Fuad Sawaya and Herc Segalas began working together in 1987 with the formation of PaineWebber, Inc. Consumer Products Investment Banking Group, where the focus was primarily on strategic transactions and M&A advisory assignments. Herc led the relationship and research aspects of the transactions and Fuad served as the M&A liaison for the Consumer Products Group providing strategic advice, project oversight and a talent for bringing companies and individuals together, spearheading many of its most prominent transactions.

In the late 1990s Fuad was asked to run the Group. With Herc, the team completed more than 120 M&A and financing transactions, aggregating more than $14 billion in value. This success attracted the attention of rival firms, with the result that in 1999 Fuad left PaineWebber, Inc. to join JP Morgan to run their Middle Market Consumer Products effort. Herc joined Schroeder/Salomon Smith Barney during this period, becoming Chairman of Citibank's Global Consumer Products Group.

In 2001, following J.P. Morgan's merger with Chase, Fuad began to realize his goal of becoming one of the leaders in consumer Mergers, Acquisitions and Financial Advisory Services, by reassembling members of his former PaineWebber team to form the basis of Sawaya Segalas & Co., LLC. This growing team has created lasting value for brand-based businesses by closing over 50 transactions since 2001.