The year he graduated, Paul and David's parents joined them in California. In February 2020, Michelle was sentenced to five months in prison. 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. Records now reveal the buyer is Sabrina Merage Naim, an heiress to the fortune of tasty microwave snack Hot Pockets, which were invented and popularized by Naim's father David Merage and uncle Paul Merage in the 1980s. At some point in the early 1970s, the brothers were vacationing in Europe and had their first ever Belgian waffle. His management team is comprised of experts in the education and non-profit sectors, supported by senior-level finance, legal, management, and marketing professionals. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. Our goal is to strengthen key economic clusters where the Negev has a significant competitive advantage. Each of the 13 children born to the four brothers manages a separate foundation supported by the family. The David and Laura Merage Foundation is centered on the belief that education is the gateway to optimal life outcomes. That's enough to make them one of the richest families in America. He and his wife Laura run the David and Laura Merage Foundation, which focuses on community development and early childhood education. Similar to MIG, the CIG Group also invests in commercial real estate, capital markets and private equity. 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're not passive investors," Sabrina says. David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. The scheme was uncovered before the girls were actually admitted. The Merage Foundations have positively impacted hundreds of thousands of peoples lives both in the US and globally. Paulreferred to by David as a marketing geniuswas convinced that there was a big market for them in the States. 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. All Rights Reserved. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. Its society. Yet another amazing example of a massive fortune made from a totally random business. 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. As part of our Community Development division, we are leading four major programs. need for a hot meal or snack that children could easily prepare themselves when returning from school. By bringing their experience, resources, and dedication to each respective initiative, they have brought ambitious societal shifts closer to fruition. [1]. In my quest for answers, Shmulick Riffman, then-mayor of Ramat HaNegev, and a great Zionist dedicated to the Negevs development, became my mentor. "I felt an immediate connection with the people and the culture. She founded the Sabrina Merage Foundation in 2008 with the intention of building bridges between diverse societies. email info@merage.org Sales took off, generating new varieties of "pockets." In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. David and I share a tenacious, hands-on approach to philanthropy, investing our time, capital, business acumen, and problem-solving . 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. Why was this company an attractive investment to CIG? And all of that seems totally unnecessary. 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 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. 2023 Celebrity Net Worth / All Rights Reserved. My team would continue meeting with them and helping in any way they could. David Merage is a successful entrepreneur and venture. These are: honesty, integrity, determination and commitment. "He instilled in us the belief that family members working together were stronger than any one of us could be working alone.". Total revenues. 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. 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. Company leaders receive ongoing support in team building, empowerment training and practical assistance for events, activities and volunteering opportunities. The daughter of Paul Merage, who co-founded Chef America Inc. with his brother and created the Hot. We also supported through capital projects such the establishment of a Rehabilitation Center in Sderot, and the Dimona Medical Center, which covers over 20,000 patients a year and offers the community10 dialysis beds and emergency support after hours. 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. Facebook gives people the power to. 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. After the sale of Chef America, the brothers pursued separate projects. Submit a correction suggestion and help us fix it! Along with my wife, Laura, I formed the David and Laura Merage Foundation, whose mission is to promote self-sufficiency through education and community involvement. Sabrina Merage Naim Daughter of Hot Pockets co founder David Merage; niece of Paul Merage; Echo Capital Group wife 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." David Merage is one of the many remarkable Iranian American Jews in who through hard work and creativity have achieved the American dream. "Rather than supporting people's health and providing access to quality care and education, we . She did not speak any Hebrew, she had no contacts, no money and was completely lost. In just one year, the company's sales increased by double digits. 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. 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. This allow us to remain lean and to scale rapidly in order to reach our full potential and benefit as many people as possible. The Negev is rich in a wide range of agricultural sites and is a fertile ground to turn these into tourism attractions. 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. Ignore Your Parents, Quit School And Follow Your Passion Just Like Michael Dell. David, who grew up in Tehran, remembers everyone in the familyincluding the womentaking a keen interest in business. "After a year and a half of testing, we developed the first generation of frozen waffles. 2020. David's nephew Ben Levy started working with CIG in 2011 as a private equities manager. In 1971, Andre and Katherine also moved to California. David Merage, founder of the David and Laura Merage Foundation, joined prestigious business leaders . The brothers later sold the Chef America Inc. company to Nestl for $2.6 billion. A lot of students will be better of with the new financial aid criteria. Mirroring his approach to business, Davids philanthropic goal is to develop new systems or improve existing ones, select like-minded individual and organizational partners, and bring each project to successful completion together. Paul and David decided Chef America should forget about breakfast and dinner as categories. 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. 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. ", 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. Photo by Kathryn Scott Osler/The Denver Post via Getty Images. [2] Chef America started by selling frozen Belgian waffles - then largely unfamiliar in the United States - to restaurants as they were difficult to cook. David and Laura's philanthropic passion started years prior to the formal funding of the organization. . Sabrina is the principal; her cousin Ben Levy is the vice president. 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. He serves as chairman of MIG parent companies. David and Laura have two adult children, Jonathan and Sabrina. He and brother Paul Merage later sold the company to Nestl for $2.6 billion. 2023 Forbes Media LLC. 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. In 2012, CIG made its first investment in a Minneapolis-based company, Funky Chunky, which makes artisanal chocolate caramel popcorn and gourmet snacks. Jonathan attended Purdue University and conducts severe weather research throughout the country. I knew I was destined to become an entrepreneur and it would happen here.". [4] He attended Alborz High School in Tehran. [5], 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 two daughters so they could be admitted into the University of Southern California.[6][7]. Before the premiere at the DOC NYC Film Festival, the film garnered much media attention. 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. 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. [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. (303) 789-2664. It was Paul who correctly predicted microwaves would soon proliferate in American kitchens, opening up a world of new product category opportunities. By 1986 approximately 25% of US households owned a 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. I also believe it is my responsibility to contribute greatly of my time, my network and my business acumen. Americans fell in love with Belgian waffles. They have gone on to invest the funds in real estate and the capital markets. Deanne Stone is a business writer based in Berkeley, Calif. Its oppression, says Rocky. I am also leading an effort to engage business leaders in early childhood education advocacy. Chef America then marketed Hot Pockets nationally. Echo's venture capital comes from CIG, which also offers its resources and operational expertise to the companies in Echo's investment portfolio. More than 3,000 of these new immigrants serve in the IDF each year. Most recently, we have completed a new model focused on promoting regional economic development. They quickly ran out of that money and the brothers were forced to ask for a loan from their parents. "My father used to tell us stories about successful family businesses," David says. My family represents three generations of philanthropists that began with my parents, and we are now working on a fourth generation: my grandchildren! Over the years we have supported hundreds of initiatives, benefiting hundreds of thousands of individuals throughout Israel. Katherine remains active in her philanthropic endeavors. It invests domestically and internationally and mostly for the long term. CIGs permanent capital base allows the company to take a disciplined, long-term investment perspective. 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. But more financial planners are aiming to help. Also, throughout the years, Shimon Peres supported our work and later became the Minister for the Development of the Negev and the Galilee. [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. In 1968, David joined Paul in California. 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. CIG does not just write a check. When Nestl bought Chef America, the company had sales of $750 million a year, employed 1,800 people and generated 6,000 jobs through its supply chain. Paul's daughter Michelle was involved in the infamous college admissions scandal, also known as Operation Varsity Blues. Its history. The family believes in hands-on philanthropy; all of the foundations have family boards and are overseen by executive director Sue Renner. Foundation's History. Over the years, the program has evolved to become a unique empowerment framework for women, which includes over 10 Iranian womens clubs throughout Israel. The foundation concentrates its efforts in four primary areas: Early Childhood Education, Art and Community, Jewish Life (Domestic), and Jewish Life (International). Its law. "California felt like home," says David. 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. The sale price? Like CIG, Echo invests in food and beverage companies. Joe's 55,000 square-foot home topped Paul's by 10,000 square feet. 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. 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. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. She paid $100,000 to have a proctor rig their ACT exam and she paid $200,000 to have one of the girls labeled as a fake volleyball recruit. In the mid-1990s, it relocated its headquarters to Englewood, Colo. David's family and the entire executive team made the move. 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. Arts and Culture: Our foundation invests in public and private arts organizations throughout the US. Specifically, we are currently working on two main programs: DeserTech: Our program aims to support the development and commercialization of climate change and desert technologies (such as AgTech, WaterTech, renewable Energy, and other sustainable innovations). At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. 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. [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.