MacAndrews & Forbes, Incorporated

What MacAndrews & Forbes, Incorporated does

MacAndrews & Forbes Incorporated is a privately held investment holding company founded in 1979 and headquartered at 31 East 62nd Street, New York. It is wholly owned by Chairman and Chief Executive Officer Ronald O. Perelman and builds, runs, and grows a diversified portfolio of companies across cosmetics, biotechnology, financial technology, and health security. The portfolio's principal holdings are Revlon (multinational cosmetics, skincare, fragrance and personal care), Vericast (financial institution performance solutions serving nearly 6,000 banks and credit unions), vTv Therapeutics (clinical-stage biotechnology focused on diabetes treatments including Cadisegliatin/TTP399 with FDA Breakthrough Therapy designation), and SIGA Technologies (commercial-stage pharmaceutical company providing TPOXX/tecovirimat for smallpox and orthopoxvirus preparedness). The company also historically held MAFCO Worldwide (natural licorice products for over 150 years) and Merisant (Equal, Canderel, Pure Via, Whole Earth sweetener brands in 90+ countries), which were combined with Act II Global Acquisition Corp. in December 2019 to form NASDAQ-listed Whole Earth Brands.

MacAndrews & Forbes generates returns through equity ownership and operational stewardship of its wholly-owned subsidiaries rather than via fund management or external limited partners. Revenue flows originate from portfolio company operations: Vericast earns transaction and subscription revenue from financial institutions; SIGA derives revenue from U.S. government procurement contracts (BARDA awards totaling over $1.1 billion, including a $600M+ maintenance contract for 1.7 million courses of smallpox antiviral and a $113 million July 2024 oral TPOXX procurement order); vTv Therapeutics is clinical-stage; and Revlon and the former flavors businesses generate consumer-products revenue through mass-market and global retail distribution. The company's stated strategy emphasizes portfolio companies with strong market positions, high-quality vertical management, recognized growth potential, and demonstrated ability to increase productivity.

The core products and proprietary technologies across the portfolio include SIGA's FDA-approved oral TPOXX (with EMA approval secured January 2022 and IV and pediatric formulations in development), vTv's Cadisegliatin liver-selective glucokinase activator (FDA Breakthrough Therapy designation in April 2021; first-in-class oral adjunctive therapy for Type 1 Diabetes in CATT1 pivotal trial since June 2024), and Vericast's advanced analytics and data-driven insights platform for financial institutions. The company maintains senior leadership including Ronald O. Perelman (Chairman and CEO), Barry F. Schwartz (Emeritus Vice Chairman since July 2019), and Debra G. Perelman (EVP Strategy and New Business Development, on leave; former CEO of Revlon). With over 50 transactions completed since 1979 across multiple industries, MacAndrews & Forbes operates without external institutional investment, has no public ticker, and does not publicly disclose consolidated revenue.

Name

MacAndrews & Forbes, Incorporated

Legal name

MacAndrews & Forbes Incorporated

Website

https://macandrewsandforbes.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

251–500 employees

Short description

MacAndrews & Forbes is a privately held New York investment holding company, wholly owned by Ronald O. Perelman, that owns and operates a diversified portfolio including Revlon, Vericast, vTv Therapeutics, and SIGA Technologies across cosmetics, financial technology, biotechnology, and health security.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Investment Returns and Portfolio Company Operations: MacAndrews & Forbes generates returns through ownership and operation of diversified portfolio companies spanning cosmetics, biotechnology, financial services technology, and health security sectors.
2. Portfolio Company Revenue: Vericast generates revenue from financial institutions; vTv Therapeutics from pharmaceutical development; SIGA Technologies from government procurement contracts exceeding $1.1 billion in BARDA contracts

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

MacAndrews & Forbes is a privately held investment holding company that owns and operates a diversified portfolio of public and private operating companies across cosmetics, biotechnology, financial technology, health security, and consumer products. The firm provides capital, strategic guidance, and operational oversight to build, run, and grow great businesses, with principal interests including Vericast, vTv Therapeutics, SIGA Technologies, and Revlon. It generates returns through equity ownership and active management of wholly owned operating subsidiaries.

Product overview

MacAndrews & Forbes is an investment company that owns and operates a diversified portfolio of public and private companies, wholly owned by Chairman and CEO Ronald O. Perelman. The company builds, runs, and grows great businesses across multiple industries including cosmetics, biotechnology, and military equipment. The portfolio includes Vericast (financial technology services), vTv Therapeutics (diabetes treatments), SIGA Technologies (health security pharmaceuticals), and Revlon (cosmetics and personal care).

Differentiator

Problem solved

Functional benefit

Products and services

• Vericast A financial institution performance partner that helps banks and credit unions drive growth, improve efficiency, increase engagement and navigate change through data, technology and people. Vericast provides advanced analytics, data-driven insights and integrated solution sets to nearly 6,000 financial institutions.
• vTv Therapeutics LLC A clinical-stage biotechnology company engaged in treatments for diabetes. Pipeline led by TTP399 (Cadisegliatin), a potentially transformative treatment for reduction of hypoglycemic episodes in type 1 diabetes patients, and TTP273. Granted FDA Breakthrough Therapy designation in April 2021.
• SIGA Technologies, Inc. A commercial-stage pharmaceutical company and leader in providing solutions for unmet needs in the estimated $10 billion global health security market. Primary product is oral TPOXX® (tecovirimat), approved by FDA in 2018 for treatment of smallpox. Has received over $1.1 billion in procurement and development contracts from BARDA.
• Revlon A multinational cosmetics, skin care, fragrance and personal care company acquired by Ronald Perelman in 1985. Markets products under various brand names including Revlon, Almay, Mitchum, Charlie, Jean Nate, Ultima II, and Gatineau. Now run by his daughter Debra Perelman.
• MAFCO Worldwide LLC World's leading manufacturer of natural licorice products, producing sweetening and flavor-extending licorice ingredients under the Magnasweet brand for over 150 years.
• Merisant Company Leading manufacturer of zero and low-calorie sugar substitutes marketed under flagship brands including Equal, Canderel, Pure Via, and Whole Earth in over 90 countries.

Quantifiable outcome

• SIGA awarded over $1.1 billion in government contracts for health security products
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Women's Heart AlliancecoreStrategic or Co-development Partner · 1 January 2014Co-founded by Ronald Perelman and Barbra Streisand in 2014 to raise awareness, encourage action, and drive new research to fight heart disease in women
• MIT Media LabminorStrategic or Co-development PartnerRevlon, under Debbie Perelman's leadership, collaborated with MIT Media Lab to explore disruptive industry approaches and digital transformation initiatives
• UCLA Women's Cancer Research ProgramcoreStrategic or Co-development PartnerRonald Perelman founded the Revlon/UCLA Women's Cancer Research Program in 1990, which developed Herceptin, the first genetically-based treatment for a major cancer approved by the FDA

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Berkshire Hathaway: Iconic diversified holding company run by a single principal investor (Buffett) that owns operating subsidiaries across insurance, industrials, consumer, and energy. Directly comparable to MacAndrews & Forbes as a permanent-capital, principal-led conglomerate holding structure.
• Loews Corporation: Family-controlled (Tisch family) diversified holding company owning CNA Financial, Diamond Offshore, Boardwalk Pipelines, and Loews Hotels. Mirrors M&F's single-family ownership and diversified operating-subsidiary model across insurance, energy, and hospitality.
• Icahn Enterprises: Carl Icahn-controlled diversified holding company with operating businesses in energy, automotive, food packaging, and real estate, plus significant investment portfolio. Comparable structure of a single-principal holding entity overseeing both operating subsidiaries and financial investments.
• Markel Corporation: Long-tenured holding company combining specialty insurance with operating businesses across consumer products, manufacturing, and services. Directly analogous to M&F's mix of operating subsidiaries and capital allocation across unrelated industries under a single owner family.
• Leucadia National (now part of Jefferies Financial Group): Diversified holding company historically run as a permanent-capital investment vehicle across food services, manufacturing, and financial services. Comparable to M&F as a long-cycle, diversified owner of operating businesses that has pivoted toward financial services.

Broad incumbents

• 3G Capital: Global private equity firm specializing in consumer brands and food & beverage (Burger King, AB InBev, Kraft Heinz). Operates a permanent-capital model in consumer and packaged goods adjacent to M&F's Revlon, Merisant, and MAFCO holdings.
• KKR & Co. Major global private equity and credit firm with permanent-capital vehicles across infrastructure, real estate, and insurance. Comparable as a large-scale allocator of capital across operating companies, though structured as an institutional GP rather than family-owned holding.
• Carlyle Group: Global private equity firm with significant healthcare, consumer, and financial services exposure. Comparable in portfolio diversity but operates on fund-based capital rather than M&F's permanent single-family capital structure.
• Apollo Global Management: Major alternative asset manager with hybrid PE and credit strategies plus permanent-capital affiliates (Athene). Comparable as a scaled investor in operating companies with similar pharma, consumer, and services exposure, but institutionalized vs. family-owned.

Emerging players

• Sycamore Partners: Specialist retail and consumer-focused private equity firm. Comparable to M&F's Revlon and consumer brand exposure as an owner-operator of consumer businesses, but smaller and sector-narrow rather than fully diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MacAndrews & Forbes, Incorporated