THE MONEY: Along with brother David Merage, co-founded Chef America Inc., a frozen foods company that sold in 2002 to Nestlé for $2.6B. Name on top of UCI business school after $30M donation. The school in May celebrated the 20th anniversary of the gift, dubbing it “Merage Day.”
THE NUMBERS: After the sale of frozen food business, began Newport Beach-based MIG Capital, which has $1B+ in assets and is managed by son Richard Merage. Nephew Greg Merage manages real estate arm with more than 10M square feet and nearly 7K multifamily units and over 1.7K hotel rooms. In 2023, made first reported local acquisition in more than a decade, paying $61.1M for a 138-unit apartment complex in Costa Mesa. Brother Cam Merage is founder and CEO of First Team Real Estate, an Irvine-based real estate team.
BIG BREAK: Invented Hot Pockets in 1983. “With an eye for change, Paul recognized the demographic and social shifts in America—more working parents, less time to prepare meals for families and an array of advances made possible with the expanding use of the microwave oven,” UCI said.
NEWPORT COAST HOME: Listed Newport Coast house for $40M in February. The three-story, 11,041-square-foot home, which was built in 2001, has six bedrooms and 10 bathrooms. Amenities include a home gym, wine cellar and tasting room and a home spa. The property also comes with a seven-car garage. Not his primary home.
REAL ESTATE HOLDINGS: Village at Indian Wells, apartment at Avila at Rancho Santa Margarita. Real estate arm of MIG typically invests $15M to $100M in multifamily, hotels and grocery-anchored retail.
PHILANTHROPY: The Paul & Elisabeth Merage Family Foundation counts close to $50M in assets, according to public records. Recent donations include $511K to UCI’s Shaping the Future Campaign, $200K to Sage Hill School and $58K to Segerstrom Center for the Arts. Also gave $500K to the Merage Institute Business Executive Leadership Program to promote innovation to spur new opportunities in fields like cybersecurity and medical devices.
QUOTABLE: “You don’t build great companies without people. And you don’t build great people without education. The Merage School has become a place where ideas flourish, where future CEOs are nurtured, and where innovation isn’t just a buzzword—it’s a mindset.”
