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. Read below, Ivanka's. 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. It is my greatest joy to see our philanthropic commitment to Israel extend through three, and now four generations, of my family. Deanne Stone is a business writer based in Berkeley, Calif. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. 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. or call (303) 789-2664 x233. 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. Its oppression, says Rocky. Today, David, 66, is principal of Consolidated Investment Group in Denver, the firm he started in 2002. 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. Working six and a half days a week, the Merages marketed their frozen waffles to coffee shops and restaurants. 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. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. [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. Before the premiere at the DOC NYC Film Festival, the film garnered much media attention. How Will It Affect Your Family? The snack had to come fully-enclosed so no utensils were needed. And that segues nicely into the actual article I ended up wanting to write. He serves as chairman of MIG parent companies. Chef America is known for being one of the most successful food companies in the world. [2] Chef America started by selling frozen Belgian waffles - then largely unfamiliar in the United States - to restaurants as they were difficult to cook. The Merage Foundation Israel they established. There's the American Dream, and then there's the spectacular success achieved by immigrant brothers David and Paul Merage. David is a discerning investor who's always looking for what others haven't thought of. 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. 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. As a venture philanthropist, I always look for the highest social returns on my investment. Total revenues. Mike Tyson talks a possible WWE match with Logan Paul, the WWE-UFC merger and the launch of Tyson Pro. "My dad and I work together and talk about corporate strategy every day," she says. 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. Cities and what people think and feel about them frame in a deep way how we deal with housing policy and economics. "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." 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. 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. "The role of CIG is to support our non-profit activities," he says. Total assets. After interviewing dozens of reservist and army officials, we understood that this was a widespread problem. The films director, Sharon Rocky Roggio, was even interviewed by the Daily Beast. At some point in the early 1970s, the brothers were vacationing in Europe and had their first ever Belgian waffle. 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. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. 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. David's wife, Laura, also born in Iran, is an artist who has a strong presence in the Denver art community. Jonathan attended Purdue University and conducts severe weather research throughout the country. 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. Its law. David Merage is a successful entrepreneur and venture philanthropist who lives with his wife, Laura, an accomplished artist, in Denver, Colorado. The cornerstones of this culture are Davids business imperatives: respect, accountability, innovation, collaboration, a drive for excellence, having fun, and making our world a better place. I saw in the Negev, Israels land of opportunity; a blank piece of paper to write the next chapter of the new Zionism. You and your wife Laura are known for your philanthropic involvement. Early Learning Ventures is building a network of over 600 high-performing child-care providers, making quality child care more accessible to American families. That same year the brothers decided to sell the business to Nestle. Special Needs Financial Planning: Smart Advice For Families Coping With Disabilities, Family Matters: The Best California Wines Come From Family-Owned Vineyards, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. "I come from a family of entrepreneurs and trendsetters. In just three years, Chef America became the No. 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. This model allows Laura and I to be truly diverse in the types of programs and endeavors in which we become involved. Iran was not a promising country for entrepreneurs when Andre was starting out. 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. 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. On one European trip, the brothers discovered Belgian waffles. Copyright 2015 by Family Business Magazine. David and their father began investing in real estate while Paul was toiling away at General Foods. Katherine remains active in her philanthropic endeavors. 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. Yet another amazing example of a massive fortune made from a totally random business. My parents told us that the money wasn't to be used to change our lives, but to change the world around us.". How do I decide what to invest in? He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. 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. 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. This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. Once again, the brothers were back in the kitchen experimenting with recipes. Along with his brother, Paul, and late father, Andre, he founded Chef America, a San Fernando Valley-based. [1]. Today the MIG Group manages over $1 billion worth of assets, mostly commercial real estate but also some private equity venture capital investments. We constantly look for opportunities that tap into existing networks and infrastructures that avoid duplication. They have gone on to invest the funds in real estate and the capital markets. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. email info@merage.org In particular, Laura has launched several nonprofit organizations that have made a profound impact on our nations Art and Culture landscape. They called the sandwiches Hot Pockets and, in 1983, started marketing them to vending machines, catering businesses and schools. It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions. We understood the great need create an opportunity to build a renewed sense of community and solidarity among army reservists. I also believe it is my responsibility to contribute greatly of my time, my network and my business acumen. November 21, 2022. CIG does not just write a check. 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. 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. [4] He attended Alborz High School in Tehran. Katy Perry, Luke Bryan and Lionel Richie were powerless to save a couple of their faves this time. Sign up for The Jerusalem Post Premium Plus for just $5, Upgrade your reading experience with an ad-free environment and exclusive content. Today, David is an investor and venture philanthropist. 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 2002, Chef America generated $750 million in revenue. The Negev is rich in a wide range of agricultural sites and is a fertile ground to turn these into tourism attractions. CIG is in the process of buying another food company, which David declines to identify because the deal has not yet closed. This demographic trend coincided with the development of microwave oven for home use. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. Evoke Media continues to support documentaries and podcasts that drive social change. Americans fell in love with Belgian waffles. By 1986 approximately 25% of US households owned a Microwave. My research into her case showed me this was a very typical situation for most Iranians who immigrated to Israel. David Merage is a successful American businessman and venture philanthropist who co-founded the frozen microwave snack Hot Pockets. "We think both of these products will appeal to millennials on the go, and we'll use all of our resources to make their manufacturing and operations more efficient. There was nothing like them.". In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. What initiatives does your foundation support in Israel? "We run our philanthropy with the same discipline and high expectations as we do our business.". Believe it or not, in the early 1980s most American households did not have a microwave. Financial Aid Is Changing. CIGs permanent capital base allows the company to take a disciplined, long-term investment perspective. I am also leading an effort to engage business leaders in early childhood education advocacy. I kid you not. CIG seeks optimal returns through direct investment, creative partnership structures, fund investments, and other innovative techniques. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. Janavs is the daughter of Paul Merage, who, with his brother, co-founded Chef America Inc., which created the Hot Pockets microwavable snack. Like CIG, Echo invests in food and beverage companies. Today, I am principal of Consolidated Investment Group, a Denver-based investment firm, focusing on Wall Street and real estate investments. In 2005, Paul and Lilly Merage donated $30 million to the School of Business at University of California, Irvine, which was renamed Paul Merage School of Business in his honor. With Lauras leadership, the organization founded RedLine, an urban art laboratory promoting the creative expression of resident artists. 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. 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." The family believes in hands-on philanthropy; all of the foundations have family boards and are overseen by executive director Sue Renner. Setting new challenges and mapping new territories is what I do.". "Only four food companies were in a position to buy a business the size of Chef America," says David. 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. David and Laura, who came to the U.S. as teenagers, recognize that America has been very good to them. 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. He and his wife Laura run the David and Laura Merage Foundation, which focuses on community development and early childhood education. Sales took off, generating new varieties of "pockets." DAVID AND LAURA MERAGE FOUNDATION ENGLEWOOD, CO 80112-5622 | Tax-exempt since June 2003 EIN: 45-0493925 Classification(NTEE) Private Independent Foundations (Philanthropy, Voluntarism and. The Merage Foundations have positively impacted hundreds of thousands of peoples lives both in the US and globally. 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. Mr. Merage continues as a very successful businessman and currently leads one of the largest and most diversified real estate and investment companies in the United States. Over the last two decades, not only have David and Laura continued to deepen their philanthropic commitment, they are also honoring their ancestors who taught them the value of giving back by cultivating generational philanthropy with their children and grandchildren. David is married to Laura Merage, who was also born in Tehran. "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.". Paul earned an undergraduate degree in economics, followed by an M.B.A. from the school and then landed a job at General Foods. About Merage family Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. But more financial planners are aiming to help. He eventually rose to the position of director of new products. "I felt an immediate connection with the people and the culture. 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 has studios in Denver, Hawaii, and Israel. His management team is comprised of experts in the education and non-profit sectors, supported by senior-level finance, legal, management, and marketing professionals. "What I've learned from working with David," he says, " is that product quality is king. [4], In 1983, he noticed that as more women entered the work force there was a newly emerging 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. David and Laura combine their decades of entrepreneurialism and creative problem-solving abilities to tackle some of the worlds biggest social challenges. She resides in Newport Coast, California. "He instilled in us the belief that family members working together were stronger than any one of us could be working alone.". 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. This article. In 1971, Andre and Katherine also moved to California. 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. Paul spent nearly a decade working on specialty food products like Tang, Hostess desserts, and freeze-dried coffee. Sometimes, an unexpected incident in life presents itself. MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets. If you walk through that door you find that there are many new doors that begin to open up. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. They expanded their product line and employed some 1,900 people before selling to Nestle in 2002 for $2.6 billion. The 67-year-old Merage came to the U.S. in 1968 in pursuit of a college education. 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. 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. David was the fourth of five children born to Andre and Katherine Merage. He spends a lot of his time on the road looking for investment prospects and assessing businesses. [8][2] He has been an active member of the Business Schools Advisory Board which he chaired for a number of years. . Reserve companies are also supported by a digital platform that allows them to manage and mobilize their communities for action. Join Facebook to connect with David Merage and others you may know. Our movie is more than just theology. She wanted to run away to Israel and asked me for help. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. One of Merages major ongoing philanthropic programs is Merage Institute for U.S.-Israel Trade. 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. Copyright 2023 Consolidated Investment Group All Rights Reserved. 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? Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. [3] I think philanthropys role is to empower people so that they realize their full potential. Ignore Your Parents, Quit School And Follow Your Passion Just Like Michael Dell. In February 2020, Michelle was sentenced to five months in prison. Poring over thousands of historical documents, centuries of ancient texts, and Bible translations in many languages, the experts in the film conclude that two Greek words were mistranslated to mean homosexual. Having raised his sons with dreams of excelling in business, Andre sent them abroad to be educated. By 2002, their company, Chef America Inc., was one of the most profitable privately held food companies in the world; the brothers sold it to Nestl for $2.6 billion. ", Philanthropy is the fourth CIG operation and, David stresses, is equal to the firm's other operations. Each door leads to a new challenge that brings joy and a renewed sense of accomplishment. Paul Merage was born to a Jewish family in Tehran, Iran in 1943. 1 company in the world mass-producing frozen Belgian waffles. 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. 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. 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. After selling the company, Paul launched a private investment firm called the MIG Group. From Star Trek, Dr. Kildare, The Twilight Zone, The F.B.I. [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. Redline Art Center has been noticed Redlines new exhibit Carey Fisher, curated by Cortney Lane Stell, brings together two popular landscape painters. Laura is an artist and photographer with works in public and private collections nationally and internationally. David Merage is one of the many remarkable Iranian American Jews in who through hard work and creativity have achieved the American dream. More than 3,000 of these new immigrants serve in the IDF each year. 18 Inverness Place East, Englewood, CO 80112. After the sale of Chef America, the brothers pursued separate projects. David Merage is a successful entrepreneur and venture. David Merage was co-owner and co-founder of Chef America, Inc., a national frozen . Even though in 1983 microwave ovens did not have widespread distribution in US households, Merage correctly predicted that Microwave oven usage would continue to grow exponentially. Early Childhood Education: The foundation is leading Early Learning Ventures, an initiative to enrich education for children ages birth to five years old. 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. Redline is renowned in the Denver area for being Cortney Lane Stell, executive director and chief curator of Black Cube Nomadic Art Museum was recently interviewed by Westword, a Denver based news publication. In just one year, the company's sales increased by double digits. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. David Zalubowski, Associated Press Ivanka Trump, daughter of and special adviser to Republican President Donald Trump, wrapped up a two-day tour in Colorado by visiting a child care center near Denver on Friday to highlight the administration's affordable child care efforts. Sabrina Merage Naim Daughter of Hot Pockets co founder David Merage; niece of Paul Merage; Echo Capital Group wife When the Nazis invaded Paris in 1940, he fled to Iran and resumed his life there. By bringing their experience, resources, and dedication to each respective initiative, they have brought ambitious societal shifts closer to fruition. Through his company, Consolidated Investment Group (CIG), David invests in real estate and the capital markets. In what areas are you involved? "The management shared the same culture as Chef America [and] had a high-quality product and room for growth," says David. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. The sale price? Tell us about your special connection to Israel and more specifically to the Israeli-Iranian community. 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. 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. 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. 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. "My father used to tell us stories about successful family businesses," David says. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. Today, Merage runs Consolidated Investment Group (CIG), a Denver-based company strategically investing in real estate, capital markets and private equity. My vision for Israel is a prosperous and cohesive society that is committed to the well-being of all its citizens. They spent months testing and perfecting a recipe for frozen waffles. 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. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. The business really took off in 1985 when Chef America started selling Hot Pockets in retail supermarkets nationwide. Every morning I wake up and say to myself, 'This is the start of another good day.' She pleaded guilty to paying college admissions coach Rick Singer $300,000 to get her daughters into to the University of Southern California. 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. Merage is a member of the University Synagogue, a Reconstructionist synagogue in Irvine, California. 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. For reprint information, contact bwenger@familybusinessmagazine.com.
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