"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. 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. It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions. or call (303) 789-2664 x233. 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. As a venture philanthropist, I always look for the highest social returns on my investment. 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. Founded in 1977, the company behind the microwavable meals, Chef America, was sold to Nestle in 2002 for $2.6 billion. It considers itself a resource to the companies it invests in, drawing on its decades of experience in the food industry. They're better than their record, but it might already be too late for them to contend, even in the mediocre AL Central. 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. [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]. My vision for Israel is a prosperous and cohesive society that is committed to the well-being of all its citizens. 18 Inverness Place East, Englewood, CO 80112 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. Younger brother David joined Paul in California in 1968. 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." How can such a small nation forget about this huge part of the countrys territory? David Merage is a successful entrepreneur and venture philanthropist who lives with his wife, Laura, an accomplished artist, in Denver, Colorado. Through a rigorous selection process, this program works with reserve companies that demonstrate a high degree of leadership and commitment to community building. She was a young Jewish woman in Tehran, who was trying to escape from a very abusive husband with her two young daughters. Later, it introduced two other popular lines, Lean Pockets and Croissant Pockets. Arik Sharon and his administration encouraged my organization to embrace this challenge. The Merage Foundation Israel they established. He enrolled at Sacramento State University where he graduated in 1971 with a degree in marketing. She wanted to run away to Israel and asked me for help. When they were ready, the brothers went door-to-door marketing their frozen Belgian waffles to coffee shops, supermarkets and restaurants. They expanded their product line and employed some 1,900 people before selling to Nestle in 2002 for $2.6 billion. Spoiler alert, that person is named Joe C. Wen. Want To Make $15 Billion? Along with his brother, Paul, and late father, Andre, he founded Chef America, a San Fernando Valley-based. [2] In 1977,[5] he Founded Chef America, Inc. with his younger brother David. Iran was not a promising country for entrepreneurs when Andre was starting out. The company created a considerable workforce employing 1,900 associates in three states, and generating over 6,000 national jobs through the supply chain. 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. He spends a lot of his time on the road looking for investment prospects and assessing businesses. Mr. You and your wife Laura are known for your philanthropic involvement. That's very important to him. Today, I am principal of Consolidated Investment Group, a Denver-based investment firm, focusing on Wall Street and real estate investments. Each door leads to a new challenge that brings joy and a renewed sense of accomplishment. She also has to serve two years of supervised release, pay a $250,000 fine and perform 200 hours of community service. We are entrepreneurs at heart. Our goal is to strengthen key economic clusters where the Negev has a significant competitive advantage. David and Laura's philanthropic passion started years prior to the formal funding of the organization. In the United States, the foundation concentrates its efforts in promoting Early Childhood Education, Arts and Culture and Community Development. He eventually rose to the position of director of new products. email info@merage.org Language links are at the top of the page across from the title. And all of that seems totally unnecessary. 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. As part of our Community Development division, we are leading four major programs. 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. 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. I kid you not. "Rather than supporting people's health and providing access to quality care and education, we . 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. The daughter of Paul Merage, who co-founded Chef America Inc. with his brother and created the Hot. 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. Today, David is an investor and venture philanthropist. In 1971, Andre and Katherine also moved to California. We constantly look for opportunities that tap into existing networks and infrastructures that avoid duplication. 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. 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. What initiatives does your foundation support in Israel? David is married to Laura Merage, who was also born in Tehran. David's wife, Laura, also born in Iran, is an artist who has a strong presence in the Denver art community. 2020. Financially set for life, David could have enjoyed a grand retirement, but the concept is contrary to his nature. The patchwork of government programs for adults with disabilities, and their varying eligibility rules, create complications and traps. "Only four food companies were in a position to buy a business the size of Chef America," says David. In 1968, David joined Paul in California. Having raised his sons with dreams of excelling in business, Andre sent them abroad to be educated. Joe made his money thanks to a company called Sakura Paper Inc., which makes high-end custom party invitations, place cards, menus, thank you cards, and save-the-dates. The David and Laura Merage Foundation has donated tens of millions of dollars to charities in Colorado that focus on education and childhood development. Katy Perry, Luke Bryan and Lionel Richie were powerless to save a couple of their faves this time. He wanted a snack-able treat a kid could microwave in two minutes and eat holding nothing but a paper towel. Paul Merage was born to a Jewish family in Tehran, Iran in 1943. 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. Sign up for The Jerusalem Post Premium Plus for just $5, Upgrade your reading experience with an ad-free environment and exclusive content. 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. She did not speak any Hebrew, she had no contacts, no money and was completely lost. It invests domestically and internationally and mostly for the long term. "I've been fortunate to do what I love for the past 40 years and derive such joy from my work. 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. Chef America already had breakfast covered with waffles, and the frozen dinner category already had a dozen dominant players like Swanson's. At Chef America, David's strong suit was creating the company culture that contributed so much to the business's success. ", 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. From an early age, I knew I was destined to be an entrepreneur. Due to the company's success throughout the 1990s, the Merage brothers sold their business to Nestle in 2002 for roughly $2.6 billion. David Merage created a new category of convenience food products when he founded Chef America and developed and distributed HOT POCKETS brand sandwiches. This article. The difference is that Echo targets new companies started by millennial entrepreneurs. The Merage family /mrd/ is a wealthy Iranian Jewish family residing in Orange County, California. This demographic trend coincided with the development of microwave oven for home use. David and their father began investing in real estate while Paul was toiling away at General Foods. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets. "I don't know of any other country where people can succeed through their best efforts as they can here," David says. Sales took off, generating new varieties of "pockets." Between the four brothers, the family is estimated to conservatively be worth more than $5 billion. Merage developed the concept of a quick two-minute microwaveable meal which was all enclosed in a crust for ease of handling, using nothing more than a paper towel. At 15, David attended secondary school in England. Additionally,Laura serves on the University of Tel Aviv Board of Governors and is an emeritus board member for the Anti-Defamation League. 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. Over time sales started to take off. In 1977, David Merage and his brother, Paul, founded Chef America, Inc. best known for developing the popular microwavable snack, Hot Pockets. David and Paul Merage[3] co-founded Chef America Inc. where they created the popular microwavable snack Hot Pockets in the early 1980s. "David's recruiting process is incredibly rigorous," says Nelson. His older brother, Paul, had graduated from the University of California at Berkeley. Mike Tyson talks a possible WWE match with Logan Paul, the WWE-UFC merger and the launch of Tyson Pro. How did they do it? 2023 Celebrity Net Worth / All Rights Reserved. Ignore Your Parents, Quit School And Follow Your Passion Just Like Michael Dell. By bringing their experience, resources, and dedication to each respective initiative, they have brought ambitious societal shifts closer to fruition. Working six and a half days a week, the Merages marketed their frozen waffles to coffee shops and restaurants. Our foundation, headquartered in Denver, Colorado, is centered on the belief that education is the gateway to optimal life outcomes. 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. I am also leading an effort to engage business leaders in early childhood education advocacy. At CIG, I have created a culture that fosters an environment of respect, integrity and tolerance of others. "CIG is driven by excellence. The Merage Foundation Israel (MFI) has two main areas of focus: Community Development and Negev Development. It manages a large portfolio of commercial properties coast to coast. 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. 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. [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. Americans fell in love with Belgian waffles. This is Paul Merage's 45,000 square-foot mansion: How did Paul Merage become a billionaire? CIG is in the process of buying another food company, which David declines to identify because the deal has not yet closed. However, I did not visit Israel until I was in my early 40s. "I felt an immediate connection with the people and the culture. 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. Echo's venture capital comes from CIG, which also offers its resources and operational expertise to the companies in Echo's investment portfolio. 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. Chef America is known for being one of the most successful food companies in the world. 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. Foundation's History. After two years of trial and error, they developed a frozen sandwich that tasted good and didn't get soggy when heated. In February 2020, Michelle was sentenced to five months in prison. By 1985 Chef America was finally getting Hot Pockets stocked on shelves in supermarkets around the United States. 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. 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. The scheme was uncovered before the girls were actually admitted. Submit a correction suggestion and help us fix it! Attentive to shifts in American culture, they noted two coalescing trends: Sales of microwave ovens were increasing as more women entered the workplace. 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. "After a year and a half of testing, we developed the first generation of frozen waffles. "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.