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David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. "We're not passive investors," Sabrina says. The CIG Group manages more than $2 billion worth of assets. Like CIG, Echo invests in food and beverage companies. 18 Inverness Place East, Englewood, CO 80112. 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. [2][7] Merage also donated $3 million to the Merage Jewish Community Center of Orange County, California. The difference is that Echo targets new companies started by millennial entrepreneurs. 2020. "After a year and a half of testing, we developed the first generation of frozen waffles. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. 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. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. CIGs permanent capital base allows the company to take a disciplined, long-term investment perspective. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. Copyright 2023 Consolidated Investment Group All Rights Reserved. I hired a local team in Israel and our goal became to empower proud Iranians to stand on their own feet, integrate into society and become productive citizens of Israel. Read below, Ivanka's. They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools. CIG seeks optimal returns through direct investment, creative partnership structures, fund investments, and other innovative techniques. His sister, Sabrina Merage, has been vice president of corporate strategy at CIG and a core member of the business team since 2012. Deanne Stone is a business writer based in Berkeley, Calif. 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. Paul Merage was born to a Jewish family in Tehran, Iran in 1943. "Behaviors associated with poor mental health and addiction are mistaken for, and treated as, willful criminality," said David Merage. 18 Inverness Place East, Englewood, CO 80112 I kid you not. The sale price? [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. 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. "CIG is driven by excellence. We are entrepreneurs at heart. Merage is a member of the University Synagogue, a Reconstructionist synagogue in Irvine, California. Today, David Merage runs Consolidated Investment Group (CIG), a Denver-based company investing in real estate, capital markets and private equity. In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. These young people have made significant sacrifices by leaving their homes and families to move to Israel and protect our Jewish homeland. ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. They have gone on to invest the funds in real estate and the capital markets. The Denver Post has recently praised RedLine Art Center and Black Cube Head Quarters for their daring new exhibits. [3] They have gone on to invest the funds in real estate and the capital markets. There was nothing like them.". After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. [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. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. "I bring together a team of the most creative and committed people I can find and set high expectations and goals," David says. 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. As a venture philanthropist, I always look for the highest social returns on my investment. Our foundation, headquartered in Denver, Colorado, is centered on the belief that education is the gateway to optimal life outcomes. My team would continue meeting with them and helping in any way they could. email info@merage.org 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. By bringing their experience, resources, and dedication to each respective initiative, they have brought ambitious societal shifts closer to fruition. Its society. David's wife, Laura, also born in Iran, is an artist who has a strong presence in the Denver art community. I guess UC Irvine wasn't prestigious enough? That, plus a culture of respect and honesty in everything we do, makes CIG an exciting environment in which to work.". She wanted to run away to Israel and asked me for help. 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. At Chef America, David's strong suit was creating the company culture that contributed so much to the business's success. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. Panlong Tiandi opening attracts "Golden Week" crowd. It has advised Funky Chunky on matters such as designing equipment, redistribution channels and human resources. After selling the company, Paul launched a private investment firm called the MIG Group. Attentive to shifts in American culture, they noted two coalescing trends: Sales of microwave ovens were increasing as more women entered the workplace. [4][2] In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US. After graduating from Sacramento State University with a degree in marketing, David began investing in real estate with his father and demonstrated a keen eye for identifying and capitalizing on market trends. David and Laura have two adult children, Jonathan and Sabrina. David Merage is a successful entrepreneur and venture philanthropist who lives with his wife, Laura, an accomplished artist, in Denver, Colorado. Between the two brothers, they support more than a dozen family-led philanthropic foundations. David Merage is a successful entrepreneur and venture. 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. 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 Merage was co-owner and co-founder of Chef America, Inc., a national frozen . Stell 18 Inverness Place East, Englewood, CO 80112. Stell 18 Inverness Place East, Englewood, CO 80112. In just one year, the company's sales increased by double digits. The business really took off in 1985 when Chef America started selling Hot Pockets in retail supermarkets nationwide. $7,948,855. We constantly look for opportunities that tap into existing networks and infrastructures that avoid duplication. They would often arrive to Israel in the middle of the night with children and grandparents, exhausted and confused. In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. 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. 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. Total assets. Most recently, we have completed a new model focused on promoting regional economic development. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. 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. Laura received her bachelors degree in Fine Arts from the University of Southern California and her masters degree in Art from New York University. From an early age, I knew I was destined to be an entrepreneur. Over the years, the program has evolved to become a unique empowerment framework for women, which includes over 10 Iranian womens clubs throughout Israel. David and Laura's philanthropic passion started years prior to the formal funding of the organization. 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. The brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. 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. Copyright 2015 by Family Business Magazine. Trumps lawyers request is based on claims that the judge in the case has been biased against the former president in his judgments thus far. 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. 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. Our movie is more than just theology. Although the brothers had no experience in developing food products or designing machinery, they were undeterred. 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. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. In 2013, David Merage received the Ellis Island Medal of Honor, an award given to U.S. immigrants and native-born citizens who have made substantial contributions to American society. Today the MIG Group manages over $1 billion worth of assets, mostly commercial real estate but also some private equity venture capital investments. David and Laura are natives of Tehran, Iran, who immigrated to the United States in their early teens with hopes of a better future. $54,535,566. 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. David is a discerning investor who's always looking for what others haven't thought of. Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. He has been board member and a leading donor for the Pacific Symphony and has served on the board of the Orange County Performing Arts Center. He enrolled at Sacramento State University where he graduated in 1971 with a degree in marketing. In her interview, Rocky explains the importance of the film to her and for the LGBTQ+ community. Over the years we have supported hundreds of initiatives, benefiting hundreds of thousands of individuals throughout Israel. [3] He has four siblings: Louise, Camron, David, and Lin. 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.. I saw in the Negev, Israels land of opportunity; a blank piece of paper to write the next chapter of the new Zionism. 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. "He surrounds himself with exceptionally capable people and then gives everyone opportunities to learn, contribute and succeed. His older brother, Paul, had graduated from the University of California at Berkeley. What do you think is the role of philanthropy in the world today? Through our Merage Foundation initiatives we create opportunities that increase well-being and positive life outcomes. At 15, David attended secondary school in England. [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. 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. A decade later, they made an astute observation that would change their lives. Today, David is an investor and venture philanthropist. These are: honesty, integrity, determination and commitment. Jamie Dimon, the CEO of the countrys largest bank, asserted last month it was absurd to suggest titans like JPMorgan would benefit from the collapse of several regional banks. Jonathan attended Purdue University and conducts severe weather research throughout the country. A Teeny Tiny Blemish There's just one. The David and Laura Merage Foundation has generously committed to providing continued support through 2022. The snack had to come fully-enclosed so no utensils were needed. 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 particular, Laura has launched several nonprofit organizations that have made a profound impact on our nations Art and Culture landscape. David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. David and their father began investing in real estate while Paul was toiling away at General Foods. He serves as chairman of MIG parent companies. He was co-founded Chef America Inc., a privately-held. On one European trip, the brothers discovered Belgian waffles. [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. For reprint information, contact bwenger@familybusinessmagazine.com. David's nephew Ben Levy started working with CIG in 2011 as a private equities manager. Tell me about your professional path and how you incorporate your business experience in your philanthropic work. 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. Since they were young, my children have been actively involved in our philanthropic work, and now they are leading their own foundations, and are promoting their own endeavors with great success. [4] He attended Alborz High School in Tehran. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. Echo has also invested in Stacked Wines, based in Southern California, which sells individually packaged, sealed wine glasses filled with quality wines, suitable for picnics or occasions when people don't want to open a bottle of wine. Paul and David decided Chef America should forget about breakfast and dinner as categories. Each of the 13 children born to the four brothers manages a separate foundation supported by the family. It is a way of life that is transmitted from generation to generation and it is our hope that this approach to giving back is more widely embraced by Israelis. That same year the brothers decided to sell the business to Nestle. Its history. When they were ready, the brothers went door-to-door marketing their frozen Belgian waffles to coffee shops, supermarkets and restaurants. 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." Every morning I wake up and say to myself, 'This is the start of another good day.' Laura: I'm one-half of the David and Laura Merage Foundation. Total revenues. Due to the company's success throughout the 1990s, the Merage brothers sold their business to Nestle in 2002 for roughly $2.6 billion. Each door leads to a new challenge that brings joy and a renewed sense of accomplishment. In 1968, David joined Paul in California. Sometimes, an unexpected incident in life presents itself. Katherine remains active in her philanthropic endeavors. Velaa has noticed an interesting trend in bookingsabout 45 percent of their guests have been family/multi-generational bookings this year. $3,601,544. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). My father, Andre, an entrepreneur himself, encouraged us to build a family business as a strategy to foster personal and familial strength. The Merage Foundation Israel they established. (303) 789-2664. My mother encouraged my interest and love for Israel from a young age. The glorious frozen creations known as Hot Pockets were created by two Jewish-Iranian brothers named Paul and David Merage, who immigrated from Tehran to the U.S. for college, according to Saveur.After earning an MBA, Paul worked in marketing at Maxwell Coffee House, but a trip to Europe inspired him to start a frozen waffle business alongside his brother, and thus, former frozen food giant . Setting new challenges and mapping new territories is what I do.". "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." She did not speak any Hebrew, she had no contacts, no money and was completely lost. After having all of his wealth in one basket in Chef America, David sought to build a diversified portfolio for CIG. How can such a small nation forget about this huge part of the countrys territory? In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. [1] Biography [ edit] Merage was born in Iran in 1943 to a Jewish family, [2] the son of Katherine and Andre Merage. "I come from a family of entrepreneurs and trendsetters. For the past 13 years, he has divided his time equally between building his business and actively guiding his philanthropy. We believe in the power of empowerment, leadership development and community building. How Will It Affect Your Family? The company created a considerable workforce employing 1,900 associates in three states, and generating over 6,000 national jobs through the supply chain. 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. Sign up for The Jerusalem Post Premium Plus for just $5, Upgrade your reading experience with an ad-free environment and exclusive content. View the profiles of people named David Merage. 1946 takes a journalistic, academic approach. The gala will honor designer Karl Lagerfeld on May 1. Financial Aid Is Changing. 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. "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. 2023 Celebrity Net Worth / All Rights Reserved. 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. Negev Agritourism: MFI is working with key regional partners to transform the Negev region into a flourishing agritourism destination, attracting a flow of international and local tourists in their quest for an authentic desert experience, a growing curiosity about where our food comes from, and a stronger connection to the land. Yet another amazing example of a massive fortune made from a totally random business. He and brother Paul Merage later sold the company to Nestl for $2.6 billion. In 1974, David and Paul formed a company in Southern California, which they originally called General American Foods. ". . 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. Why was this company an attractive investment to CIG? [2] Chef America started by selling frozen Belgian waffles - then largely unfamiliar in the United States - to restaurants as they were difficult to cook. Early Learning Ventures is building a network of over 600 high-performing child-care providers, making quality child care more accessible to American families. 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. The David and Laura Merage Foundation has generously committed to providing continued support through 2022. 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. We understood the great need create an opportunity to build a renewed sense of community and solidarity among army reservists. Want To Make $15 Billion? David, who moved with the company to Denver years earlier, launched his own investment firm called the CIG Group. 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. 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. Connected to Life: This program supports and trains senior citizens to use smartphones as a means of strengthening their social and familial ties. 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. 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. [4], In 1983, he noticed that as more women entered the work force there was a newly emerging He also invests in people through his foundation, the David and Laura Merage Foundation. But more financial planners are aiming to help. Today, Merage runs Consolidated Investment Group (CIG), a Denver-based company strategically investing in real estate, capital markets and private equity. I never considered it for one minute," he says. Chef America then marketed Hot Pockets nationally. "The management shared the same culture as Chef America [and] had a high-quality product and room for growth," says David. Our goal is to strengthen key economic clusters where the Negev has a significant competitive advantage. 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. In 1971, Andre and Katherine also moved to California. There's the American Dream, and then there's the spectacular success achieved by immigrant brothers David and Paul Merage. In 2002 the David and Laura Merage Foundation (DLMF) was officially established to create a more equitable society for all and to leave a legacy for future generations. 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. Building on our early success, we soon began research and development of a frozen lunch product which we called the Hot Pocket and sold to schools, catering and vending companies. 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. A collection of recent news, press mentions, and insights on the David and Laura Merage Foundation and our impact areas. In 2015, his net worth was estimated at $1.8 billion. 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. 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. CIG does not just write a check. 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. By 1986 approximately 25% of US households owned a Microwave. She resides in Newport Coast, California. 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. If you walk through that door you find that there are many new doors that begin to open up. It considers itself a resource to the companies it invests in, drawing on its decades of experience in the food industry. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. Foundation's History. The Negev is rich in a wide range of agricultural sites and is a fertile ground to turn these into tourism attractions. This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. 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

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