She pleaded guilty to paying college admissions coach Rick Singer $300,000 to get her daughters into to the University of Southern 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. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. 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. Through our Merage Foundation initiatives we create opportunities that increase well-being and positive life outcomes. The Denver Post has recently praised RedLine Art Center and Black Cube Head Quarters for their daring new exhibits. 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. Copyright 2015 by Family Business Magazine. My father, Andre, an entrepreneur himself, encouraged us to build a family business as a strategy to foster personal and familial strength. This model allows Laura and I to be truly diverse in the types of programs and endeavors in which we become involved. The brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. 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. "What I've learned from working with David," he says, " is that product quality is king. As part of our Community Development division, we are leading four major programs. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. My team would continue meeting with them and helping in any way they could. Working six and a half days a week, the Merages marketed their frozen waffles to coffee shops and restaurants. Our movie is more than just theology. Tell me about your professional path and how you incorporate your business experience in your philanthropic work. Every morning I wake up and say to myself, 'This is the start of another good day.' Why was this company an attractive investment to CIG? It is my greatest joy to see our philanthropic commitment to Israel extend through three, and now four generations, of my family. Arik Sharon and his administration encouraged my organization to embrace this challenge. Facebook gives people the power to. In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. David Merage is a successful entrepreneur and venture. The company soon introduced over 30 flavors and variations, including Lean Pockets, Croissant Pockets and Breakfast Pockets. What do you think is the role of philanthropy in the world today? They expanded their product line and employed some 1,900 people before selling to Nestle in 2002 for $2.6 billion. 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. 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. When they were ready, the brothers went door-to-door marketing their frozen Belgian waffles to coffee shops, supermarkets and restaurants. Following these guidelines, our Israel team develops programs and nurtures partnerships that bring about systemic, sustainable and bold results. 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. On one European trip, the brothers discovered Belgian waffles. 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. Andre Merage died in 2001. The scheme was uncovered before the girls were actually admitted. The CIG Group manages more than $2 billion worth of assets. "Retirement? 18 Inverness Place East, Englewood, CO 80112. Related: 10 Ways to Make Money During the Pandemic Ali and . 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. By 1985 Chef America was finally getting Hot Pockets stocked on shelves in supermarkets around the United States. 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. Tell us about your special connection to Israel and more specifically to the Israeli-Iranian community. Company leaders receive ongoing support in team building, empowerment training and practical assistance for events, activities and volunteering opportunities. 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. need for a hot meal or snack that children could easily prepare themselves when returning from school. Due to the company's success throughout the 1990s, the Merage brothers sold their business to Nestle in 2002 for roughly $2.6 billion. 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. We understood the great need create an opportunity to build a renewed sense of community and solidarity among army reservists. As the Nazis approached France, the Merage parents made the wise decision to get on a boat and move to their native Tehran. They spent months testing and perfecting a recipe for frozen waffles. 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. It invests domestically and internationally and mostly for the long term. Each door leads to a new challenge that brings joy and a renewed sense of accomplishment. 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. This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. From an early age, I knew I was destined to be an entrepreneur. Setting new challenges and mapping new territories is what I do.". david Merage Business Owner & Philanthropist David is principal of Consolidated Investment Group (CIG), a Denver-based investment firm that focuses on Wall Street and real estate investments and holds one of the most diverse portfolios in the country in terms of product type and geography. This demographic trend coincided with the development of microwave oven for home use. "For months we spent every night in our mother's kitchen cooking up recipes," says David. ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. In 1976, David Merage co-founded Chef America, Inc., a national frozen food manufacturer known for inventing and marketing products including Hot Pockets, Lean Pockets, and Croissant Pockets. In 2015, his net worth was estimated at $1.8 billion. 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. Stell 18 Inverness Place East, Englewood, CO 80112. 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. "I come from a family of entrepreneurs and trendsetters. That's very important to him. 1946 takes a journalistic, academic approach. David and Laura, who came to the U.S. as teenagers, recognize that America has been very good to them. "After a year and a half of testing, we developed the first generation of frozen waffles. My parents have always been involved in supporting Israel and the Jewish community in Iran. She resides in Newport Coast, California. He eventually rose to the position of director of new products. 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. 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. Founder of Consolidated Investment Group and the David and Laura Merage Foundation, David Merage, was invited to be on a panel with Advisor Ivanka Trump and Senator Cory Gardner. 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. David, who moved with the company to Denver years earlier, launched his own investment firm called the CIG Group. MFI's DeserTech Initiative Partners with United Nations. CIG has set an ambitious goal of closing one or two deals a year. After the sale of Chef America, the brothers pursued separate projects. When Nestl bought Chef America, the company had sales of $750 million a year, employed 1,800 people and generated 6,000 jobs through its supply chain. Each of the 13 children born to the four brothers manages a separate foundation supported by the family. "He surrounds himself with exceptionally capable people and then gives everyone opportunities to learn, contribute and succeed. [5], 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 two daughters so they could be admitted into the University of Southern California.[6][7]. "We're not passive investors," Sabrina says. Early Childhood Education: The foundation is leading Early Learning Ventures, an initiative to enrich education for children ages birth to five years old. In my quest for answers, Shmulick Riffman, then-mayor of Ramat HaNegev, and a great Zionist dedicated to the Negevs development, became my mentor. Submit a correction suggestion and help us fix it! They instantly knew this larger-style waffle could be a huge hit back in America where the consuming public had only ever experienced thin Eggo-style waffles. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. The year he graduated, Paul and David's parents joined them in California. There are four rules that I absolutely live by without compromise. He and brother Paul Merage later sold the company to Nestl for $2.6 billion. 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. 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. 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. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. About Merage family Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. Total revenues. [4], In October 2002, he sold Chef America to Nestl SA for $2.6 billion;,[2] at the time, the company had sales of $750 million and over 1,800 employees.[4]. [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. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev 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. It manages a large portfolio of commercial properties coast to coast. 2) The snack they created needed to extremely easy for kids to make and eat on their own. At 15, my life finally intersected with art. They have gone on to invest the funds in real estate and the capital markets. "I don't know of any other country where people can succeed through their best efforts as they can here," David says. Michelle Janavs served time in prison after being convicted for her involvement in the scheme. In particular, Laura has launched several nonprofit organizations that have made a profound impact on our nations Art and Culture landscape. Having raised his sons with dreams of excelling in business, Andre sent them abroad to be educated. He wanted a snack-able treat a kid could microwave in two minutes and eat holding nothing but a paper towel. Deanne Stone is a business writer based in Berkeley, Calif. 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. $3,601,544. MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies. The daughter of Paul Merage, who co-founded Chef America Inc. with his brother and created the Hot. Katherine remains active in her philanthropic endeavors. Just three years earlier his parents were living in France, where the father ran an antiques import/export business. Financial Aid Is Changing. "Behaviors associated with poor mental health and addiction are mistaken for, and treated as, willful criminality," said David Merage. "Behaviors associated with poor mental health and addiction are mistaken for, and treated as, willful criminality," said David Merage. Who was the person who could afford to pay $15 million for two undeveloped plots of land in Newport's most-expensive gated community and then proceed to build a White House-sized mansion on a hilltop overlooking the ocean? We believe in the power of empowerment, leadership development and community building. If you walk through that door you find that there are many new doors that begin to open up. Its history. In what areas are you involved? Laura: I'm one-half of the David and Laura Merage Foundation. The snack had to come fully-enclosed so no utensils were needed. In just three years, Chef America became the No. Chef America is known for being one of the most successful food companies in the world. In just one year, the company's sales increased by double digits. Their primary funding interests include early childhood education, economic development in Israel, weather research, and educational programs for young people that promote tolerance and diversity. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. "And we wanted to sell to an operating company that would retain our management team and other employees.". My parents told us that the money wasn't to be used to change our lives, but to change the world around us.". "Rather than supporting people's health and providing access to quality care and education, we . "It just rolled off my shoulders," she says, "because my family was never fixated on money but on values. 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. It has advised Funky Chunky on matters such as designing equipment, redistribution channels and human resources. 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. 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. In 2015, his net worth was estimated at $1.8 billion. 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. 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 David and Laura Merage Foundation has generously committed to providing continued support through 2022. As a venture philanthropist, I always look for the highest social returns on my investment. Attentive to shifts in American culture, they noted two coalescing trends: Sales of microwave ovens were increasing as more women entered the workplace. Sabrina is the principal; her cousin Ben Levy is the vice president. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. The David and Laura Merage Foundation is centered on the belief that education is the gateway to optimal life outcomes. David, who grew up in Tehran, remembers everyone in the familyincluding the womentaking a keen interest in business. Echo's venture capital comes from CIG, which also offers its resources and operational expertise to the companies in Echo's investment portfolio. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. In 1968, David joined Paul in California. View the profiles of people named David Merage. Founded in 1977, the company behind the microwavable meals,. 2023 Celebrity Net Worth / All Rights Reserved. Meanwhile, Laura saw that many of her peers were isolated by their artistic interests. The company created a considerable workforce employing 1,900 associates in three states, and generating over 6,000 national jobs through the supply chain. At some point in the early 1970s, the brothers were vacationing in Europe and had their first ever Belgian waffle. Join Facebook to connect with David Merage and others you may know. 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. Additionally,Laura serves on the University of Tel Aviv Board of Governors and is an emeritus board member for the Anti-Defamation League. 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. She wanted to run away to Israel and asked me for help. 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. It doesn't matter what it is; it has to be superb. 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. 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. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. She also has to serve two years of supervised release, pay a $250,000 fine and perform 200 hours of community service. David Merage is a successful entrepreneur and venture philanthropist who lives with his wife, Laura, an accomplished artist, in Denver, Colorado. She did not speak any Hebrew, she had no contacts, no money and was completely lost. In 1974, David and Paul formed a company in Southern California, which they originally called General American Foods. "The role of CIG is to support our non-profit activities," he says. ", 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. "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. He spends a lot of his time on the road looking for investment prospects and assessing businesses. I think philanthropys role is to empower people so that they realize their full potential. 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. Mr. 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. He serves as chairman of MIG parent companies. CIGs permanent capital base allows the company to take a disciplined, long-term investment perspective. That, plus a culture of respect and honesty in everything we do, makes CIG an exciting environment in which to work.". David Merage is a passionate venture philanthropist, and together with his wife Laura, has founded the David & Laura Merage Foundation which invests in social change resulting in children, families, and communities improving the quality and circumstances of their lives. "We think both of these products will appeal to millennials on the go, and we'll use all of our resources to make their manufacturing and operations more efficient. For the past 13 years, he has divided his time equally between building his business and actively guiding his philanthropy. [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. David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. The films director, Sharon Rocky Roggio, was even interviewed by the Daily Beast. $7,948,855. 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. They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). Chef America then marketed Hot Pockets nationally. 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. 2020. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. Once again, the brothers were back in the kitchen experimenting with recipes. I am also leading an effort to engage business leaders in early childhood education advocacy. 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. His management team is comprised of experts in the education and non-profit sectors, supported by senior-level finance, legal, management, and marketing professionals. 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. In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. After selling the company, Paul launched a private investment firm called the MIG Group. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. When the Nazis invaded Paris in 1940, he fled to Iran and resumed his life there. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. $54,535,566. After interviewing dozens of reservist and army officials, we understood that this was a widespread problem. In partnership with the Jewish Agency, Wings offers a continuum of services, from the time they first arrive in Israel and years after their release from the IDF. The David and Laura Merage Foundation, based in Colorado, focuses on community development and early childhood education. Joe made his money thanks to a company called Sakura Paper Inc., which makes high-end custom party invitations, place cards, menus, thank you cards, and save-the-dates. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. The Negev is rich in a wide range of agricultural sites and is a fertile ground to turn these into tourism attractions. David and brother, Paul, sold Chef America toNestle in 2002. As an accomplished artist and venture philanthropist, Laura Merage works to positively influence the lives of thousands of people every day. 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. They decided to quietly market the business, but they knew it wouldn't be easy. My family represents three generations of philanthropists that began with my parents, and we are now working on a fourth generation: my grandchildren! Their instincts were right. David and Laura have two adult children, Jonathan and Sabrina.
Ticketmaster Data Breach Class Action,
Porsche Speedster Conversion Kit,
Vancouver Foot And Ankle Clinic Vancouver, Wa,
Articles D