The University of California, Irvine's Graduate School of Management has received $30 million from philanthropist and entrepreneur Paul Merage, the largest single gift ever received by the university.

The gift will support the creation of endowed chairs to facilitate the school's ongoing recruitment of top faculty, provide fellowships to support the recruitment and retention of top graduate students, and initiate innovative research centered around business growth. In recognition, the school will be renamed the Paul Merage School of Business.

"What is important to me is that the gift is really targeted toward permanent intellectual capital for the school," said Merage, who is the principal founder of Chef America and the creator of Belgian Chef and Hot Pockets food brands. "Improving the intellectual capital of the school will make a big difference and permit the school to build on its already extraordinary record."

Merage is also a member of the UCI Foundation and serves on the management school's board of directors. In 2002, he sold his company to Nestle in order to focus on his philanthropic endeavors, which include the Merage Institute Fellows Program, dedicated to expanding education and career opportunities for immigrants.