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Charles Coristine once thrived in the fast-paced world of Morgan Stanley, finding energy in trading across global markets, even at odd hours. However, after nearly twenty years in finance, he faced burnout in 2011. Despite experimenting with different remedies—such as adopting a vegetarian diet, meditating, and pursuing an MBA—none proved effective in alleviating his stress.
During a casual gathering, he met the owner of a struggling snack company, LesserEvil. Though he had no prior experience in the food industry, the prospect of embarking on a new venture intrigued him, particularly because the company’s name resonated with his desire for a healthier, more mindful lifestyle.
In November 2011, Coristine made the bold decision to purchase LesserEvil for $250,000 from his own savings, along with a future payment of $100,000. The move was risky; at the time, the company was not only unprofitable but also generating less than $1 million in annual revenue. Reflecting on his decision, Coristine admits that a lack of research kept him from understanding the low likelihood of success.
Despite initial challenges, the brand experienced remarkable growth under his leadership. LesserEvil’s popcorn and snack products began to appear in major retailers and local stores throughout the United States. By 2023, the company boasted impressive figures—$103.3 million in annual gross sales, with $82.9 million in net sales and $14.4 million in earnings before interest, taxes, depreciation, and amortization (EBITDA).
On April 3, The Hershey Company announced its acquisition of LesserEvil for a reported $750 million, with potential for further earnings based on performance metrics, as reported by the Wall Street Journal. Coristine will continue to serve as CEO in the new structure.
Here’s a closer look at how Coristine is transforming LesserEvil into a recognized brand.
A ‘scrappy’ reinvention
When he acquired LesserEvil, Coristine was simultaneously working at TD Bank while pursuing his MBA at Cornell. He completed his degree in 2012, at which point he took on the role of full-time CEO. One of his first initiatives included bringing in a fellow MBA classmate, Andrew Strife, as COO and CFO, along with his wakeboard instructor as the head of marketing.
This small team, which also included the accountant from the previous administration, operated out of an office in Wilton, Connecticut, to overhaul LesserEvil’s branding and establish a production line. The outdated branding was not appealing to consumers, and the previous setup meant they were losing about 20% of revenue to co-packers who managed production and shipping.
Having exhausted most of his savings, Coristine and his team sought financial support from friends and family while securing additional funding through a contact at a bank. They relocated to a 5,000-square-foot factory in Danbury and outfitted it with second-hand equipment purchased at auctions.
They built relationships with local welders to modify the machinery, eventually painting the factory’s exterior black and prominently displaying the “LesserEvil” logo. As Coristine recalls, curious drivers often stopped to inquire about the unusual look of the building, with some jokingly asking if it was a strip club.
“Every aspect felt makeshift and we had to innovate continually,” Strife noted about their process.
New branding and an unconventional ingredient
In 2014, when a neighboring carpet factory vacated, LesserEvil expanded its workspace by knocking down the wall and adding 2,000 square feet to its facility. Coristine’s personal nutritionist recommended incorporating coconut oil into the popcorn, which he initially doubted would remain fresh in packaging. To test this, he left it on top of a refrigerator under hot conditions for three months, finding it maintained its quality.
The positive outcome led to the introduction of the reformulated product, dubbed the Buddha Bowl, accompanied by a new logo. This product garnered around $2 million in sales during its inaugural year, accounting for one-third of LesserEvil’s revenue.
In 2015, Kroger became the first major retailer to carry LesserEvil products, providing a crucial boost. This partnership paved the way for another move in 2017 to a 20,000-square-foot facility, as noted by Strife.
The following year, the company received its first infusion of outside capital, approximately $3 million, from sustainable investment firm InvestEco. The funding enabled further expansion of production lines and a refresh of the company’s packaging, with each product now featuring its unique “guru” character, ranging from the ancient Greek poet Homer to the philosopher Henry David Thoreau.
The rebranding and new offerings helped propel the company into profitability, allowing Coristine to begin paying himself a salary from the business.
‘It doesn’t feel like work’
LesserEvil has consistently aimed to set itself apart in the snack industry through the use of unusual ingredients, such as extra-virgin coconut oil and avocado oil. However, opting for unconventional ingredients has its risks; for instance, a recent Consumer Reports investigation found high lead levels in some of LesserEvil’s cassava-based snacks for children. In response, the company apologized and has since reformulated those snacks using sorghum flour instead of cassava flour.
Despite this setback, LesserEvil recorded $62 million in net sales in the first half of 2024. The company pursued an additional $19 million in funding from investment firm Aria Growth Partners, which was allocated towards repurchasing prior investors’ stakes and establishing a new factory in New Milford, about 15 miles from the original Danbury location.
With its two factories, LesserEvil is now able to pop an impressive 5,000 pounds of popcorn per hour, reflecting substantial operational growth.
Currently employing 350 staff, LesserEvil’s trajectory remains upward. Before the Hershey acquisition, Coristine’s immediate objectives included expanding the brand further and launching new products. In the long run, he aspires for LesserEvil to develop into a long-lasting brand.
Coristine acknowledges that his new venture has addressed personal challenges as well; he now works regular hours—from approximately 7:45 a.m. to 4:30 p.m.—and finds greater happiness outside the high-pressure environment of Wall Street.
“It’s fulfilling, and it truly doesn’t feel like work,” Coristine reflects on his current role.
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