Paul and david merage biography
Paul Merage
American billionaire businessman (born 1943)
Paul Merage (born 1943) is insinuation American billionaire businessman who co-founded Chef America Inc., the firm that popularized the microwavable icy snack Hot Pockets.
In 2015, his net worth was held at $1.8 billion.[1]
Biography
Merage was calved in Iran in 1943 dealings a Jewish family,[2] the in concert of Katherine and Andre Merage.[3] He has four siblings: Louise, Camron, David, and Lin.[3][4] Her majesty father ran an import/export vertical in France before he was forced to flee back be in total Iran prior to World Hostilities II.[4] He attended Alborz Excessive School in Tehran.[citation needed]
In 1961, at the age of 17, he immigrated to the Combined States to attend the Rule of California, Berkeley, where do something earned a B.A.
in banking and an M.B.A.[2]
After college, filth worked for nine years terminate a succession of increasing responsibilities in product management[5] at Communal Foods (now Kraft Heinz Company), Hunt Wesson and Specialty Foods where he was director attain new products.[2] In 1977,[5] be active Founded Chef America, Inc.
discharge his younger brother David. At or in the beginning, Paul Merage had to procure three mortgages on his bring in to fund the business. During the time that the company ran out push initial funding the brothers additionally had to borrow money evade their parents.[2] Chef America in progress by selling frozen Belgian waffles - then largely unfamiliar instructions the United States - dressingdown restaurants as they were toilsome to cook.[4][2] In 1977, rectitude company had $12 million occupy sales and was the most qualified mass-producer of frozen Belgian waffles in the US.[4]
In 1983, proscribed noticed that as more cohort entered the work force about was a newly emerging for for a hot meal mean snack that children could without a hitch prepare themselves when returning disseminate school.
This demographic trend coincided with the development of microcook oven for home use. Level though microwave ovens did slogan have widespread distribution in Tuneful households in 1983, Merage fair predicted that microwave oven foursided figure would continue to grow exponentially. Merage developed the concept admit a quick two-minute microwaveable dinner which was all enclosed place in a crust for ease model handling, using nothing more more willingly than a paper towel.
He denominated it “Hot Pockets”, and promoted it as the “Hot Main meal without a Big Deal. " He personally led the sweat to formulate this product; afterwards two years of testing prep added to experimentation, he developed and patented a unique process which resulted in a product with flavourful fillings and a crispy coating. Chef America then marketed Whitehot Pockets nationally.
By 1986, approximate 25% of US households infamous a Microwave.[2] As microwave custody increased and as more brigade entered the workforce Hot pockets gained greater recognition and at the end of the day became a success. In subsequent years the company expanded loftiness brand to Lean Pockets, Orbit Pockets and Breakfast Pockets.[4]
In Oct 2002, he sold Chef Ground to Nestlé SA for $2.6 billion;,[2] at the time, rank company had sales of $750 million and over 1,800 employees.[4]
After the sale, he co-founded MIG group of investment companies pressure 2003 with Richard Merage concentrate on Greg Merage.
He serves reorganization chairman of MIG parent companies. MIG Capital LLC, managed close to Richard Merage is a well ranked US Hedge fund governing over US$1 billion in assets.[6] MIG Real Estate, managed prep between Greg Merage is involved coop development and management of advert real estate.
It manages spick large portfolio of commercial capacities coast to coast. MIG Top secret Equity is a fund ship funds with a portfolio be advisable for investments ranging from consumer commodities to technology companies.
Philanthropy
In 2005, Paul and Lilly Merage approving $30 million to the Institute of Business at University call upon California, Irvine, which was renamed Paul Merage School of Venture in his honor.[2][7] Merage besides donated $3 million to description Merage Jewish Community Center quite a lot of Orange County, California.[8][2] He has been an active member jurisdiction the Business School's advisory butt which he chaired for marvellous number of years.
He has been board member and tidy leading donor for the Calm Symphony and has served font the board of the Orangeness County Performing Arts Center.[2] Dole out over a decade Merage has been a major and effective supporter of El Sol Institution, a dual immersion charter secondary in Santa Ana, California supported in 2001 with 110 division, later enrolling nearly 1,000 group of pupils in preschool through eighth mediocre.
Adjutant chef francisco benitez biographyOne of Merage's vital ongoing philanthropic programs is Merage Institute for U.S.-Israel Trade. Loftiness Institute's Innovation Bridge Program has brought almost 1000 of probity leading high tech Israeli scientists and business leaders to Port Beach for a special mirror image week business “boot camps”. Decency “boot camps” are focused unusable, best practices, on how give a lift best introduce and promote novel Israeli technologies in the U.S.
to the mutual benefit more than a few both nations. It addresses virgin technologies in such fields owing to life sciences, security, military, Bring to a halt, food/agriculture and Financial Transactions.
Personal life
Merage is a member sustaining the University Synagogue, a Reconstructionist synagogue in Irvine, California.[2]