For reprint information, contact bwenger@familybusinessmagazine.com. 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. 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. "My dad and I work together and talk about corporate strategy every day," she says. David and Laura, who came to the U.S. as teenagers, recognize that America has been very good to them. 18 Inverness Place East, Englewood, CO 80112 In 1983, Hot Pockets were introduced to retail supermarkets and, within a short time, was a household staple. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. Meet David & Laura - David & Laura Merage Foundation 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. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. 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. need for a hot meal or snack that children could easily prepare themselves when returning from school. Its law. MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies. Wings ensures that these courageous, young individuals do not fall through the cracks of Israeli society, it offers a supportive safety net and helps them achieve their personal goals and aspirations. This is how Pakal was born, two years ago. Today, Merage runs Consolidated Investment Group (CIG), a Denver-based company strategically investing in real estate, capital markets and private equity. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. 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. It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions. Paul Merage - Wikipedia His sister, Sabrina Merage, has been vice president of corporate strategy at CIG and a core member of the business team since 2012. Through our Merage Foundation initiatives we create opportunities that increase well-being and positive life outcomes. There was nothing like them.". Panlong Tiandi opening attracts "Golden Week" crowd. David's nephew Ben Levy started working with CIG in 2011 as a private equities manager. 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 . He has worked to re-create that culture at CIG. Merage family - Wikipedia 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. What do you think is the role of philanthropy in the world today? Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. "David's recruiting process is incredibly rigorous," says Nelson. My team would continue meeting with them and helping in any way they could. That's very important to him. 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. Reserve companies are also supported by a digital platform that allows them to manage and mobilize their communities for action. In just one year, the company's sales increased by double digits. 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 enrolled at Sacramento State University where he graduated in 1971 with a degree in marketing. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. "And we wanted to sell to an operating company that would retain our management team and other employees.". In 2015, his net worth was estimated at $1.8 billion. There are four rules that I absolutely live by without compromise. The year he graduated, Paul and David's parents joined them in California. "Initially the money felt like a burden," she says, "but once I came up with a mission, I realized what an amazing gift my grandmother had given me." A Colorado Couple Brings a Venture Approach to Family Philanthropy Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. 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. 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. 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. David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. We are entrepreneurs at heart. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. After the sale of Chef America, the brothers pursued separate projects. When they were ready, the brothers went door-to-door marketing their frozen Belgian waffles to coffee shops, supermarkets and restaurants. She also has to serve two years of supervised release, pay a $250,000 fine and perform 200 hours of community service. 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. or call (303) 789-2664 x233. 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. He was co-founded Chef America Inc., a privately-held. "He surrounds himself with exceptionally capable people and then gives everyone opportunities to learn, contribute and succeed. 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 family represents three generations of philanthropists that began with my parents, and we are now working on a fourth generation: my grandchildren! My parents told us that the money wasn't to be used to change our lives, but to change the world around us.". 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. 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.. When the company ran out of initial funding the brothers also had to borrow money from their parents. 18 Inverness Place East, Englewood, CO 80112. 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. He wanted a snack-able treat a kid could microwave in two minutes and eat holding nothing but a paper towel. David was the fourth of five children born to Andre and Katherine Merage. It has been shown that youth teaching technology to seniors fosters generational connections while promoting happier, more confident lifestyles. 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. All Rights Reserved. CIG is in the process of buying another food company, which David declines to identify because the deal has not yet closed. The Denver Post has recently praised RedLine Art Center and Black Cube Head Quarters for their daring new exhibits. The difference is that Echo targets new companies started by millennial entrepreneurs. ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. Each door leads to a new challenge that brings joy and a renewed sense of accomplishment. We believe in the power of empowerment, leadership development and community building. Outside of their investment firms, the brothers also dove head-first into philanthropy. Financial Aid Is Changing. 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 the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. 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. ", Sabrina was a teenager when her father and uncle sold Chef America, but she says she was unfazed by the publicity or comments from kids at school. These young people have made significant sacrifices by leaving their homes and families to move to Israel and protect our Jewish homeland. They would often arrive to Israel in the middle of the night with children and grandparents, exhausted and confused. The program has helped Iranian immigrants become an essential part of every aspect of Israeli life, including Israeli culture, education, military, business, and politics. View the profiles of people named David Merage. As part of our Community Development division, we are leading four major programs. Believe it or not, in the early 1980s most American households did not have a microwave. "What I've learned from working with David," he says, " is that product quality is king. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). Related: 10 Ways to Make Money During the Pandemic Ali and . This article. The firm has four areas of operation: private equities, public equities, commercial real estate and philanthropy. David and Laura are natives of Tehran, Iran, who immigrated to the United States in their early teens with hopes of a better future. David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. Connected to Life: This program supports and trains senior citizens to use smartphones as a means of strengthening their social and familial ties. 1 company in the world mass-producing frozen Belgian waffles. . In 2002, Chef America generated $750 million in revenue. 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. He also invests in people through his foundation, the David and Laura Merage Foundation. David, who grew up in Tehran, remembers everyone in the familyincluding the womentaking a keen interest in business. Redline is renowned in the Denver area for being 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 Merage Foundation Israels DeserTech has partnered with the Global Mechanism of the United Nations Convention to help African nations build the Great Green Wall. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. At the time, Sabrina was just graduating from college and thinking more about her career. After selling the company, Paul launched a private investment firm called the MIG Group. The family believes in hands-on philanthropy; all of the foundations have family boards and are overseen by executive director Sue Renner. 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. 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. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. 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. and the original The Fugitive and Dynasty to lighter family-themed comedic programming like The Partridge Family, The Courtship of Eddies Father and Nanny and The Professor. 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. Paul's daughter Michelle was involved in the infamous college admissions scandal, also known as Operation Varsity Blues. It invests domestically and internationally and mostly for the long term. One of Merages major ongoing philanthropic programs is Merage Institute for U.S.-Israel Trade. She resides in Newport Coast, California. ". He and brother Paul Merage later sold the company to Nestl for $2.6 billion. Americans fell in love with Belgian waffles. Every morning I wake up and say to myself, 'This is the start of another good day.' She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. ", 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. Shawn Naim - Add Relationship - LittleSis How can such a small nation forget about this huge part of the countrys territory? [2][7] Merage also donated $3 million to the Merage Jewish Community Center of Orange County, California. In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. 2023 Forbes Media LLC. Velaa has noticed an interesting trend in bookingsabout 45 percent of their guests have been family/multi-generational bookings this year. It considers itself a resource to the companies it invests in, drawing on its decades of experience in the food industry. When the Nazis invaded Paris in 1940, he fled to Iran and resumed his life there. That same year the brothers decided to sell the business to Nestle. 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. Paul and David decided Chef America should forget about breakfast and dinner as categories. Its oppression, says Rocky. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. His management team is comprised of experts in the education and non-profit sectors, supported by senior-level finance, legal, management, and marketing professionals. My research into her case showed me this was a very typical situation for most Iranians who immigrated to Israel. 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. David and brother, Paul, sold Chef America toNestle in 2002. 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. CIG does not just write a check. [6] MIG Real Estate, managed by Greg Merage is involved in development and management of commercial real estate. 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. [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. Paul earned an undergraduate degree in economics, followed by an M.B.A. from the school and then landed a job at General Foods. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. It manages a large portfolio of commercial properties coast to coast. David, who moved with the company to Denver years earlier, launched his own investment firm called the CIG Group. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. 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. 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 Mental Health Colorado to Lead The Equitas Project with Generous But more financial planners are aiming to help. Chef America is known for being one of the most successful food companies in the world. Merage family - Forbes Foundation's History. Initially, Paul Merage had to obtain three Mortgages on his home to fund the business. Setting new challenges and mapping new territories is what I do.". Cities and what people think and feel about them frame in a deep way how we deal with housing policy and economics. 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. She pleaded guilty to paying college admissions coach Rick Singer $300,000 to get her daughters into to the University of Southern California. Its politics. In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. 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 foundation, headquartered in Denver, Colorado, is centered on the belief that education is the gateway to optimal life outcomes. David Merage is a successful entrepreneur and venture philanthropist who lives with his wife, Laura, an accomplished artist, in Denver, Colorado. Stell 18 Inverness Place East, Englewood, CO 80112. Laura Gets Honest for a Future Without Art - David & Laura Merage 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. CIG seeks optimal returns through direct investment, creative partnership structures, fund investments, and other innovative techniques. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. There's just one teeny, tiny blemish on the family's track record. Our foundation works in two ways first through direct philanthropic investment and, secondly, through partnerships. Due to the company's success throughout the 1990s, the Merage brothers sold their business to Nestle in 2002 for roughly $2.6 billion. They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools. I am also leading an effort to engage business leaders in early childhood education advocacy. His older brother, Paul, had graduated from the University of California at Berkeley. David Merage Profiles | Facebook Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. The Denver Post has recently praised RedLine Art Center and Black Cube Head Quarters for their daring new exhibits.