A former Wall Street trader, Charles Coristine, revitalised the struggling snack company LesserEvil after acquiring it for $250,000. Did the company experience significant growth under his leadership? Let’s explore.
Coristine, a former Morgan Stanley employee, once thrived in the fast-paced world of Wall Street. The adrenaline rush of trading in Tokyo and London markets, even in the wee hours of the morning, was a thrill he loved.
After nearly two decades of intense work on Wall Street, Coristine experienced burnout in 2011. He sought relief through various methods, including adopting a vegetarian diet, meditation, and pursuing an MBA. Unfortunately, none of these approaches proved effective.
While attending a barbecue, Coristine met the owner of LesserEvil, a struggling snack company, who expressed interest in selling the business. Despite having no background in the food industry, Coristine was drawn to the idea of a fresh start and found the company’s name, LesserEvil, to be serendipitous, aligning with his vision of a healthy, mindful lifestyle.
As documented by CNBC Make It, in November 2011, Coristine made an impulsive and ill-researched decision to purchase LesserEvil for $250,000 from his savings, with an additional $100,000 due later.
At the time, LesserEvil, a company focused on providing healthier popcorn and snack options, struggled financially, generating less than $1 million in annual revenue and incurring losses. Under Coristine’s leadership as CEO and president, the Danbury, Connecticut-based company LesserEvil has experienced substantial growth.
Annual gross sales have increased significantly to $103.3 million in 2023, including $82.9 million in net sales. This growth has been fueled by the successful distribution of LesserEvil products to major retailers and corner stores nationwide.
According to company estimates, LesserEvil, which offers a diverse range of popcorn and air-popped Cheetos-like puffs and curls, has achieved profitability since 2021. The previous year, the company generated $14.4 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA).
“I didn’t know anyone in food … to ask whether I was crazy or not, but that’s probably good,” says Coristine, 52. “If I had done a lot of research and looked into it, I would have realised that the probability of success was pretty low.” LesserEvil, under Coristine’s leadership, is rapidly becoming a household name.
A Scrappy Start
When Coristine acquired LesserEvil, he was simultaneously working at TD Bank and pursuing an MBA at Cornell University Graduate School. In 2012, after earning his MBA, he entirely dedicated himself to his new role as CEO of LesserEvil.
Coristine’s early leadership decisions included hiring his graduate school friend, Andrew Strife, as COO and CFO and tapping his wakeboard instructor to head the marketing department.
Working alongside the previous regime’s accountant, the small Wilton, Connecticut team focused on revitalising LesserEvil’s branding and establishing their own production line. The outdated branding had failed to attract customers, and the company incurs high costs, approximately 20 percent of each sale, to outsource production and shipping to co-packers.
With Coristine’s savings depleted, the team turned to friends and family for an undisclosed amount of funding. Additionally, leveraging Coristine’s connections, they secured additional financing from a bank. In 2012, the team relocated to a 5,000-square-foot factory in Danbury, equipped with used equipment acquired at auctions.
To modify the machinery, the team forged relationships with local welders who could install wheels and popcorn shoots. Strife recalls that the team personally painted the factory exterior black and added a prominent yellow “LesserEvil” logo.
As Coristine remembers, the factory’s unconventional appearance attracted curious passersby, with drivers occasionally stopping to inquire if it was a strip club. “Everything was scrappy and needed to be reinvented as we went along,” says Strife.
A Healthier Twist
In 2014, LesserEvil expanded its operations by acquiring 2,000 square feet of space from a relocated neighbouring carpet factory. During this time, Coristine’s nutritionist suggested incorporating coconut oil into the popcorn-popping process.
Initially sceptical about the oil’s freshness in a snack bag, Coristine conducted a rigorous shelf test, leaving the coconut oil on top of a hot fridge for three months. The oil retained its freshness and imparted a surprisingly buttery flavour. Encouraged by these results, LesserEvil launched a reformulated product featuring a new laughing Buddha logo in 2014, introducing the Buddha Bowl.
This innovative product generated approximately $2 million in revenue that year, contributing to a significant portion of LesserEvil’s overall sales. Kroger, a major grocery retailer, began stocking LesserEvil products in 2015. This partnership was crucial in funding LesserEvil’s expansion to a 20,000-square-foot factory in 2017.
In 2018, LesserEvil secured its first external funding of approximately $3 million from InvestEco, a firm specialising in sustainable food and agriculture investments. These funds were utilised to enhance production capabilities at the new factory and implement another packaging update.
Each product now features a unique “guru,” drawing inspiration from figures like the ancient Greek poet Homer and Henry David Thoreau. The rebranding efforts and introduction of new products contributed to LesserEvil’s profitability. As a result, Coristine began receiving a salary from the company that year.
Expanding Horizons
According to Coristine, LesserEvil’s distinctive approach has been to differentiate itself from competitors by utilising non-standard ingredients, such as extra-virgin coconut oil and avocado oil.
LesserEvil has encountered challenges due to the use of atypical ingredients. A June Consumer Reports investigation revealed “concerning amounts of lead” in two of its Lil’ Puffs snacks designed for children. In response, the company apologised and announced plans to relaunch the puffs, which were reformulated to eliminate the cassava flour previously found to contain lead.
Despite this setback, LesserEvil continued to generate significant revenue, with net sales reaching $62 million during the first half of 2024. The company secured additional funding of $19 million, led by Aria Growth Partners, to acquire shares from previous investors and establish a new factory in New Milford, approximately 15 miles away from its existing Danbury facility.
LesserEvil currently employs 280 individuals. Coristine’s immediate objectives include continued growth and the introduction of new products. For the long term, he aspires for LesserEvil to become an enduring brand. Coristine acknowledges that LesserEvil has helped him address a personal challenge.
By transitioning away from Wall Street’s demanding hours, he works from approximately 7:45 AM to 4:30 PM and experiences greater happiness. Coristine describes this newfound work-life balance as “joyous,” emphasising that it doesn’t feel like a job.
Coristine’s journey proves that one can overcome obstacles and achieve significant goals with hard work, dedication, and strategic thinking. For example, Kevin Ford, a Burger King employee who received a meagre gift bag after 27 years of service, demonstrated exceptional resilience by starting his food truck.
This entrepreneurial venture enabled him to purchase an 846-square-foot, three-bedroom, two-bath house in Pahrump, Nevada, on December 13, 2023, for $177,000.
