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TL;DR
- Charles Coristine quit his Wall Street job, bought struggling snack company LesserEvil for $250,000 in 2011, and grew its annual gross sales to $103.3 million by 2023
- Coristine and his small team revamped LesserEvil’s branding, established in-house production, and introduced innovative products like coconut oil-popped Buddha Bowl popcorn
- Despite challenges, LesserEvil achieved profitability in 2021, secured funding rounds, expanded factories, and reached $62 million in net sales in the first half of 2024
- Coristine, now happier and working fewer hours, aims for continued growth and establishing LesserEvil as a long-lasting brand in the snack industry
Charles Coristine, a former Wall Street executive, has transformed LesserEvil, a struggling snack company he purchased in 2011, into a thriving business generating $103 million in annual gross sales. Coristine, who had no prior experience in the food industry, bought the company for $250,000 from his personal savings, despite LesserEvil losing money and bringing in less than $1 million in annual revenue at the time.
Under Coristine’s leadership as CEO and president, the Danbury, Connecticut-based company has experienced significant growth. In 2023, LesserEvil’s annual gross sales reached $103.3 million, including $82.9 million in net sales, and its products are now available in major retailers and corner stores across the United States. The company, which offers a variety of popcorns and air-popped snacks, has been profitable since 2021, reporting $14.4 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) last year.
After acquiring LesserEvil, Coristine, along with his small team, worked to update the company’s branding and establish an in-house production line. They moved into a 5,000-square-foot factory in Danbury in 2012, equipping it with second-hand machinery purchased at auctions. In 2014, LesserEvil expanded its operations by adding 2,000 square feet and a new production line.
A pivotal moment for the company came when Coristine’s nutritionist suggested using coconut oil to pop the popcorn. Despite initial skepticism, Coristine tested the oil’s shelf stability and launched the reformulated Buddha Bowl product in 2014, which accounted for a third of LesserEvil’s annual revenue that year.
LesserEvil’s products gained traction with major retailers, starting with Kroger in 2015. The company secured its first outside funding of approximately $3 million from InvestEco, a sustainable food and agriculture investment firm, in 2018. This investment allowed LesserEvil to enhance its production capabilities and refresh its packaging.
Despite a setback in June 2024, when a Consumer Reports investigation raised concerns about lead levels in two of LesserEvil’s snacks for children, the company still achieved $62 million in net sales during the first half of 2024. LesserEvil utilized a $19 million funding round led by Aria Growth Partners to buy out previous investors and establish a new factory in New Milford.
Currently, LesserEvil employs 280 individuals and operates two factories, popping 5,000 pounds of popcorn per hour. Coristine’s immediate goals include continued growth and product launches, while his long-term vision is for LesserEvil to become a lasting brand.
“It feels joyous, so it doesn’t feel like work,” Coristine said, noting that since leaving Wall Street, he now works from about 7:45 a.m. to 4:30 p.m. and feels happier in his new role.
News Source: CNBC
