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 . It manages a large portfolio of commercial properties coast to coast. All Rights Reserved. He also invests in people through his foundation, the David and Laura Merage Foundation. It is my greatest joy to see our philanthropic commitment to Israel extend through three, and now four generations, of my family. 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. 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. The company created a considerable workforce employing 1,900 associates in three states, and generating over 6,000 national jobs through the supply chain. Today, David, 66, is principal of Consolidated Investment Group in Denver, the firm he started in 2002. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. View the profiles of people named David Merage. Setting new challenges and mapping new territories is what I do.". Starting with the spring of 2015 and stretching through last year, the Tampa Bay Lightning made it to at least the conference final six of eight years. He and brother Paul Merage later sold the company to Nestl for $2.6 billion. In what areas are you involved? 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. Panlong Tiandi opening attracts "Golden Week" crowd. In 2015, his net worth was estimated at $1.8 billion. Wings: For the past 15 years, the Wings Program has been providing immigrant youth and lone soldiers with the tools they need to enter Israeli society as confident and active citizens. At 15, my life finally intersected with art. 2020. 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. This is Paul Merage's 45,000 square-foot mansion: How did Paul Merage become a billionaire? [6] MIG Real Estate, managed by Greg Merage is involved in development and management of commercial real estate. 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. 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. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. There was nothing like them.". He was co-founded Chef America Inc., a privately-held. 18 Inverness Place East, Englewood, CO 80112 CIG has set an ambitious goal of closing one or two deals a year. It doesn't matter what it is; it has to be superb. In 1974, David and Paul formed a company in Southern California, which they originally called General American Foods. David and their father began investing in real estate while Paul was toiling away at General Foods. In her interview, Rocky explains the importance of the film to her and for the LGBTQ+ community. 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. My team would continue meeting with them and helping in any way they could. The brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. or call (303) 789-2664 x233. [4][2] In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US. 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. 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. "The role of CIG is to support our non-profit activities," he says. There are four rules that I absolutely live by without compromise. "I come from a family of entrepreneurs and trendsetters. 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. In 1977, annual sales topped $12 million, but the brothers recognized that they would have to expand beyond the breakfast market for the business to keep growing. Paul's daughter Michelle was involved in the infamous college admissions scandal, also known as Operation Varsity Blues. It has been shown that youth teaching technology to seniors fosters generational connections while promoting happier, more confident lifestyles. Katherine remains active in her philanthropic endeavors. Tell me about your professional path and how you incorporate your business experience in your philanthropic work. Language links are at the top of the page across from the title. David Zalubowski, Associated Press Ivanka Trump, daughter of and special adviser to Republican President Donald Trump, wrapped up a two-day tour in Colorado by visiting a child care center near Denver on Friday to highlight the administration's affordable child care efforts. When the company ran out of initial funding the brothers also had to borrow money from their parents. 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. Sabrina attended the University of Denver, received a degree in Marketing, and now provides business consulting, reputation management, and next-generation education to high-performing and high-net-worth families. After two years of trial and error, they developed a frozen sandwich that tasted good and didn't get soggy when heated. In 2015, his net worth was estimated at $1.8 billion. 2020. The program matches senior citizens with hundreds of high school and university students from around the country who coach them on using key tools and apps such as Whatsapp and Moovit, as well as apps that allow them to make doctors appointments, do online shopping or communicate with their banks. 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. Its society. The Negev is rich in a wide range of agricultural sites and is a fertile ground to turn these into tourism attractions. He then started a private family office whose portfolio is now valued at more than $2 billion and includes philanthropy among its ventures" by Deanne Stone, Atlas Obsura: "How the Family Who Got Rich with Hot Pockets Is Giving Away Their Fortune - Its a lot of money." The Merage family /mrd/ is a wealthy Iranian Jewish family residing in Orange County, California. Today the MIG Group manages over $1 billion worth of assets, mostly commercial real estate but also some private equity venture capital investments. That's enough to make them one of the richest families in America. Laura received her bachelors degree in Fine Arts from the University of Southern California and her masters degree in Art from New York University. She paid $100,000 to have a proctor rig their ACT exam and she paid $200,000 to have one of the girls labeled as a fake volleyball recruit. The sale price? In 1983, Hot Pockets were introduced to retail supermarkets and, within a short time, was a household staple. Spoiler alert, that person is named Joe C. Wen. I was able to help her, and I began actively supporting hundreds of Iranian-Jewish families on their struggling path to Israel. 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. 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. I am also leading an effort to engage business leaders in early childhood education advocacy. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. These young people have made significant sacrifices by leaving their homes and families to move to Israel and protect our Jewish homeland. "I bring together a team of the most creative and committed people I can find and set high expectations and goals," David says. Velaa has noticed an interesting trend in bookingsabout 45 percent of their guests have been family/multi-generational bookings this year. Its history. . "Rather than supporting people's health and providing access to quality care and education, we . "The management shared the same culture as Chef America [and] had a high-quality product and room for growth," says David. From an early age, I knew I was destined to be an entrepreneur. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. Early Childhood Education: The foundation is leading Early Learning Ventures, an initiative to enrich education for children ages birth to five years old. 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. They spent months testing and perfecting a recipe for frozen waffles. In 1979, my mother put me in touch with a family friend. He brought his son and one of his brothers as co-founders. Like CIG, Echo invests in food and beverage companies. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. How can such a small nation forget about this huge part of the countrys territory? 2023 Celebrity Net Worth / All Rights Reserved. The business really took off in 1985 when Chef America started selling Hot Pockets in retail supermarkets nationwide. Founded in 1977, the company behind the microwavable meals,. When David and his brother sold Chef America in the early 2000s, David and Laura decided to deepen their giving by establishing a multimillion dollar foundation, using funds from the sale for philanthropic investment. That's very important to him. Paul earned an undergraduate degree in economics, followed by an M.B.A. from the school and then landed a job at General Foods. Most recently, we have completed a new model focused on promoting regional economic development. About Merage family Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. [2], Last edited on 27 February 2023, at 11:16, Los Angeles Times: "Merage Makes It His Business to Help Others - UCI's biggest donor began giving away his money after moving to Newport Beach in 2003" by Jeff Gottlieb, New York Times: "Paid Notice: Deaths Merage, Andre", Family Business Magazine: "A continuing streak of value creation - David Merage and his brother sold Chef America Inc., makers of Hot Pockets, to Nestl in 2002. That same year the brothers decided to sell the business to Nestle. [8][2] He has been an active member of the Business Schools Advisory Board which he chaired for a number of years. My research into her case showed me this was a very typical situation for most Iranians who immigrated to Israel. Its oppression, says Rocky. 18 Inverness Place East, Englewood, CO 80112. At the time of its sale to Nestl in 2002, the company had reached $750 million in annual sales, employed 1,800 people, and was growing at a rate of 15% per year, making it one of the fastest-growing food companies in the world. Our movie is more than just theology. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. Each door leads to a new challenge that brings joy and a renewed sense of accomplishment. 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. "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.". I never considered it for one minute," he says. And that segues nicely into the actual article I ended up wanting to write. Before the premiere at the DOC NYC Film Festival, the film garnered much media attention. 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. 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. "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. Submit a correction suggestion and help us fix it! It has advised Funky Chunky on matters such as designing equipment, redistribution channels and human resources. Today, I am principal of Consolidated Investment Group, a Denver-based investment firm, focusing on Wall Street and real estate investments. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. At some point in the early 1970s, the brothers were vacationing in Europe and had their first ever Belgian waffle. 18 Inverness Place East, Englewood, CO 80112. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. How did they do it? "He instilled in us the belief that family members working together were stronger than any one of us could be working alone.". We also supported through capital projects such the establishment of a Rehabilitation Center in Sderot, and the Dimona Medical Center, which covers over 20,000 patients a year and offers the community10 dialysis beds and emergency support after hours. MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies. 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. David and Laura Merage Foundation's philanthropic investments are focused on social change and result in children, families and communities improving the quality and circumstances of their lives. She has studios in Denver, Hawaii, and Israel. We are entrepreneurs at heart. [3] He has four siblings: Louise, Camron, David, and Lin. 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. 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. I always wanted to take my knowledge of business and management, to give back to the communities that directly affected my life. $7,948,855. 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. 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. A collection of recent news, press mentions, and insights on the David and Laura Merage Foundation and our impact areas. In the 1920s, he moved to France, where he ran a successful business importing and exporting high-end antiques. 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. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. And all of that seems totally unnecessary. 1 company in the world mass-producing frozen Belgian waffles. 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. The scheme was uncovered before the girls were actually admitted. . 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. [4], In 1983, he noticed that as more women entered the work force there was a newly emerging Foundation's History. "We run our philanthropy with the same discipline and high expectations as we do our business.". Its law. In just one year, the company's sales increased by double digits. Tell us about your special connection to Israel and more specifically to the Israeli-Iranian community. 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. 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. Upon arrival, a wonderful Farsi speaking partner would meet them at the airport, help them fill their paperwork, arrange for transportation and give them supplies and a Hebrew dictionary. One of Evokes most recent creative media grantees, 1946: The Mistranslation That Shifted a Culture, premiered at the DOC NYC film festival in November. 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. How do I decide what to invest in? I think philanthropys role is to empower people so that they realize their full potential. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. in economics and an M.B.A.[2], After college, he worked for nine years in a succession of increasing responsibilities in product management[5] at General Foods (now Kraft Heinz Company), Hunt Wesson and Specialty Foods where he was director of new products. 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. 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.