"California felt like home," says David. Although the brothers had no experience in developing food products or designing machinery, they were undeterred. [4] Hot Pockets were manufactured in Englewood, Colorado, Chef America's former headquarters, until moving its business to the rest of Nestl's frozen business in Solon, Ohio. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. After a business trip to Europe in the mid-70s, the brothers saw potential demand in the American market for frozen Belgian waffles, according to a 2016 Tedium article, working for months to . David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. Our movie is more than just theology. In just one year, the company's sales increased by double digits. "My dad and I work together and talk about corporate strategy every day," she says. 2020. Connected to Life: This program supports and trains senior citizens to use smartphones as a means of strengthening their social and familial ties. Copyright 2023 Consolidated Investment Group All Rights Reserved. When I was in high school, the mark of a really fun Friday night with the boys was a tray of Hot Pockets sliding into the microwave. Its investment portfolio is currently valued in excess of $2 billion. 1946 investigates how the word homosexual entered the Bible, how one man tried to stop it, and how a team of researchers recently unearthed evidence that challenges deeply held beliefs about LGBTQ+ people. Harnessing inspiration from his parents, Andre and Katherine, David knew from an early age that he would be an entrepreneur, ambitiously driven to excel in the business world while embracing a sense of social responsibility. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). They have gone on to invest the funds in real estate and the capital markets. A decade later, they made an astute observation that would change their lives. The David and Laura Merage Foundation has generously committed to providing continued support through 2022. Believe it or not, in the early 1980s most American households did not have a microwave. Today, Merage runs Consolidated Investment Group (CIG), a Denver-based company strategically investing in real estate, capital markets and private equity. With Lauras leadership, the organization founded RedLine, an urban art laboratory promoting the creative expression of resident artists. Its politics. [2] Chef America started by selling frozen Belgian waffles - then largely unfamiliar in the United States - to restaurants as they were difficult to cook. These are: honesty, integrity, determination and commitment. She also has to serve two years of supervised release, pay a $250,000 fine and perform 200 hours of community service. Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. The CIG Group owns more than 25,000 apartment units in America, 10 million square feet of office space and 2,500 acres of residential land. Records now reveal the buyer is Sabrina Merage Naim, an heiress to the fortune of tasty microwave snack Hot Pockets, which were invented and popularized by Naim's father David Merage and uncle Paul Merage in the 1980s. [2] As microwave ownership increased and as more women entered the workforce Hot pockets gained greater recognition and eventually became a success. "And we wanted to sell to an operating company that would retain our management team and other employees.". In 1979, my mother put me in touch with a family friend. Submit a correction suggestion and help us fix it! There are four rules that I absolutely live by without compromise. That, plus a culture of respect and honesty in everything we do, makes CIG an exciting environment in which to work.". This article may not be posted online or reproduced in any form, including photocopy, without permission from the publisher. Each of the 13 children born to the four brothers manages a separate foundation supported by the family. When the company ran out of initial funding the brothers also had to borrow money from their parents. Working six and a half days a week, the Merages marketed their frozen waffles to coffee shops and restaurants. $3,601,544. [5], Paul Merage's daughter Michelle Janavs, a food executive who was at one point regarded as the Hot Pockets "heiress," was later implicated in the notorious Operation Varsity Blues college admissions scandal and later sentenced in February 2020 to five months in prison after pleading guilty to paying Rick Singer $100,000 to fix test scores for her two daughters so they could be admitted into the University of Southern California.[6][7]. I believe that philanthropists must also know that things change, evolve, advance, and that they certainly dont have all the answers about the needs and solutions of the communities they serve. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. The gala will honor designer Karl Lagerfeld on May 1. All Rights Reserved. 18 Inverness Place East, Englewood, CO 80112 Along with my wife, Laura, I formed the David and Laura Merage Foundation, whose mission is to promote self-sufficiency through education and community involvement. MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies. He brought his son and one of his brothers as co-founders. They called the company Chef America, Inc. To get the company's first capital to launch, Paul took out THREE mortgages on his home. She resides in Newport Coast, California. Tell me about your professional path and how you incorporate your business experience in your philanthropic work. Its law. She wanted to run away to Israel and asked me for help. In 1971, Andre and Katherine also moved to California. Sabrina Merage Naim Daughter of Hot Pockets co founder David Merage; niece of Paul Merage; Echo Capital Group wife David Merage was co-owner and co-founder of Chef America, Inc., a national frozen . Following these guidelines, our Israel team develops programs and nurtures partnerships that bring about systemic, sustainable and bold results. This is how Pakal was born, two years ago. As a mark of their business acumen, David and Paul never raised the original price of Hot Pockets, even though they improved the quality and increased the varieties over the years. Deanne Stone is a business writer based in Berkeley, Calif. They soon learned there was already a big corporation called General Foods, and they changed the name to Chef America Inc. Andre was an investor and an adviser to the business. Soon after arriving in California, with absolutely no experience in the food industry and equipped only with ambition, drive, and the support of my brother and father, we founded Chef America, Inc., a frozen food manufacturer in 1977. [4], In October 2002, he sold Chef America to Nestl SA for $2.6 billion;,[2] at the time, the company had sales of $750 million and over 1,800 employees.[4]. Related: 10 Ways to Make Money During the Pandemic Ali and . Jamie Dimon, the CEO of the countrys largest bank, asserted last month it was absurd to suggest titans like JPMorgan would benefit from the collapse of several regional banks. David Merage, founder of the David and Laura Merage Foundation, joined prestigious business leaders . "We couldn't compete against the lunch and dinner market," says David, "so we started thinking about satisfying snacks that kids could make in a microwave oven without cutting or burning themselves and that adults could eat on the run.". Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools. Sabrina Merage Naim, daughter of David and Laura Merage, is a passionate and engaged philanthropist working toward making the world a more equitable and unified place. There's the American Dream, and then there's the spectacular success achieved by immigrant brothers David and Paul Merage. Paul and David decided Chef America should forget about breakfast and dinner as categories. The Hollywood superstar and entrepreneur opens up about the ways her haircare line is expanding and offers advice to other working professionals on how to succeed in business today. For reprint information, contact [email protected]. For almost 15 years, with the support of a dedicated local team, we granted millions of dollars in hundreds of projects, that touched the lives of hundreds of thousands of people, and turned the Negev into an attractive place to visit and live in. Operation Varsity Blues college admissions scandal, Jewish Journal: "Photo Essay: L.A.s Iranian Jews repaying Alliances generosity" by Karmel Melamed, "Merage Jewish Community Center of Orange County, California", "Special Lecture by David Merage, Entrepreneur and Co-Founder, Chef America", "Nestle to Move HOT POCKETS and LEAN POCKETS Business to Ohio", "Hot Pockets heiress Michelle Janavs gets 5 months in prison in admissions scandal", "Admissions scandal: Heir to Hot Pockets fortune sentenced to 5 month", https://en.wikipedia.org/w/index.php?title=Merage_family&oldid=1131811897, Pages using infobox family with unknown parameters, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 5 January 2023, at 21:52. Facebook gives people the power to. Sales took off, generating new varieties of "pockets." 18 Inverness Place East, Englewood, CO 80112. Their instincts were right. We constantly look for opportunities that tap into existing networks and infrastructures that avoid duplication. [1] In 2004 the Merage Jewish Community Center[2] opened in Irvine, California; the center was named after the Merage Family and serves the needs of Orange County. Iranian Community in Israel: For more than 20 years we have promoted the advancement of the Iranian community in Israel mainly through women leadership programs and the exposure of the Persian culture to Israeli society. With the support and encouragement of my mother Katherine and my wife Laura, we agreed this would be another great project for the Merage Foundation. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. Special Needs Financial Planning: Smart Advice For Families Coping With Disabilities, Family Matters: The Best California Wines Come From Family-Owned Vineyards, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Echo's venture capital comes from CIG, which also offers its resources and operational expertise to the companies in Echo's investment portfolio. The glorious frozen creations known as Hot Pockets were created by two Jewish-Iranian brothers named Paul and David Merage, who immigrated from Tehran to the U.S. for college, according to Saveur.After earning an MBA, Paul worked in marketing at Maxwell Coffee House, but a trip to Europe inspired him to start a frozen waffle business alongside his brother, and thus, former frozen food giant . Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. Merage developed the concept of a quick two-minute microwaveable meal which was all enclosed in a crust for ease of handling, using nothing more than a paper towel. "We're not passive investors," Sabrina says. David is a discerning investor who's always looking for what others haven't thought of. Chef America is known for being one of the most successful food companies in the world. David is principal of Consolidated Investment Group (CIG), a Denver-based investment firm that focuses on Wall Street and real estate investments and holds one of the most diverse portfolios in the country in terms of product type and geography. It is my greatest joy to see our philanthropic commitment to Israel extend through three, and now four generations, of my family. Early Learning Ventures is building a network of over 600 high-performing child-care providers, making quality child care more accessible to American families. Trumps lawyers request is based on claims that the judge in the case has been biased against the former president in his judgments thus far. The team worked with internal stakeholders to identify program priorities, built connections to national incentives for guidance on actions and metrics for success and worked with local partners and experts to build upon years of engagement across creative communities to identify best practices. The Merage Foundations have positively impacted hundreds of thousands of peoples lives both in the US and globally. For the past 13 years, he has divided his time equally between building his business and actively guiding his philanthropy. Last year, Sabrina launched her own investment company, Echo Capital Group, an offshoot of CIG. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. David and Laura's philanthropic passion started years prior to the formal funding of the organization. One of Merages major ongoing philanthropic programs is Merage Institute for U.S.-Israel Trade. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. . What do you think is the role of philanthropy in the world today? Copyright 2015 by Family Business Magazine. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. CIG has set an ambitious goal of closing one or two deals a year. It considers itself a resource to the companies it invests in, drawing on its decades of experience in the food industry. Every morning I wake up and say to myself, 'This is the start of another good day.' View the profiles of people named David Merage. I hired a local team in Israel and our goal became to empower proud Iranians to stand on their own feet, integrate into society and become productive citizens of Israel. My father, Andre, an entrepreneur himself, encouraged us to build a family business as a strategy to foster personal and familial strength. He and his wife Laura run the David and Laura Merage Foundation, which focuses on community development and early childhood education. More than 3,000 of these new immigrants serve in the IDF each year. I always wanted to take my knowledge of business and management, to give back to the communities that directly affected my life. I am also leading an effort to engage business leaders in early childhood education advocacy. Over the years we have supported hundreds of initiatives, benefiting hundreds of thousands of individuals throughout Israel. (Photo by Donald Bowers/Getty Images for Editor Showcase). As part of our Community Development division, we are leading four major programs. The Merage family /mrd/ is a wealthy Iranian Jewish family residing in Orange County, California. 2023 Celebrity Net Worth / All Rights Reserved. "My father used to tell us stories about successful family businesses," David says. David Merage is a passionate venture philanthropist, and together with his wife Laura, has founded the David & Laura Merage Foundation which invests in social change resulting in children, families, and communities improving the quality and circumstances of their lives. Paul Merage is chairman of MIG Capital which he co-founded with his son Richard and Greg Merage, a member of the extended family, while David Merage runs Consolidated Investment Group. [3] He has four siblings: Louise, Camron, David, and Lin. $54,535,566. These young people have made significant sacrifices by leaving their homes and families to move to Israel and protect our Jewish homeland. Today the MIG Group manages over $1 billion worth of assets, mostly commercial real estate but also some private equity venture capital investments. She pleaded guilty to paying college admissions coach Rick Singer $300,000 to get her daughters into to the University of Southern California. Younger brother David joined Paul in California in 1968. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. Outside of their investment firms, the brothers also dove head-first into philanthropy. Why was this company an attractive investment to CIG? The cornerstones of this culture are Davids business imperatives: respect, accountability, innovation, collaboration, a drive for excellence, having fun, and making our world a better place. Language links are at the top of the page across from the title. This program has proven to be ever more relevant during this pandemic and I am very happy to see that our platform is expanding its services throughout Israel. MFI's DeserTech Initiative Partners with United Nations. Nelson has worked with David for 30 years, as vice president of food services, sales and marketing at Chef America and, since 2005, as a member of CIG's executive team. Most recently, we have completed a new model focused on promoting regional economic development. David's wife, Laura, also born in Iran, is an artist who has a strong presence in the Denver art community. They spent months testing and perfecting a recipe for frozen waffles. Cities and what people think and feel about them frame in a deep way how we deal with housing policy and economics. Building on our early success, we soon began research and development of a frozen lunch product which we called the Hot Pocket and sold to schools, catering and vending companies. Feeling alone and searching for a sense of community, she pioneered innovative ways for artists to be part of a collective that gives them inclusion and support. Also, throughout the years, Shimon Peres supported our work and later became the Minister for the Development of the Negev and the Galilee. David, who grew up in Tehran, remembers everyone in the familyincluding the womentaking a keen interest in business. [4][2] In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US. From Star Trek, Dr. Kildare, The Twilight Zone, The F.B.I. "It just rolled off my shoulders," she says, "because my family was never fixated on money but on values. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. Founded in 1977, the company behind the microwavable meals,. "We think both of these products will appeal to millennials on the go, and we'll use all of our resources to make their manufacturing and operations more efficient. Over time sales started to take off. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. by Ernie Smith, Orange County Business Journal: "Profiles of wealthiest in Orange County", Jewish Journal: "Photo Essay: L.A.s Iranian Jews repaying Alliances generosity" by Karmel Melamed, School receives $30 million gift and new name, UCI Paul Merage School of Business, University of California - Irvine, https://en.wikipedia.org/w/index.php?title=Paul_Merage&oldid=1141890543, This page was last edited on 27 February 2023, at 11:16. Between the four brothers, the family is estimated to conservatively be worth more than $5 billion. email [email protected] "David's recruiting process is incredibly rigorous," says Nelson. Katherine remains active in her philanthropic endeavors. After the sale of Chef America, the brothers pursued separate projects. "Retirement? In 2005, Paul and Lilly Merage donated $30 million to the School of Business at University of California, Irvine, which was renamed Paul Merage School of Business in his honor. On one European trip, the brothers discovered Belgian waffles. Katy Perry, Luke Bryan and Lionel Richie were powerless to save a couple of their faves this time. My mother encouraged my interest and love for Israel from a young age. The David and Laura Merage Foundation, based in Colorado, focuses on community development and early childhood education. After interviewing dozens of reservist and army officials, we understood that this was a widespread problem. The daughter of Paul Merage, who co-founded Chef America Inc. with his brother and created the Hot. [1] Biography [ edit] Merage was born in Iran in 1943 to a Jewish family, [2] the son of Katherine and Andre Merage. Sometimes, an unexpected incident in life presents itself. "When the prices of ingredients went up, we asked our research and development team to find ways to offset them," says David, "and we looked for ways to be even more efficient. He was co-founded Chef America Inc., a privately-held. David's nephew Ben Levy started working with CIG in 2011 as a private equities manager. This is Paul Merage's 45,000 square-foot mansion: How did Paul Merage become a billionaire? I knew I was destined to become an entrepreneur and it would happen here.". $7,948,855. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. The mission of our Foundation in Israel is to empower individuals and communities; we incubate and accelerate circles of change those who are strengthened, strengthen others, and lead the way to promoting the prosperity of Israel and the well-being of all its citizens. They have gone on to invest the funds in real estate and the capital markets. Our goal is to strengthen key economic clusters where the Negev has a significant competitive advantage. I sought out my American dream and seized the opportunity to move overseas, diving fully into art education, learning from established artists and teachers, and experiencing museums and art institutions in the U.S. From then on, I devoted myself to the craft, using it as an outlet for self-expression. Poring over thousands of historical documents, centuries of ancient texts, and Bible translations in many languages, the experts in the film conclude that two Greek words were mistranslated to mean homosexual. David and brother, Paul, sold Chef America toNestle in 2002. "The management shared the same culture as Chef America [and] had a high-quality product and room for growth," says David. "Behaviors associated with poor mental health and addiction are mistaken for, and treated as, willful criminality," said David Merage. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. Total expenses. Through our Merage Foundation initiatives we create opportunities that increase well-being and positive life outcomes. If you walk through that door you find that there are many new doors that begin to open up. Want To Make $15 Billion? David Merage is a successful entrepreneur and venture. David was the fourth of five children born to Andre and Katherine Merage. I guess UC Irvine wasn't prestigious enough? Read below, Ivanka's. Yet another amazing example of a massive fortune made from a totally random business. It manages a large portfolio of commercial properties coast to coast. How did they do it? A few weeks ago I was doing some research on the largest home in one of the wealthiest zip codes in America, the Orange County enclave of Newport Coast. So far, Echo has invested in Boomerang Pies, a company in Austin, Texas, that sells frozen, handheld, all-natural, minced meat and kidney pies, adapted from Australian recipes. DAVID AND LAURA MERAGE FOUNDATION ENGLEWOOD, CO 80112-5622 | Tax-exempt since June 2003 EIN: 45-0493925 Classification(NTEE) Private Independent Foundations (Philanthropy, Voluntarism and. The David and Laura Merage Foundation, based in Colorado, focuses on community development and early childh Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. Mirroring his approach to business, Davids philanthropic goal is to develop new systems or improve existing ones, select like-minded individual and organizational partners, and bring each project to successful completion together. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. The year he graduated, Paul and David's parents joined them in California. By 2002, their company, Chef America Inc., was one of the most profitable privately held food companies in the world; the brothers sold it to Nestl for $2.6 billion. About Merage family Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. We compare how we're doing in each of our operations to the 5% best companies in the U.S.", CIG currently has a staff of 74, including David's daughter, Sabrina, 29; his wife's nephew Ben Levy, 34; and Rob Nelson, one of six former managers from the Chef America team. After two years of trial and error, they developed a frozen sandwich that tasted good and didn't get soggy when heated. Even though in 1983 microwave ovens did not have widespread distribution in US households, Merage correctly predicted that Microwave oven usage would continue to grow exponentially. In the 1920s, he moved to France, where he ran a successful business importing and exporting high-end antiques. Americans fell in love with Belgian waffles. Pakal: One of the young leaders of our Iranian Community Program, who is an active reservist commander, raised the issue of the lack of social cohesion and disconnect among army reservists. Wei Ing-Chou, Ying-Chiao, Yin-Chun & Yin-Heng, Mike Tyson Wants WWE Match With Logan Paul, Talks UFC-WWE And Launch Of Tyson Pro, What To Know About This Years Met Gala: The Theme, The Co-Chairs And Whos Attending, Donald Trump Seeks Mistrial In E. Jean Carroll Rape Trial, American Idol Viewers Send Judges Message With Top 10 Live Vote, Shanghai Xintiandis Billionaire Developer Sticks With Winning Formula, Linking Old And New At Water Town, Several Lengthy Playoff Runs Raised The Bar Very High For Tampa Bay Lightning, JPMorgan Stock Set For Second-Best Day This Year After First Republic Takeover, Chicago White Sox Are Plunging Toward Their Worst-Case Scenario, Celebrating 100 Years: Ralph Senensky, TV Director, Reaches The Century Mark, Jennifer Aniston Discusses LolaVies First Retail Partnership With Ulta Beauty: It Is A Huge Step. The snack had to come fully-enclosed so no utensils were needed. They're better than their record, but it might already be too late for them to contend, even in the mediocre AL Central. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. What initiatives does your foundation support in Israel? There's just one teeny, tiny blemish on the family's track record. Stell 18 Inverness Place East, Englewood, CO 80112. In 2013, David Merage received the Ellis Island Medal of Honor, an award given to U.S. immigrants and native-born citizens who have made substantial contributions to American society. In 2005 Paul donated $30 million to the University of California's School of Business, which was then renamed the Paul Merage School of Business. My parents told us that the money wasn't to be used to change our lives, but to change the world around us.". 2020. That's very important to him. In 1977, David and Paul introduced Hot Pockets, frozen handheld sandwiches with a variety of fillings. Just three years earlier his parents were living in France, where the father ran an antiques import/export business. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. At the age of 15, he traveled to England to pursue his studies and then completed his formal education in the United States with a Bachelor of Science degree in Marketing from California State University. Paul's daughter Michelle was involved in the infamous college admissions scandal, also known as Operation Varsity Blues. In 1975, David Merage co-founded Chef America, a national frozen food manufacturer known for inventing and marketing Hot Pockets, Lean Pockets, and Croissant Pockets. ", Feeling tremendous pressure to keep the business growing at a rate of 15% a year, David and Paul talked about selling the company and spending more time on their philanthropy. CIG currently has a staff of 74, including David's daughter, Sabrina, 29; his wife's nephew Ben Levy, 34; and Rob Nelson, one of six former managers from the Chef America team. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters.