They have gone on to invest the funds in real estate and the capital markets. Copyright 2023 Consolidated Investment Group All Rights Reserved. Joe's 55,000 square-foot home topped Paul's by 10,000 square feet. 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. The year he graduated, Paul and David's parents joined them in California. Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. Related: 10 Ways to Make Money During the Pandemic Ali and . David and Laura Merage: Philanthropists supporting Israel David and Laura are natives of Tehran, Iran, who immigrated to the United States in their early teens with hopes of a better future. 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. Believe it or not, in the early 1980s most American households did not have a microwave. That, plus a culture of respect and honesty in everything we do, makes CIG an exciting environment in which to work.". CIG does not just write a check. "For months we spent every night in our mother's kitchen cooking up recipes," says David. "The role of CIG is to support our non-profit activities," he says. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. 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. What initiatives does your foundation support in Israel? 2) The snack they created needed to extremely easy for kids to make and eat on their own. Velaa has noticed an interesting trend in bookingsabout 45 percent of their guests have been family/multi-generational bookings this year. The Negev is rich in a wide range of agricultural sites and is a fertile ground to turn these into tourism attractions. David Merage is a successful entrepreneur and venture. My family represents three generations of philanthropists that began with my parents, and we are now working on a fourth generation: my grandchildren! The David and Laura Merage Foundation has generously committed to providing continued support through 2022. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. That's enough to make them one of the richest families in America. David is married to Laura Merage, who was also born in Tehran. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. 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. Chef America wanted a more central location between its California and Kentucky manufacturing operations. Our movie is more than just theology. 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. We believe in the power of empowerment, leadership development and community building. In partnership with the Jewish Agency, Wings offers a continuum of services, from the time they first arrive in Israel and years after their release from the IDF. Between the four brothers, the family is estimated to conservatively be worth more than $5 billion. In her interview, Rocky explains the importance of the film to her and for the LGBTQ+ community. "My father used to tell us stories about successful family businesses," David says. 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. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. In the early 1960s Paul and his younger brother David moved to the United States to attend the University of California at Berkeley. Merage Israel: In 2000, together with Laura and my mother, Katherine, we began our philanthropic work in Israel. 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. He spends a lot of his time on the road looking for investment prospects and assessing businesses. As such, Governor John Hickenlooper proclaimed May 11th as David Merage Day in Colorado. Company leaders receive ongoing support in team building, empowerment training and practical assistance for events, activities and volunteering opportunities. How did they do it? 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. 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. From Star Trek, Dr. Kildare, The Twilight Zone, The F.B.I. Art, Community and Hazard Mitigation: A Successful Combination - David Outside of their investment firms, the brothers also dove head-first into philanthropy. Sabrina Merage Naim Daughter of Hot Pockets co founder David Merage; niece of Paul Merage; Echo Capital Group wife In 1971, Andre and Katherine also moved to California. 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. 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. 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. In my quest for answers, Shmulick Riffman, then-mayor of Ramat HaNegev, and a great Zionist dedicated to the Negevs development, became my mentor. 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. By 1985 Chef America was finally getting Hot Pockets stocked on shelves in supermarkets around the United States. Brothers Paul and David Merage created a snack sensation with their Hot Pockets, which became a household name. [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]. That same year the brothers decided to sell the business to Nestle. He wanted a snack-able treat a kid could microwave in two minutes and eat holding nothing but a paper towel. 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. Although the brothers had no experience in developing food products or designing machinery, they were undeterred. He has worked to re-create that culture at CIG. Laura holds a Masters degree in Art from New York University and is an accomplished artist/photographer with works in public and private collections nationally and internationally. 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. Read below, Ivanka's. In 1974, David and Paul formed a company in Southern California, which they originally called General American Foods. 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. 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. She wanted to run away to Israel and asked me for help. 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. [3][4] His father ran an import/export business in France before he was forced to flee back to Iran prior to World War II. After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage. 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. They soon learned there was already a big corporation called General Foods, and they changed the name to Chef America Inc. Andre was an investor and an adviser to the business. 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. Paul's daughter Michelle was involved in the infamous college admissions scandal, also known as Operation Varsity Blues. In particular, Laura has launched several nonprofit organizations that have made a profound impact on our nations Art and Culture landscape. He named it Hot Pockets, and promoted it as the Hot Meal without a Big Deal. Wings ensures that these courageous, young individuals do not fall through the cracks of Israeli society, it offers a supportive safety net and helps them achieve their personal goals and aspirations. Its society. 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. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. Copyright 2015 by Family Business Magazine. David Merage | I'm Iranian There are four rules that I absolutely live by without compromise. Foundation's History. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. 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. Founder of Consolidated Investment Group and the David and Laura Merage Foundation, David Merage, was invited to be on a panel with Advisor Ivanka Trump and Senator Cory Gardner. Its politics. Now enthusiastic about philanthropy, she sits on several non-profit boards and attends conferences on philanthropy. 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. I was able to help her, and I began actively supporting hundreds of Iranian-Jewish families on their struggling path to Israel. The daughter of Paul Merage, who co-founded Chef America Inc. with his brother and created the Hot. The Forgotten Immigrant Origins of America's Most Iconic Microwavable Snack "He instilled in us the belief that family members working together were stronger than any one of us could be working alone.". The business really took off in 1985 when Chef America started selling Hot Pockets in retail supermarkets nationwide. The firm has four areas of operation: private equities, public equities, commercial real estate and philanthropy. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. Family passions and reputation stand behind the wines of California's wine families. 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. 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. The difference is that Echo targets new companies started by millennial entrepreneurs. 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. Spoiler alert, that person is named Joe C. Wen. 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." Media & Insights - David & Laura Merage Foundation David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. "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. Katy Perry, Luke Bryan and Lionel Richie were powerless to save a couple of their faves this time. More than 3,000 of these new immigrants serve in the IDF each year. A Colorado Couple Brings a Venture Approach to Family Philanthropy David was born to Andre and Katherine Merage in Tehran, Iran, in 1949 as one of five children. In the 1920s, he moved to France, where he ran a successful business importing and exporting high-end antiques. From an early age, I knew I was destined to be an entrepreneur. After interviewing dozens of reservist and army officials, we understood that this was a widespread problem. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. [4][2] In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US. 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. 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. [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. need for a hot meal or snack that children could easily prepare themselves when returning from school. He and brother Paul Merage later sold the company to Nestl for $2.6 billion. Mental Health Colorado Expands its Focus on Criminal Justice 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.