It manages a large portfolio of commercial properties coast to coast. Connected to Life: This program supports and trains senior citizens to use smartphones as a means of strengthening their social and familial ties. Our foundation works in two ways first through direct philanthropic investment and, secondly, through partnerships. Paulreferred to by David as a marketing geniuswas convinced that there was a big market for them in the States. 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. The 67-year-old Merage came to the U.S. in 1968 in pursuit of a college education. He personally led the effort to formulate this product and after two years of testing and experimentation he developed and patented a unique process which resulted in a product with tasty fillings and a crispy crust. In particular, Laura has launched several nonprofit organizations that have made a profound impact on our nations Art and Culture landscape. 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. Paul Merage (born 1943) is an American billionaire businessman who co-founded Chef America Inc., the company that popularized the microwavable frozen snack Hot Pockets. [1] Biography [ edit] Merage was born in Iran in 1943 to a Jewish family, [2] the son of Katherine and Andre Merage. 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. It considers itself a resource to the companies it invests in, drawing on its decades of experience in the food industry. The Denver Post has recently praised RedLine Art Center and Black Cube Head Quarters for their daring new exhibits. The Merage Foundations have positively impacted hundreds of thousands of peoples lives both in the US and globally. 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. 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. 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. . 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. I kid you not. "I bring together a team of the most creative and committed people I can find and set high expectations and goals," David says. ", 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. 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. Between the two brothers, they support more than a dozen family-led philanthropic foundations. It invests domestically and internationally and mostly for the long term. David and Laura, who came to the U.S. as teenagers, recognize that America has been very good to them. 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. 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. "CIG is driven by excellence. He also invests in people through his foundation, the David and Laura Merage Foundation. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. 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. 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. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). 2023 Celebrity Net Worth / All Rights Reserved. Joe's 55,000 square-foot home topped Paul's by 10,000 square feet. He brought his son and one of his brothers as co-founders. MFI's DeserTech Initiative Partners with United Nations. When they were ready, the brothers went door-to-door marketing their frozen Belgian waffles to coffee shops, supermarkets and restaurants. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. David and Laura's 33-year-old son, Jonathan, has forged his own path as a storm chaser interested in extreme weather and its consequences. Merage is a member of the University Synagogue, a Reconstructionist synagogue in Irvine, California. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. Due to the company's success throughout the 1990s, the Merage brothers sold their business to Nestle in 2002 for roughly $2.6 billion. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. 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. David was the fourth of five children born to Andre and Katherine Merage. Throughout my college career, I pursued opportunities to learn about real estate investment and management, and quickly became adept at identifying and capitalizing on market trends as I built my real estate portfolio in southern California. 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. A decade later, they made an astute observation that would change their lives. Attentive to shifts in American culture, they noted two coalescing trends: Sales of microwave ovens were increasing as more women entered the workplace. But more financial planners are aiming to help. In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. Its history. 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. 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. Copyright 2023 Consolidated Investment Group All Rights Reserved. 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. "Rather than supporting people's health and providing access to quality care and education, we . Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. His sister, Sabrina Merage, has been vice president of corporate strategy at CIG and a core member of the business team since 2012. 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. Paul Merage was born to a Jewish family in Tehran, Iran in 1943. He eventually rose to the position of director of new products. This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. They have gone on to invest the funds in real estate and the capital markets. David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. The company created a considerable workforce employing 1,900 associates in three states, and generating over 6,000 national jobs through the supply chain. "After a year and a half of testing, we developed the first generation of frozen waffles. Andre Merage died in 2001. He was co-founded Chef America Inc., a privately-held. They expanded their product line and employed some 1,900 people before selling to Nestle in 2002 for $2.6 billion. There's the American Dream, and then there's the spectacular success achieved by immigrant brothers David and Paul 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. The brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. The year he graduated, Paul and David's parents joined them in California. I'm pretty sure the daughters could have gotten into UC Irvine without even submitting grades considering the business school is literally named after their grandpa! $7,948,855. 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 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. The program has helped Iranian immigrants become an essential part of every aspect of Israeli life, including Israeli culture, education, military, business, and politics. In 1971, Andre and Katherine also moved to California. 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. 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. 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. CIG does not just write a check. 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. 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. [3] He has four siblings: Louise, Camron, David, and Lin. Panlong Tiandi opening attracts "Golden Week" crowd. After the sale of Chef America, David Merage founded Consolidated Investment Group (CIG), a Denver-based investment management company specializing in capital markets, and commercial real estate. 2) The snack they created needed to extremely easy for kids to make and eat on their own. Like CIG, Echo invests in food and beverage companies. In just one year, the company's sales increased by double digits. Founded in 1977, the company behind the microwavable meals,. It is my greatest joy to see our philanthropic commitment to Israel extend through three, and now four generations, of my family. Younger brother David joined Paul in California in 1968. "For months we spent every night in our mother's kitchen cooking up recipes," says David. At some point in the early 1970s, the brothers were vacationing in Europe and had their first ever Belgian waffle. My parents told us that the money wasn't to be used to change our lives, but to change the world around us.". [2] As microwave ownership increased and as more women entered the workforce Hot pockets gained greater recognition and eventually became a success. "And we wanted to sell to an operating company that would retain our management team and other employees.". Its society. 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. Laura is an artist and photographer with works in public and private collections nationally and internationally. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. At 15, David attended secondary school in England. [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 is a discerning investor who's always looking for what others haven't thought of. 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. Each of the 13 children born to the four brothers manages a separate foundation supported by the family. 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. Our movie is more than just theology. Today, David Merage runs Consolidated Investment Group (CIG), a Denver-based company investing in real estate, capital markets and private equity. As a venture philanthropist, I always look for the highest social returns on my investment. The Merage Foundation Israel they established. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. "I don't know of any other country where people can succeed through their best efforts as they can here," David says. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. A collection of recent news, press mentions, and insights on the David and Laura Merage Foundation and our impact areas. In what areas are you involved? What initiatives does your foundation support in Israel? David Merage is a successful entrepreneur and venture philanthropist who lives with his wife, Laura, an accomplished artist, in Denver, Colorado. The CIG Group manages more than $2 billion worth of assets. 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. In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. Outside of their investment firms, the brothers also dove head-first into philanthropy. "It just rolled off my shoulders," she says, "because my family was never fixated on money but on values. need for a hot meal or snack that children could easily prepare themselves when returning from school. From Star Trek, Dr. Kildare, The Twilight Zone, The F.B.I. In 1974, David and Paul formed a company in Southern California, which they originally called General American Foods. The company soon introduced over 30 flavors and variations, including Lean Pockets, Croissant Pockets and Breakfast Pockets. David Merage is one of the many remarkable Iranian American Jews in who through hard work and creativity have achieved the American dream. November 21, 2022. 2020. My vision for Israel is a prosperous and cohesive society that is committed to the well-being of all its citizens. 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. 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. 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. In her interview, Rocky explains the importance of the film to her and for the LGBTQ+ community. In 1977, David and Paul introduced Hot Pockets, frozen handheld sandwiches with a variety of fillings. David and Laura are natives of Tehran, Iran, who immigrated to the United States in their early teens with hopes of a better future. Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. 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. A lot of students will be better of with the new financial aid criteria. Facebook gives people the power to. When the company ran out of initial funding the brothers also had to borrow money from their parents. [6] MIG Real Estate, managed by Greg Merage is involved in development and management of commercial real estate.