair and Sysco while increasing PPG Industries during the quarter.
The top three positions are Procter & Gamble, Sysco Corporation, and Bank of New York Mellon and they add up to over two-thirds of the portfolio.
This article is part of a series that provides an ongoing analysis of the changes made to Nelson Peltz’s 13F portfolio on a quarterly basis. It is based on Peltz’s regulatory 13F Form filed on 11/14/2018. Please visit our Tracking Nelson Peltz’s Trian Fund Management Portfolio article for an idea on his investment philosophy and our last update for the fund’s moves during Q2 2018.
This quarter, Peltz’s 13F portfolio value increased marginally from $10.30B to $10.34B. The number of holdings remained steady at 9. The top three holdings are at ~65% of the 13F stock portfolio: Procter & Gamble, Sysco Corporation, and Bank of New York Mellon. To know more about activist investing, check out Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations.
Mondelez International (MDLZ): MDLZ is a ~8% of the 13F portfolio position. The original stake was from Q4 2012 when over 19M shares were purchased in the mid-20s price-range. The following quarter saw a stake-doubling in the low-30s price-range. There was a ~55% selling in Q1 2018 at prices between $40.50 and $46. The stock currently trades at $43.48. Last two quarters have seen marginal increases.
Note: Following their stake establishment in 2012, Trian pushed Mondelez for a merger with PepsiCo but that did not pan out. In early 2014, Peltz acquired a board-seat in a compromise agreement with Mondelez. In March this year, Nelson Peltz left the board and was replaced by Trian’s president Peter May.
General Electric (GE): The GE position is currently at ~8% of the 13F portfolio. The stake was established in Q2 2015 and increased by ~83% the following quarter at an overall cost-basis in the low-20s. Q4 2015 saw a ~14% trimming at prices between $25 and $31.50. The stock currently trades well below their purchase price ranges at $7.81. There was a ~7% trimming in Q4 2016 at prices between $28 and $32.50. For investors attempting to follow Trian, GE is a good option to consider for further research. There were marginal increases in the last two quarters.