Joe's 55,000 square-foot home topped Paul's by 10,000 square feet. CIG has set an ambitious goal of closing one or two deals a year. This is Paul Merage's 45,000 square-foot mansion: How did Paul Merage become a billionaire? Want To Make $15 Billion? Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. (303) 789-2664. 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. [3] He has four siblings: Louise, Camron, David, and Lin. 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. 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. 1946 takes a journalistic, academic approach. 2020. It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. I also believe it is my responsibility to contribute greatly of my time, my network and my business acumen. "California felt like home," says David. David's nephew Ben Levy started working with CIG in 2011 as a private equities manager. I was able to help her, and I began actively supporting hundreds of Iranian-Jewish families on their struggling path to Israel. After two years of trial and error, they developed a frozen sandwich that tasted good and didn't get soggy when heated. 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. With Lauras leadership, the organization founded RedLine, an urban art laboratory promoting the creative expression of resident artists. In just one year, the company's sales increased by double digits. 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. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. 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. "For months we spent every night in our mother's kitchen cooking up recipes," says David. Over the years, the program has evolved to become a unique empowerment framework for women, which includes over 10 Iranian womens clubs throughout Israel. I am also leading an effort to engage business leaders in early childhood education advocacy. My team would continue meeting with them and helping in any way they could. Their instincts were right. Also, throughout the years, Shimon Peres supported our work and later became the Minister for the Development of the Negev and the Galilee. 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. Paul set up an in investment firm in Southern California, and David started Consolidated Investment Group (CIG), an investment management company in Denver that invests for a select group of clients. However, I did not visit Israel until I was in my early 40s. Merage is a member of the University Synagogue, a Reconstructionist synagogue in Irvine, California. "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. 18 Inverness Place East, Englewood, CO 80112. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. Laura is an artist and photographer with works in public and private collections nationally and internationally. Once again, the brothers were back in the kitchen experimenting with recipes. $7,948,855. Additionally,Laura serves on the University of Tel Aviv Board of Governors and is an emeritus board member for the Anti-Defamation League. . Total assets. What do you think is the role of philanthropy in the world today? Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. It doesn't matter what it is; it has to be superb. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. "I come from a family of entrepreneurs and trendsetters. "We run our philanthropy with the same discipline and high expectations as we do our business.". They're better than their record, but it might already be too late for them to contend, even in the mediocre AL Central. 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. In 1977, David and Paul introduced Hot Pockets, frozen handheld sandwiches with a variety of fillings. Family passions and reputation stand behind the wines of California's wine families. 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. Katherine remains active in her philanthropic endeavors. At 15, my life finally intersected with art. Total revenues. Its politics. A decade later, they made an astute observation that would change their lives. A lot of students will be better of with the new financial aid criteria. 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. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. Although the brothers had no experience in developing food products or designing machinery, they were undeterred. 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 is my greatest joy to see our philanthropic commitment to Israel extend through three, and now four generations, of my family. 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. As part of our Community Development division, we are leading four major programs. 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. When the company ran out of initial funding the brothers also had to borrow money from their parents. This program has proven to be ever more relevant during this pandemic and I am very happy to see that our platform is expanding its services throughout Israel. He spends a lot of his time on the road looking for investment prospects and assessing businesses. [4][2] In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US. He and brother Paul Merage later sold the company to Nestl for $2.6 billion. He and his wife Laura run the David and Laura Merage Foundation, which focuses on community development and early childhood education. All Rights Reserved. That, plus a culture of respect and honesty in everything we do, makes CIG an exciting environment in which to work.". Copyright 2023 Consolidated Investment Group All Rights Reserved. "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. With the support and encouragement of my mother Katherine and my wife Laura, we agreed this would be another great project for the Merage Foundation. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. CIG supports five family foundations: the David and Laura Merage Foundation, the Andre and Katherine Merage Foundation, Early Learning Ventures, the Jonathan Merage Foundation and the Sabrina Merage Foundation. The Sabrina Merage Foundation is proud to announce its newest Program Related Investment with Erin Bernhardt and her film, currently titled CLARKSTON: Mother of Exiles. "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.". Believe it or not, in the early 1980s most American households did not have a microwave. The brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. 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. His sister, Sabrina Merage, has been vice president of corporate strategy at CIG and a core member of the business team since 2012. 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. What initiatives does your foundation support in Israel? David has created a company that is founded on high ethical standards that puts its people first, fosters an environment of respect, integrity, and tolerance of others. David and Laura have two adult children, Jonathan and Sabrina. Company leaders receive ongoing support in team building, empowerment training and practical assistance for events, activities and volunteering opportunities. How Will It Affect Your Family? Chef America wanted a more central location between its California and Kentucky manufacturing operations. My vision for Israel is a prosperous and cohesive society that is committed to the well-being of all its citizens. [2] As microwave ownership increased and as more women entered the workforce Hot pockets gained greater recognition and eventually became a success. 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. 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. The end result of this brilliant chain of decisions? ", 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. "It just rolled off my shoulders," she says, "because my family was never fixated on money but on values. We understood the great need create an opportunity to build a renewed sense of community and solidarity among army reservists. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. "David's recruiting process is incredibly rigorous," says Nelson. (Photo by Donald Bowers/Getty Images for Editor Showcase). My research into her case showed me this was a very typical situation for most Iranians who immigrated to Israel. For almost 15 years, with the support of a dedicated local team, we granted millions of dollars in hundreds of projects, that touched the lives of hundreds of thousands of people, and turned the Negev into an attractive place to visit and live in. That's enough to make them one of the richest families in America. David Merage was co-owner and co-founder of Chef America, Inc., a national frozen . [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. "After a year and a half of testing, we developed the first generation of frozen waffles. For the past 13 years, he has divided his time equally between building his business and actively guiding his philanthropy. Capitalizing on David's expertise in the food business, CIG began actively seeking investments in American-owned companies in the food and beverage industry that are promising or in distress, or those whose sales have plateaued but still have potential for substantial growth. 18 Inverness Place East, Englewood, CO 80112. As an accomplished artist and venture philanthropist, Laura Merage works to positively influence the lives of thousands of people every day. From an early age, I knew I was destined to be an entrepreneur. need for a hot meal or snack that children could easily prepare themselves when returning from school. After interviewing dozens of reservist and army officials, we understood that this was a widespread problem. The David and Laura Merage Foundation, based in Colorado, focuses on community development and early childh Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. 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. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. 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 collection of recent news, press mentions, and insights on the David and Laura Merage Foundation and our impact areas. When the Nazis invaded Paris in 1940, he fled to Iran and resumed his life there. Following these guidelines, our Israel team develops programs and nurtures partnerships that bring about systemic, sustainable and bold results. These are: honesty, integrity, determination and commitment. Our movie is more than just theology. You and your wife Laura are known for your philanthropic involvement. We are entrepreneurs at heart. Along with his brother, Paul, and late father, Andre, he founded Chef America, a San Fernando Valley-based. But more financial planners are aiming to help. The Merage family /mrd/ is a wealthy Iranian Jewish family residing in Orange County, California. ", 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. As the Nazis approached France, the Merage parents made the wise decision to get on a boat and move to their native Tehran. For reprint information, contact bwenger@familybusinessmagazine.com. The Institutes Innovation Bridge Program has brought almost 1000 of the leading high tech Israeli scientists and business leaders to Newport Beach for a special two week business boot camps. He also invests in people through his foundation, the David and Laura Merage Foundation. 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? David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. 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. [1] Biography [ edit] Merage was born in Iran in 1943 to a Jewish family, [2] the son of Katherine and Andre Merage. 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. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. 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. The difference is that Echo targets new companies started by millennial entrepreneurs. Language links are at the top of the page across from the title. Why was this company an attractive investment to CIG? Today, Merage runs Consolidated Investment Group (CIG), a Denver-based company strategically investing in real estate, capital markets and private equity. "Only four food companies were in a position to buy a business the size of Chef America," says David. Younger brother David joined Paul in California in 1968. [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. 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. This demographic trend coincided with the development of microwave oven for home use. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. The CIG Group manages more than $2 billion worth of assets. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. How do I decide what to invest in? David and Laura's philanthropic passion started years prior to the formal funding of the organization. View the profiles of people named David Merage. The snack had to come fully-enclosed so no utensils were needed. We believe in the power of empowerment, leadership development and community building. Working six and a half days a week, the Merages marketed their frozen waffles to coffee shops and restaurants. 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. He brought his son and one of his brothers as co-founders. Between the two brothers, they support more than a dozen family-led philanthropic foundations. 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. She has studios in Denver, Hawaii, and Israel. Foundation's History. There was nothing like them.". They called the company Chef America, Inc. To get the company's first capital to launch, Paul took out THREE mortgages on his home. They quickly ran out of that money and the brothers were forced to ask for a loan from their parents. Spotting an opportunity, they set out to develop a nutritious frozen-food product that women and their families could pop into a microwave oven for a quick meal or snack. Andre Merage died in 2001. Michelle Janavs served time in prison after being convicted for her involvement in the scheme. 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. Iran was not a promising country for entrepreneurs when Andre was starting out. 12101120b87b57e bay executive search spam, task analysis for buttoning a shirt,

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