Paul Merage
Paul Merage | |
|---|---|
| Born | 1943 Iran |
| Occupation(s) | Entrepreneur, philanthropist |
| Known for | Co-founding Chef America Inc., creator of Hot Pockets |
Paul Merage (born in 1943) is an American billionaire entrepreneur known for co-founding Chef America Inc., the company responsible for creating the widely recognized microwavable frozen snack Hot Pockets.
As of 2015, his net worth was approximated at $1.8 billion.
Biography
Merage entered the world in Iran in 1943, born into a Jewish family to parents Katherine and Andre Merage. He has four siblings: Louise, Camron, David, and Lin. Prior to World War II, his father operated an import/export business in France before relocating back to Iran. Paul attended Alborz High School located in Tehran.
At 17 years old in 1961, he emigrated to the United States to pursue higher education at the University of California, Berkeley, where he earned a B.A. in economics followed by an M.B.A.
Upon completing his studies, Merage spent nine years progressing through product management positions at General Foods (currently Kraft Heinz), Hunt Wesson, and Specialty Foods, eventually becoming director of new products. In 1977, together with his younger brother David, he launched Chef America, Inc., initially financing the venture through three home mortgages and loans from their parents. The company’s first product was frozen Belgian waffles—then relatively unknown in the U.S.—which were sold to restaurants. By 1977, Chef America had generated $12 million in revenue and was the nation’s leading producer of frozen Belgian waffles.
In 1983, identifying the rise of working women and the increasing household use of microwaves, Merage conceived a quick two-minute microwavable meal encased in a crust for convenient handling. Dubbed “Hot Pockets,” it was promoted as the “Hot Meal without a Big Deal.” After two years of development, he secured a patent for a distinctive process that created flavorful fillings paired with a crisp crust. By 1986, approximately one-quarter of American households owned microwaves, which accelerated Hot Pockets’ market expansion. The product line later diversified to include Lean Pockets, Croissant Pockets, and Breakfast Pockets.
In October 2002, Merage sold Chef America to Nestlé SA for $2.6 billion; at that point, the company recorded $750 million in sales and employed over 1,800 people.
After the sale, he co-established the MIG group of investment firms in 2003 alongside Richard and Greg Merage. He holds the position of chairman for MIG’s parent companies. Managed by Richard Merage, MIG Capital LLC is a prominent U.S. hedge fund overseeing assets exceeding $1 billion. MIG Real Estate, under Greg Merage’s leadership, develops and manages an extensive portfolio of commercial real estate across the country. MIG Private Equity functions as a fund of funds with investments ranging from consumer goods to technology industries.
Philanthropy
In 2005, Paul and Lilly Merage contributed $30 million to the University of California, Irvine's School of Business, which was subsequently renamed the Paul Merage School of Business in recognition of their support. Additionally, Merage donated $3 million to the Merage Jewish Community Center located in Orange County, California. He has served as chair of the Business School’s advisory board and held board memberships with both the Pacific Symphony and Orange County Performing Arts Center. A significant benefactor of El Sol Academy—a dual immersion charter school in Santa Ana, California—the institution expanded from 110 students to nearly 1,000 under his patronage. His Merage Institute for U.S.-Israel Trade administers the Innovation Bridge Program that hosts close to 1,000 Israeli technology leaders annually in Newport Beach for business “boot camps” aimed at advancing commercialization efforts within life sciences, security, military technology, IT, agriculture, and financial transaction sectors.
Personal life
Merage actively participates in the University Synagogue, a Reconstructionist congregation located in Irvine, California.
External links
- 1943 births
- Living people
- Alborz High School alumni
- American businesspeople
- American billionaires
- American Reconstructionist Jews
- Haas School of Business alumni
- Iranian businesspeople
- Iranian emigrants to the United States
- Iranian billionaires
- Iranian Jews
- Philanthropists from California
- UC Berkeley College of Letters and Science alumni
- 21st-century American Jews