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 15, my life finally intersected with art. She resides in Newport Coast, California. There's just one teeny, tiny blemish on the family's track record. Copyright 2015 by Family Business Magazine. Part of our work includes promoting the emergence of early-stage DeserTech startups, mobilizing the entrepreneurial capital in the region, and spurring innovation by bringing together technology, information, specialized talent, competing companies, academic institutions, and high-quality jobs. He serves as chairman of MIG parent companies. In 1971, Andre and Katherine also moved to California. The gala will honor designer Karl Lagerfeld on May 1. She did not speak any Hebrew, she had no contacts, no money and was completely lost. Before the premiere at the DOC NYC Film Festival, the film garnered much media attention. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. After having all of his wealth in one basket in Chef America, David sought to build a diversified portfolio for CIG. 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. 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. "We're not passive investors," Sabrina says. 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. 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. In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. I also believe it is my responsibility to contribute greatly of my time, my network and my business acumen. The films director, Sharon Rocky Roggio, was even interviewed by the Daily Beast. The program has helped Iranian immigrants become an essential part of every aspect of Israeli life, including Israeli culture, education, military, business, and politics. The snack had to come fully-enclosed so no utensils were needed. [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. 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.. How can such a small nation forget about this huge part of the countrys territory? Ignore Your Parents, Quit School And Follow Your Passion Just Like Michael Dell. And all of that seems totally unnecessary. He spends a lot of his time on the road looking for investment prospects and assessing businesses. "The role of CIG is to support our non-profit activities," he says. There are four rules that I absolutely live by without compromise. This article may not be posted online or reproduced in any form, including photocopy, without permission from the publisher. David's wife, Laura, also born in Iran, is an artist who has a strong presence in the Denver art community. David and Laura's philanthropic passion started years prior to the formal funding of the organization. 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. MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies. The David and Laura Merage Foundation is centered on the belief that education is the gateway to optimal life outcomes. They would often arrive to Israel in the middle of the night with children and grandparents, exhausted and confused. 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. "And we wanted to sell to an operating company that would retain our management team and other employees.". 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. Through our Merage Foundation initiatives we create opportunities that increase well-being and positive life outcomes. They have gone on to invest the funds in real estate and the capital markets. "My dad and I work together and talk about corporate strategy every day," she says. In 1983, Hot Pockets were introduced to retail supermarkets and, within a short time, was a household staple. It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions. [4][2] In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US. CIGs permanent capital base allows the company to take a disciplined, long-term investment perspective. Our foundation works in two ways first through direct philanthropic investment and, secondly, through partnerships. "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. As a venture philanthropist, I always look for the highest social returns on my investment. He eventually rose to the position of director of new products. 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. Last year, Sabrina launched her own investment company, Echo Capital Group, an offshoot of CIG. They're better than their record, but it might already be too late for them to contend, even in the mediocre AL Central. "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.". 18 Inverness Place East, Englewood, CO 80112. Upon arrival, a wonderful Farsi speaking partner would meet them at the airport, help them fill their paperwork, arrange for transportation and give them supplies and a Hebrew dictionary. At its peak, Chef America was manufacturing 30 different pocket products, and each production line was turning out 800 to 900 Hot Pockets a minute. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. 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. 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 1985 Chef America was finally getting Hot Pockets stocked on shelves in supermarkets around the United States. 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. $54,535,566. Cities and what people think and feel about them frame in a deep way how we deal with housing policy and economics. The David and Laura Merage Foundation, based in Colorado, focuses on community development and early childhood education. They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools. CIG is in the process of buying another food company, which David declines to identify because the deal has not yet closed. [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. Between the two brothers, they support more than a dozen family-led philanthropic foundations. 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. . David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. His older brother, Paul, had graduated from the University of California at Berkeley. need for a hot meal or snack that children could easily prepare themselves when returning from school. Pakal: One of the young leaders of our Iranian Community Program, who is an active reservist commander, raised the issue of the lack of social cohesion and disconnect among army reservists. 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. 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. What do you think is the role of philanthropy in the world today? Their instincts were right. [1], Merage was born in Iran in 1943 to a Jewish family,[2] the son of Katherine and Andre Merage. This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. David is a discerning investor who's always looking for what others haven't thought of. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. Reserve companies are also supported by a digital platform that allows them to manage and mobilize their communities for action. They spent months testing and perfecting a recipe for frozen waffles. Born in Iran, they came to the U.S. in the 1960s as students and settled in California. I always wanted to take my knowledge of business and management, to give back to the communities that directly affected my life. Mr. 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. The Merage Foundation Israel they established. The David and Laura Merage Foundation has generously committed to providing continued support through 2022. This article. 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. By bringing their experience, resources, and dedication to each respective initiative, they have brought ambitious societal shifts closer to fruition. Paul and David decided Chef America should forget about breakfast and dinner as categories. Paul followed up with two brilliant brainstorms: 1) Paul realized that as more women entered the workforce, they wouldn't be home to fix their kids an after school snack. Today, David is an investor and venture philanthropist. We constantly look for opportunities that tap into existing networks and infrastructures that avoid duplication. Katy Perry, Luke Bryan and Lionel Richie were powerless to save a couple of their faves this time. [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. My father, Andre, an entrepreneur himself, encouraged us to build a family business as a strategy to foster personal and familial strength. David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. 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. In 1974, Paul and David co-founded their own food company. Attentive to shifts in American culture, they noted two coalescing trends: Sales of microwave ovens were increasing as more women entered the workplace. They decided to quietly market the business, but they knew it wouldn't be easy. On one European trip, the brothers discovered Belgian waffles. . $3,601,544. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. Submit a correction suggestion and help us fix it! 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. Mike Tyson talks a possible WWE match with Logan Paul, the WWE-UFC merger and the launch of Tyson Pro. [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]. Initially, Paul Merage had to obtain three Mortgages on his home to fund the business. He approaches opportunities by asking not only what assets can we unlock but also whether we are the right fit in terms of corporate culture. "I bring together a team of the most creative and committed people I can find and set high expectations and goals," David says. David Merage is one of the many remarkable Iranian American Jews in who through hard work and creativity have achieved the American dream. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. In what areas are you involved? Tell us about your special connection to Israel and more specifically to the Israeli-Iranian community. In 1974, David and Paul formed a company in Southern California, which they originally called General American Foods. Paulreferred to by David as a marketing geniuswas convinced that there was a big market for them in the States. Early Childhood Education: The foundation is leading Early Learning Ventures, an initiative to enrich education for children ages birth to five years old. He also invests in people through his foundation, the David and Laura Merage Foundation. 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. $7,948,855. CIG seeks optimal returns through direct investment, creative partnership structures, fund investments, and other innovative techniques. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. 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 "I felt an immediate connection with the people and the culture. 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. 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. Younger brother David joined Paul in California in 1968. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. This is how Pakal was born, two years ago. ", 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. 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. 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. Related: 10 Ways to Make Money During the Pandemic Ali and . David and Laura are natives of Tehran, Iran, who immigrated to the United States in their early teens with hopes of a better future. Photo by Kathryn Scott Osler/The Denver Post via Getty Images. 1 company in the world mass-producing frozen Belgian waffles. 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. 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. The year he graduated, Paul and David's parents joined them in California. or call (303) 789-2664 x233. Having raised his sons with dreams of excelling in business, Andre sent them abroad to be educated. Over time sales started to take off. ", 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. Jonathan attended Purdue University and conducts severe weather research throughout the country. 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. Founded in 1977, the company behind the microwavable meals,. When the company ran out of initial funding the brothers also had to borrow money from their parents. The sale price? They quickly ran out of that money and the brothers were forced to ask for a loan from their parents. I was able to help her, and I began actively supporting hundreds of Iranian-Jewish families on their struggling path to Israel. If you walk through that door you find that there are many new doors that begin to open up. 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. That's enough to make them one of the richest families in America. "My father used to tell us stories about successful family businesses," David says. In 2015, his net worth was estimated at $1.8 billion. The company soon introduced over 30 flavors and variations, including Lean Pockets, Croissant Pockets and Breakfast Pockets. 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. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. 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. 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. I think philanthropys role is to empower people so that they realize their full potential. Between the four brothers, the family is estimated to conservatively be worth more than $5 billion. 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. . She wanted to run away to Israel and asked me for help. "What I've learned from working with David," he says, " is that product quality is king. [4] He attended Alborz High School in Tehran. At 15, David attended secondary school in England. 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. How did they do it? 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. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. Today, David, 66, is principal of Consolidated Investment Group in Denver, the firm he started in 2002. 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