[2][7] Merage also donated $3 million to the Merage Jewish Community Center of 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. 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. 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. The gala will honor designer Karl Lagerfeld on May 1. Believe it or not, in the early 1980s most American households did not have a microwave. As the Nazis approached France, the Merage parents made the wise decision to get on a boat and move to their native Tehran. Like CIG, Echo invests in food and beverage companies. 2020. Setting new challenges and mapping new territories is what I do.". The patchwork of government programs for adults with disabilities, and their varying eligibility rules, create complications and traps. In the 1920s, he moved to France, where he ran a successful business importing and exporting high-end antiques. 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. Katherine remains active in her philanthropic endeavors. The films director, Sharon Rocky Roggio, was even interviewed by the Daily Beast. 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. 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. Mike Tyson talks a possible WWE match with Logan Paul, the WWE-UFC merger and the launch of Tyson Pro. He also invests in people through his foundation, the David and Laura Merage Foundation. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. In 2020, Sabrina founded Evoke Media as a subsidiary of SMF in order to create connection, cultivate conversation, and drive social impact through the power of storytelling. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. Early Learning Ventures is building a network of over 600 high-performing child-care providers, making quality child care more accessible to American families. "He surrounds himself with exceptionally capable people and then gives everyone opportunities to learn, contribute and succeed. The company soon introduced over 30 flavors and variations, including Lean Pockets, Croissant Pockets and Breakfast Pockets. . "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.". In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. 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. I am also leading an effort to engage business leaders in early childhood education advocacy. Laura holds a Masters degree in Art from New York University and is an accomplished artist/photographer with works in public and private collections nationally and internationally. "It just rolled off my shoulders," she says, "because my family was never fixated on money but on values. [4], In 1983, he noticed that as more women entered the work force there was a newly emerging 18 Inverness Place East, Englewood, CO 80112 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. They expanded their product line and employed some 1,900 people before selling to Nestle in 2002 for $2.6 billion. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. [citation needed], In 1961, at the age of 17, he immigrated to the United States to attend the University of California, Berkeley, where he earned a B.A. 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. From Star Trek, Dr. Kildare, The Twilight Zone, The F.B.I. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. How did they do it? In 1971, Andre and Katherine also moved to California. He wanted a snack-able treat a kid could microwave in two minutes and eat holding nothing but a paper towel. Copyright 2015 by Family Business Magazine. At 15, David attended secondary school in England. Over the years we have supported hundreds of initiatives, benefiting hundreds of thousands of individuals throughout Israel. CIG actively supports the work of the foundation by providing office space, resources, and human capital to ensure that the foundation can focus on tackling complex societal problems and creating lasting solutions within the community. Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. The firm has four areas of operation: private equities, public equities, commercial real estate and philanthropy. A decade later, they made an astute observation that would change their lives. Laura: I'm one-half of the David and Laura Merage Foundation. David and Laura are natives of Tehran, Iran, who immigrated to the United States in their early teens with hopes of a better future. He approaches opportunities by asking not only what assets can we unlock but also whether we are the right fit in terms of corporate culture. I kid you not. Today, I am principal of Consolidated Investment Group, a Denver-based investment firm, focusing on Wall Street and real estate investments. 18 Inverness Place East, Englewood, CO 80112. 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. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. It has advised Funky Chunky on matters such as designing equipment, redistribution channels and human resources. As an accomplished artist and venture philanthropist, Laura Merage works to positively influence the lives of thousands of people every day. On one European trip, the brothers discovered Belgian waffles. It manages a large portfolio of commercial properties coast to coast. 2023 Forbes Media LLC. 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. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. I never considered it for one minute," he says. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). 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. That, plus a culture of respect and honesty in everything we do, makes CIG an exciting environment in which to work.". Evoke Media continues to support documentaries and podcasts that drive social change. The primary mission of his foundation is to promote self-sufficiency through education and community development in the United States and Israel. Total expenses. He spends a lot of his time on the road looking for investment prospects and assessing businesses. 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. David is married to Laura Merage, who was also born in Tehran. My parents have always been involved in supporting Israel and the Jewish community in Iran. 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. 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. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. We believe in the power of empowerment, leadership development and community building. In 2015, his net worth was estimated at $1.8 billion. 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 brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. There are four rules that I absolutely live by without compromise. How can such a small nation forget about this huge part of the countrys territory? We are entrepreneurs at heart. [2] Chef America started by selling frozen Belgian waffles - then largely unfamiliar in the United States - to restaurants as they were difficult to cook. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. Between the two brothers, they support more than a dozen family-led philanthropic foundations. When they were ready, the brothers went door-to-door marketing their frozen Belgian waffles to coffee shops, supermarkets and restaurants. In 1979, my mother put me in touch with a family friend. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. In just one year, the company's sales increased by double digits. The CIG Group manages more than $2 billion worth of assets. Reserve companies are also supported by a digital platform that allows them to manage and mobilize their communities for action. David, who grew up in Tehran, remembers everyone in the familyincluding the womentaking a keen interest in business. 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. 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. Velaa has noticed an interesting trend in bookingsabout 45 percent of their guests have been family/multi-generational bookings this year. 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. 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. 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. Specifically, we are currently working on two main programs: DeserTech: Our program aims to support the development and commercialization of climate change and desert technologies (such as AgTech, WaterTech, renewable Energy, and other sustainable innovations). Our movie is more than just theology. The end result of this brilliant chain of decisions? What initiatives does your foundation support in Israel? This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. Sabrina is the principal; her cousin Ben Levy is the vice president. Our foundation, headquartered in Denver, Colorado, is centered on the belief that education is the gateway to optimal life outcomes. 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. 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. 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. Their instincts were right. There's the American Dream, and then there's the spectacular success achieved by immigrant brothers David and Paul Merage. 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. It has been shown that youth teaching technology to seniors fosters generational connections while promoting happier, more confident lifestyles. She resides in Newport Coast, California. The year he graduated, Paul and David's parents joined them in California. [3][4] His father ran an import/export business in France before he was forced to flee back to Iran prior to World War II. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. "Rather than supporting people's health and providing access to quality care and education, we . 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. Paul earned an undergraduate degree in economics, followed by an M.B.A. from the school and then landed a job at General Foods. Having strung thousands of racquets while his daughter was pursuing her passion on the tennis courts, he created Last Second Stringing, a purely philanthropic endeavor and donates all funds collected to a foundation that runs a school for children in Uganda. "Behaviors associated with poor mental health and addiction are mistaken for, and treated as, willful criminality," said David Merage. 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. [1]. This model allows Laura and I to be truly diverse in the types of programs and endeavors in which we become involved. That's enough to make them one of the richest families in America. It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions. Each of the 13 children born to the four brothers manages a separate foundation supported by the family. 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. 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. The Denver Post has recently praised RedLine Art Center and Black Cube Head Quarters for their daring new exhibits. Paul's daughter Michelle was involved in the infamous college admissions scandal, also known as Operation Varsity Blues. 2) The snack they created needed to extremely easy for kids to make and eat on their own. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. He serves as chairman of MIG parent companies. 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. His management team is comprised of experts in the education and non-profit sectors, supported by senior-level finance, legal, management, and marketing professionals. 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. Related: 10 Ways to Make Money During the Pandemic Ali and . ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. Tell us about your special connection to Israel and more specifically to the Israeli-Iranian community. A lot of students will be better of with the new financial aid criteria. Over time sales started to take off. "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. 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. 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. Chef America is known for being one of the most successful food companies in the world. 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. [1] Biography [ edit] Merage was born in Iran in 1943 to a Jewish family, [2] the son of Katherine and Andre Merage. From an early age, I knew I was destined to be an entrepreneur. My family represents three generations of philanthropists that began with my parents, and we are now working on a fourth generation: my grandchildren! Following these guidelines, our Israel team develops programs and nurtures partnerships that bring about systemic, sustainable and bold results. This article may not be posted online or reproduced in any form, including photocopy, without permission from the publisher. My vision for Israel is a prosperous and cohesive society that is committed to the well-being of all its citizens. 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. At Chef America, David's strong suit was creating the company culture that contributed so much to the business's success. That's very important to him. ". David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. Joe's 55,000 square-foot home topped Paul's by 10,000 square feet. 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. [2] For over a decade Merage has been a major and active supporter of El Sol Academy, a dual immersion charter school in Santa Ana, California founded in 2001 with 110 students, later enrolling nearly 1,000 students in preschool through eighth grade. He has worked to re-create that culture at CIG. Language links are at the top of the page across from the title. Family passions and reputation stand behind the wines of California's wine families. But more financial planners are aiming to help. 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. He was co-founded Chef America Inc., a privately-held. Most recently, we have completed a new model focused on promoting regional economic development. [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. 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. That same year the brothers decided to sell the business to Nestle. 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. Stell 18 Inverness Place East, Englewood, CO 80112. One of Evokes most recent creative media grantees, 1946: The Mistranslation That Shifted a Culture, premiered at the DOC NYC film festival in November. The program has helped Iranian immigrants become an essential part of every aspect of Israeli life, including Israeli culture, education, military, business, and politics. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. 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. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. 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. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. Born in Iran, they came to the U.S. in the 1960s as students and settled in California. The Merage Foundations have positively impacted hundreds of thousands of peoples lives both in the US and globally. Over the last two decades, not only have David and Laura continued to deepen their philanthropic commitment, they are also honoring their ancestors who taught them the value of giving back by cultivating generational philanthropy with their children and grandchildren. 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