Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. In February 2020, Michelle was sentenced to five months in prison. He personally led the effort to formulate this product and after two years of testing and experimentation he developed and patented a unique process which resulted in a product with tasty fillings and a crispy crust. November 21, 2022. Over the years, the program has evolved to become a unique empowerment framework for women, which includes over 10 Iranian womens clubs throughout Israel. David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. $7,948,855. Its investment portfolio is currently valued in excess of $2 billion. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. The gala will honor designer Karl Lagerfeld on May 1. Over time sales started to take off. The program has helped Iranian immigrants become an essential part of every aspect of Israeli life, including Israeli culture, education, military, business, and politics. Paul Merage (born 1943) is an American billionaire businessman who co-founded Chef America Inc., the company that popularized the microwavable frozen snack Hot Pockets . [1]. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. 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. Founded in 1977, the company behind the microwavable meals,. How did they do it? By 1977 their little company was selling $12 million worth of waffles per year. "Behaviors associated with poor mental health and addiction are mistaken for, and treated as, willful criminality," said David Merage. Tell me about your professional path and how you incorporate your business experience in your philanthropic work. 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. Paul set up an in investment firm in Southern California, and David started Consolidated Investment Group (CIG), an investment management company in Denver that invests for a select group of clients. 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. HOT POCKET Founder and Successful Entrepreneur, David Merage - PRWeb For the past 22 years, we have created a variety of programs that have improved the life trajectory of hundreds of Iranian-Israeli families, creating multi-generational change. In just three years, Chef America became the No. Their instincts were right. (303) 789-2664. 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. "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. In particular, Laura has launched several nonprofit organizations that have made a profound impact on our nations Art and Culture landscape. David Merage is a successful entrepreneur and venture. The scheme was uncovered before the girls were actually admitted. Paul Merage (born 1943) is an American billionaire businessman who co-founded Chef America Inc., the company that popularized the microwavable frozen snack Hot Pockets. Negev Agritourism: MFI is working with key regional partners to transform the Negev region into a flourishing agritourism destination, attracting a flow of international and local tourists in their quest for an authentic desert experience, a growing curiosity about where our food comes from, and a stronger connection to the land. What initiatives does your foundation support in Israel? Photo Essay: L.A.'s Iranian Jews repaying Alliance's generosity 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. In 2015, his net worth was estimated at $1.8 billion. Cities and what people think and feel about them frame in a deep way how we deal with housing policy and economics. He brought his son and one of his brothers as co-founders. To kindle the younger generation's interest in philanthropy, their grandmother, Katherine Merage, gave each of her 13 grandchildren the gift of a foundation and the freedom to make their own decisions about how to give away the money. "My dad and I work together and talk about corporate strategy every day," she says. CIG supports five family foundations: the David and Laura Merage Foundation, the Andre and Katherine Merage Foundation, Early Learning Ventures, the Jonathan Merage Foundation and the Sabrina Merage Foundation. 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. What do you think is the role of philanthropy in the world today? If you walk through that door you find that there are many new doors that begin to open up. By incorporating real business experience, an entrepreneurial spirit, and a passion for social impact, we provide the best services and quality no matter what we do, and we go where not many people are willing to go. The David and Laura Merage Foundation has generously committed to providing continued support through 2022. Meanwhile, Laura saw that many of her peers were isolated by their artistic interests. High Impact Philanthropy: Laura Merage and Sabrina Merage Naim - Medium Michelle Janavs served time in prison after being convicted for her involvement in the scheme. $54,535,566. There's just one teeny, tiny blemish on the family's track record. Stell 18 Inverness Place East, Englewood, CO 80112. That same year the brothers decided to sell the business to Nestle. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. In receiving this prestigious award, David joined the ranks of distinguished medalists, including six United States presidents, Nobel Prize winners, and the leaders of industries, educations, the arts, and sports. Since they were young, my children have been actively involved in our philanthropic work, and now they are leading their own foundations, and are promoting their own endeavors with great success. Andre, David, and his brother, Paul, founded Chef America, Inc. in 1977 and subsequently developed Hot Pockets, a frozen-food product that quickly became a staple in supermarkets across the country. [1] Biography [ edit] Merage was born in Iran in 1943 to a Jewish family, [2] the son of Katherine and Andre Merage. That's enough to make them one of the richest families in America. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. 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 the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. "Only four food companies were in a position to buy a business the size of Chef America," says David. 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. When the Nazis invaded Paris in 1940, he fled to Iran and resumed his life there. Family passions and reputation stand behind the wines of California's wine families. David's nephew Ben Levy started working with CIG in 2011 as a private equities manager. You and your wife Laura are known for your philanthropic involvement. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. Mr. Merage continues as a very successful businessman and currently leads one of the largest and most diversified real estate and investment companies in the United States. Part of our work includes promoting the emergence of early-stage DeserTech startups, mobilizing the entrepreneurial capital in the region, and spurring innovation by bringing together technology, information, specialized talent, competing companies, academic institutions, and high-quality jobs. From an early age, I knew I was destined to be an entrepreneur. Today, David, 66, is principal of Consolidated Investment Group in Denver, the firm he started in 2002. I am also leading an effort to engage business leaders in early childhood education advocacy. We constantly look for opportunities that tap into existing networks and infrastructures that avoid duplication. 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. CIG holds one of the most diverse portfolios in the country in terms of product type and geography, investing in public equity, hedge funds, fixed income and real estate, both domestically and internationally. Merage family - Wikipedia David is a discerning investor who's always looking for what others haven't thought of. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. Foundation's History. (Photo by Donald Bowers/Getty Images for Editor Showcase). "And we wanted to sell to an operating company that would retain our management team and other employees.". There's the American Dream, and then there's the spectacular success achieved by immigrant brothers David and Paul Merage. Sabrina Merage Naim Daughter of Hot Pockets co founder David Merage; niece of Paul Merage; Echo Capital Group wife She did not speak any Hebrew, she had no contacts, no money and was completely lost. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. In 2015, his net worth was estimated at $1.8 billion. Attentive to shifts in American culture, they noted two coalescing trends: Sales of microwave ovens were increasing as more women entered the workplace. We are entrepreneurs at heart. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. 2023 Celebrity Net Worth / All Rights Reserved. She resides in Newport Coast, California. "The role of CIG is to support our non-profit activities," he says. [4] He attended Alborz High School in Tehran. David Merage | I'm Iranian Meet David & Laura - David & Laura Merage Foundation "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. Born in Iran, they came to the U.S. in the 1960s as students and settled in California. 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. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. Want To Make $15 Billion? 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. CIG seeks optimal returns through direct investment, creative partnership structures, fund investments, and other innovative techniques. In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. In order to create opportunities for economic growth and high-quality jobs, the foundation acts as an integrative body to convene and mobilize the key stakeholders and nurture an environment where these clusters can mature and flourish. "We run our philanthropy with the same discipline and high expectations as we do our business.". All Rights Reserved. There are four rules that I absolutely live by without compromise. After interviewing dozens of reservist and army officials, we understood that this was a widespread problem. How Will It Affect Your Family? The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. 1 company in the world mass-producing frozen Belgian waffles. "We're not passive investors," Sabrina says. 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. Chef America wanted a more central location between its California and Kentucky manufacturing operations. And all of that seems totally unnecessary. 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. My parents have always been involved in supporting Israel and the Jewish community in Iran. Its history. View the profiles of people named David Merage. 18 Inverness Place East, Englewood, CO 80112. At 15, David attended secondary school in England. Negev Development Division: For the past 15 years, I have been actively involved in the Negev, supporting a variety of projects, from employment and entrepreneurship programs, dozens of festivals and cultural events and supporting local municipalities in the development of strategic plans for demographic growth, urban development, economic growth, health and transportation. Every morning I wake up and say to myself, 'This is the start of another good day.' One Of The Richest Families In America Owes Their Entire Fortune To . 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. Paul and David decided Chef America should forget about breakfast and dinner as categories. The primary mission of his foundation is to promote self-sufficiency through education and community development in the United States and Israel. She also has to serve two years of supervised release, pay a $250,000 fine and perform 200 hours of community service. Decades ago, a vacation in the South of Israel inspired a big question in my mind: Why is Israel concentrated in the center while a huge land in the South remains empty? I wondered how is it that this small nation has not developed this vast area, while the cities in the center are crowded, and the housing prices are out of reach for most young Israelis. 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. Jonathan attended Purdue University and conducts severe weather research throughout the country. Media & Insights - David & Laura Merage Foundation Last year, Sabrina launched her own investment company, Echo Capital Group, an offshoot of CIG. A Colorado Couple Brings a Venture Approach to Family Philanthropy Ignore Your Parents, Quit School And Follow Your Passion Just Like Michael Dell. 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. My mother encouraged my interest and love for Israel from a young age. Company leaders receive ongoing support in team building, empowerment training and practical assistance for events, activities and volunteering opportunities. David was the fourth of five children born to Andre and Katherine Merage. Joe's 55,000 square-foot home topped Paul's by 10,000 square feet. Capitalizing on David's expertise in the food business, CIG began actively seeking investments in American-owned companies in the food and beverage industry that are promising or in distress, or those whose sales have plateaued but still have potential for substantial growth. After having all of his wealth in one basket in Chef America, David sought to build a diversified portfolio for CIG. A lot of students will be better of with the new financial aid criteria. CIGs permanent capital base allows the company to take a disciplined, long-term investment perspective. The boot camps are focused practical, best practices, on how to best introduce and promote new Israeli technologies in the U.S. to the mutual benefit of both nations. CIG has set an ambitious goal of closing one or two deals a year. Paulreferred to by David as a marketing geniuswas convinced that there was a big market for them in the States. Through his company, Consolidated Investment Group (CIG), David invests in real estate and the capital markets. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. Today, Merage runs Consolidated Investment Group (CIG), a Denver-based company strategically investing in real estate, capital markets and private equity. In 2002 the David and Laura Merage Foundation (DLMF) was officially established to create a more equitable society for all and to leave a legacy for future generations. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. "He instilled in us the belief that family members working together were stronger than any one of us could be working alone.". [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. Submit a correction suggestion and help us fix it! She has studios in Denver, Hawaii, and Israel. I was able to help her, and I began actively supporting hundreds of Iranian-Jewish families on their struggling path to Israel. They spent months testing and perfecting a recipe for frozen waffles. My parents told us that the money wasn't to be used to change our lives, but to change the world around us.". David and Laura have two adult children, Jonathan and Sabrina. In 1979, my mother put me in touch with a family friend. Chef America then marketed Hot Pockets nationally. In my research I learned that Joe C. Wen took the record for largest home in all of Orange County from a person named Paul Merage. Its society. After graduating from Sacramento State University with a degree in marketing, David began investing in real estate with his father and demonstrated a keen eye for identifying and capitalizing on market trends. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. David and brother, Paul, sold Chef America toNestle in 2002. David and Laura Merage: Philanthropists supporting Israel This is Paul Merage's 45,000 square-foot mansion: How did Paul Merage become a billionaire? Who is Michelle Janavs? Bio, Wiki, Age, Husband, and Sentence The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. The Merage family /mrd/ is a wealthy Iranian Jewish family residing in Orange County, California. Laura is also the founder of Black Cube, which works with artists to produce pop up exhibitions in unexpected places while helping artists further their professional careers. On one European trip, the brothers discovered Belgian waffles. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. Mental Health Colorado Expands its Focus on Criminal Justice The Forgotten Immigrant Origins of America's Most Iconic Microwavable Snack David And Laura Merage Foundation - Nonprofit Explorer - ProPublica He was co-founded Chef America Inc., a privately-held. The Sabrina Merage Foundation is proud to announce its newest Program Related Investment with Erin Bernhardt and her film, currently titled CLARKSTON: Mother of Exiles. 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. 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 Working six and a half days a week, the Merages marketed their frozen waffles to coffee shops and restaurants. David and Laura's 33-year-old son, Jonathan, has forged his own path as a storm chaser interested in extreme weather and its consequences. Before the premiere at the DOC NYC Film Festival, the film garnered much media attention. Stell 18 Inverness Place East, Englewood, CO 80112. Connected to Life: This program supports and trains senior citizens to use smartphones as a means of strengthening their social and familial ties. "CIG is driven by excellence. He and his wife Laura run the David and Laura Merage Foundation, which focuses on community development and early childhood education. Once again, the brothers were back in the kitchen experimenting with recipes. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. After the sale of Chef America, David Merage founded Consolidated Investment Group (CIG), a Denver-based investment management company specializing in capital markets, and commercial real estate. 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. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. And, as any late night Hot Pocket consumer can confirm, the true mark of a successful late night Hot Pocket feast was waking up the next morning feeling like someone had scorched the top of your mouth with a blowtorch. 18 Inverness Place East, Englewood, CO 80112. need for a hot meal or snack that children could easily prepare themselves when returning from school. "Retirement? David and their father began investing in real estate while Paul was toiling away at General Foods. I also believe it is my responsibility to contribute greatly of my time, my network and my business acumen. Spoiler alert, that person is named Joe C. Wen. Early Childhood Education: The foundation is leading Early Learning Ventures, an initiative to enrich education for children ages birth to five years old. Laura received her bachelors degree in Fine Arts from the University of Southern California and her masters degree in Art from New York University. The CIG Group manages more than $2 billion worth of assets. David Merage, founder of the David and Laura Merage Foundation, joined prestigious business leaders . Following these guidelines, our Israel team develops programs and nurtures partnerships that bring about systemic, sustainable and bold results. Our plan includes developing the ecosystem of agricultural tourism in the Negev, by improving the quality of existing agritourism products, supporting the establishment of new ventures and creating jobs. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. Our foundation works in two ways first through direct philanthropic investment and, secondly, through partnerships. "California felt like home," says David. My team would continue meeting with them and helping in any way they could. The family believes in hands-on philanthropy; all of the foundations have family boards and are overseen by executive director Sue Renner. "I bring together a team of the most creative and committed people I can find and set high expectations and goals," David says. For the past 13 years, he has divided his time equally between building his business and actively guiding his philanthropy. MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies. 5 Iranian-American Siblings Who Harnesses the Power of - Entrepreneur In the United States, the foundation concentrates its efforts in promoting Early Childhood Education, Arts and Culture and Community Development. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. Redline is renowned in the Denver area for being Cortney Lane Stell, executive director and chief curator of Black Cube Nomadic Art Museum was recently interviewed by Westword, a Denver based news publication. DeserTech Jonathan Merage has recently boosted his continued donations to the University of Hawaii at Mnoas Science and School of Ocean and Earth Science and Technology David Merage, founder of the David and Laura Merage Foundation, joined prestigious business leaders from Colorado as a presenting sponsor of EPICs (Executives Partnering to Cortney Lane Stell, executive director and chief curator of Black Cube Nomadic Art Museum was recently interviewed by Westword, a Denver based news publication. Included were four Stanley Cup final appearances and a pair of Cup wins. He serves as chairman of MIG parent companies. 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. David has created a company that is founded on high ethical standards that puts its people first, fosters an environment of respect, integrity, and tolerance of others. He has worked to re-create that culture at CIG. "Rather than supporting people's health and providing access to quality care and education, we . Meanwhile, Paul, who had had ten years of management experience working with major packaged food companies, suggested that he and David start a business importing and marketing consumer products from Europe and Japan. Sabrina Merage Grantee at DOC NYC - David & Laura Merage Foundation They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools.

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