Peltz was inspired to pursue a career as an instructor of skis in Oregon, and dropped out of Wharton School in 1963. He ended up driving a truck for A. Peltz & Sons in New York, a wholesale food distribution business established in 1896 by his father. This company delivered fresh produce and Snow Crop frozen food to restaurants throughout New York. In 1973, Peltz and his brother, Robert B. Peltz acquired numerous other food businesses. The company was named Flagstaff Corp. with $150 million in sales. Peltz was able to sell Flagstaff's Foodservice division to investors in 1979. Two years later, the food service business went bankrupt and the lender contacted Peltz to salvage their outstanding loan. Within an entire year, the loans were repaid as Peltz rebuilt the business.In the 1980s, Peltz and his business partner, Peter May, who had joined Flagstaff as its chief financial officer after serving as its accountant, went looking for new opportunities to acquire. In the month of April, 1983, the two purchased shares in the vending-machine wire company Triangle Industries Inc. with the goal of making acquisitions and grow Triangle into an Fortune 100 industrial company and the largest manufacturer of packaging worldwide. In 1988, Triangle was sold by Pechiney
Sunday, January 15, 2023
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