Join Facebook to connect with David Merage and others you may know. He reached into his pockets to give back - jewishjournal.com In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. CIG seeks optimal returns through direct investment, creative partnership structures, fund investments, and other innovative techniques. Laura: I'm one-half of the David and Laura Merage Foundation. He has worked to re-create that culture at CIG. 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. He has been board member and a leading donor for the Pacific Symphony and has served on the board of the Orange County Performing Arts Center. He serves as chairman of MIG parent companies. They decided to quietly market the business, but they knew it wouldn't be easy. 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. While most people tend to think of the Maldives as the epicenter of romance (and it certainly is that), it has so much more to offer. MFI's DeserTech Initiative Partners with United Nations. You and your wife Laura are known for your philanthropic involvement. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. This article may not be posted online or reproduced in any form, including photocopy, without permission from the publisher. In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. These are: honesty, integrity, determination and commitment. It is a way of life that is transmitted from generation to generation and it is our hope that this approach to giving back is more widely embraced by Israelis. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. She founded RedLine, a non-profit gallery that offers educational programs, art activities for people in the community, and gallery exhibition space for emerging and established local artists. David and Paul Merage[3] co-founded Chef America Inc. where they created the popular microwavable snack Hot Pockets in the early 1980s. 2) The snack they created needed to extremely easy for kids to make and eat on their own. Mike Tyson talks a possible WWE match with Logan Paul, the WWE-UFC merger and the launch of Tyson Pro. Today, David is an investor and venture philanthropist. 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. The program has helped Iranian immigrants become an essential part of every aspect of Israeli life, including Israeli culture, education, military, business, and politics. Katy Perry, Luke Bryan and Lionel Richie were powerless to save a couple of their faves this time. 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. 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. (303) 789-2664. 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. Echo has also invested in Stacked Wines, based in Southern California, which sells individually packaged, sealed wine glasses filled with quality wines, suitable for picnics or occasions when people don't want to open a bottle of wine. 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. Community Development: The foundation founded Equitas in December of 2013, to raise public awareness and to implement sensible programming and policy for managing mental and behavioral health challenges. Laura received her bachelors degree in Fine Arts from the University of Southern California and her masters degree in Art from New York University. 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. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. 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. ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. His management team is comprised of experts in the education and non-profit sectors, supported by senior-level finance, legal, management, and marketing professionals. 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 company created a considerable workforce employing 1,900 associates in three states, and generating over 6,000 national jobs through the supply chain. Between the two brothers, they support more than a dozen family-led philanthropic foundations. "I come from a family of entrepreneurs and trendsetters. She resides in Newport Coast, California. Founded in 1977, the company behind the microwavable meals,. 2020. The primary mission of his foundation is to promote self-sufficiency through education and community development in the United States and Israel. The difference is that Echo targets new companies started by millennial entrepreneurs. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. 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. 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. Chef America wanted a more central location between its California and Kentucky manufacturing operations. Merage - Family Business Magazine He eventually rose to the position of director of new products. Early Childhood Education: The foundation is leading Early Learning Ventures, an initiative to enrich education for children ages birth to five years old. 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. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. "Rather than supporting people's health and providing access to quality care and education, we . This is Paul Merage's 45,000 square-foot mansion: How did Paul Merage become a billionaire? Andre Merage died in 2001. "We run our philanthropy with the same discipline and high expectations as we do our business.". 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. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. 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. She wanted to run away to Israel and asked me for help. Stell 18 Inverness Place East, Englewood, CO 80112. Meanwhile, Laura saw that many of her peers were isolated by their artistic interests. Photo by Kathryn Scott Osler/The Denver Post via Getty Images. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. 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. She also has to serve two years of supervised release, pay a $250,000 fine and perform 200 hours of community service. How do I decide what to invest in? 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. "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. 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 firm has four areas of operation: private equities, public equities, commercial real estate and philanthropy. [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. 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. Language links are at the top of the page across from the title. 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. These young people have made significant sacrifices by leaving their homes and families to move to Israel and protect our Jewish homeland. 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. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. According to the David and Laura Merage Foundation, the family takes a hands on approach to their philanthropy, bringing their business acumen, entrepreneurial spirit, and creativity to each and every project.. In 1968, David joined Paul in California. For reprint information, contact bwenger@familybusinessmagazine.com. . For the past 13 years, he has divided his time equally between building his business and actively guiding his philanthropy. Art, Community and Hazard Mitigation: A Successful Combination - David 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. They quickly ran out of that money and the brothers were forced to ask for a loan from their parents. At some point in the early 1970s, the brothers were vacationing in Europe and had their first ever Belgian waffle. Paul followed up with two brilliant brainstorms: 1) Paul realized that as more women entered the workforce, they wouldn't be home to fix their kids an after school snack. [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. "Only four food companies were in a position to buy a business the size of Chef America," says David. Our foundation works in two ways first through direct philanthropic investment and, secondly, through partnerships. "I don't know of any other country where people can succeed through their best efforts as they can here," David says. And all of that seems totally unnecessary. 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. At the time, Sabrina was just graduating from college and thinking more about her career. 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 patchwork of government programs for adults with disabilities, and their varying eligibility rules, create complications and traps. In 1974, Paul and David co-founded their own food company. 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. Photo Essay: L.A.'s Iranian Jews repaying Alliance's generosity Sabrina is the principal; her cousin Ben Levy is the vice president. All Rights Reserved. Our movie is more than just theology. 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. The Merage Foundations have positively impacted hundreds of thousands of peoples lives both in the US and globally. They have gone on to invest the funds in real estate and the capital markets. In 2002, Chef America generated $750 million in revenue. When the company ran out of initial funding the brothers also had to borrow money from their parents. But more financial planners are aiming to help. The 67-year-old Merage came to the U.S. in 1968 in pursuit of a college education. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. In 2015, his net worth was estimated at $1.8 billion. 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. 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. "My dad and I work together and talk about corporate strategy every day," she says. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. "I felt an immediate connection with the people and the culture. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. Iran was not a promising country for entrepreneurs when Andre was starting out. David is married to Laura Merage, who was also born in Tehran. $7,948,855. Read below, Ivanka's. Our Founder Submit a correction suggestion and help us fix it! The David and Laura Merage Foundation has generously committed to providing continued support through 2022. He spends a lot of his time on the road looking for investment prospects and assessing businesses. He enrolled at Sacramento State University where he graduated in 1971 with a degree in marketing. 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. Sales took off, generating new varieties of "pockets." 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. Total revenues. My family represents three generations of philanthropists that began with my parents, and we are now working on a fourth generation: my grandchildren! Velaa has noticed an interesting trend in bookingsabout 45 percent of their guests have been family/multi-generational bookings this year. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. 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. Having raised his sons with dreams of excelling in business, Andre sent them abroad to be educated. [8][2] He has been an active member of the Business Schools Advisory Board which he chaired for a number of years. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. 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.
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