^{Source: Hartford Business Journal}

Charles Coristine, once an executive at Morgan Stanley, thrived in the fast-paced world of Wall Street. His days were filled with managing trades in Tokyo and London stock markets, even waking up in the middle of the night to stay on top of market shifts. Yet, after almost two decades, the relentless grind led to burnout, and he knew he needed a change.

The Bold Decision to Invest in a Failing Snack Brand

In 2011, after trying everything from diet changes to meditation in a bid to feel more energized, Coristine’s path took an unexpected turn. At a casual barbecue, he met the owner of LesserEvil, a struggling snack company that had been flatlining for some time. With no experience in the food industry, Coristine was intrigued by the potential for a fresh start and the brand's alignment with a health-conscious lifestyle. The name "LesserEvil" resonated with him, symbolizing mindfulness and wellness—a stark contrast to his past life.

That year, Coristine took a major leap, purchasing LesserEvil for $250,000 from his personal savings, along with a future payment of $100,000. Despite the lack of research or industry connections, Coristine was determined. LesserEvil was not just struggling; it was bringing in under $1 million in annual revenue and losing money.

“I didn’t know anyone in food to ask whether I was crazy or not, but that’s probably for the best,” Coristine says. “Had I researched it, I would have seen the odds stacked against me.”

Scrappy Beginnings and Smart Moves

Coristine’s transition from the corporate world to the snack industry wasn’t smooth, but his resilience paid off. By 2012, Coristine had earned his MBA from Cornell University and was fully committed to his new role as CEO of LesserEvil. One of his first steps was to revamp the company's branding, which had been outdated and ineffective. He brought in his MBA friend, Andrew Strife, as COO and CFO, and hired his wakeboard instructor to head marketing. With limited funds, the team moved into a modest 5,000-square-foot factory in Danbury, Connecticut, purchasing used equipment from auctions.

“We made friends with welders who helped us modify equipment,” recalls Strife. “Everything was DIY, but we were willing to hustle.”

This scrappy, hands-on approach was essential to rebuilding the brand. Despite Coristine’s dwindling savings, the team raised funds from friends and family and secured a bank loan through Coristine’s network. In the factory, the team personally painted the walls and put up a bold “LesserEvil” logo, even fielding confused questions from passersby, wondering if the building was a strip club.

Innovation and the Breakthrough Product

In 2014, when LesserEvil expanded its factory space by 2,000 square feet, Coristine made an important discovery that would change the company’s trajectory: his personal nutritionist suggested using coconut oil for popping popcorn. Skeptical of its long-term freshness, Coristine conducted a shelf-test by leaving coconut oil on top of a fridge for three months. When it stayed fresh, he was convinced. The company then launched its flagship product, the Buddha Bowl, featuring coconut oil and a new logo featuring a laughing Buddha.

This change not only enhanced the product’s flavor, but it also paid off financially. In 2014, Buddha Bowl generated around $2 million in sales, contributing significantly to the company’s annual revenue. By 2015, Kroger became the first major retailer to carry LesserEvil’s products, leading to even more growth.

Expanding Operations and Securing Investment

By 2017, LesserEvil was growing at an impressive rate, and Coristine expanded operations into a larger, 20,000-square-foot factory. Later that year, the company secured its first round of outside funding, amounting to $3 million from InvestEco, a sustainable food and agriculture investment firm. This capital allowed the team to expand production lines, improve packaging, and diversify their product offerings, including adding "guru" icons like Homer and Thoreau to product labels.

This rebrand and expanded product line helped drive profitability, and in 2018, Coristine began drawing a salary from the company.

Overcoming Challenges and Maintaining Integrity

However, the journey wasn’t without its hurdles. A 2024 investigation by Consumer Reports raised concerns about lead levels in one of LesserEvil’s kids' snacks. The company responded quickly, issuing an apology and reformulating the product with a safer ingredient. Despite this setback, LesserEvil's sales remained strong, pulling in $62 million in net sales in the first half of 2024 alone.

Additionally, LesserEvil continued to innovate with products like the Lil’ Puffs, made with alternative ingredients like avocado oil and coconut oil, setting the brand apart from its competitors in the snack market.

The Hershey Acquisition: A Sweet Success

On April 3, 2024, the Hershey Company announced its acquisition of LesserEvil in a deal reportedly worth $750 million. This acquisition could include even more value based on future performance milestones, with Coristine remaining as CEO. The sale marks the pinnacle of a journey that began with a $250,000 investment in a failing business and ended with LesserEvil becoming a major player in the health-conscious snack industry.

In 2024, LesserEvil operates out of two factories and employs 350 people, popping over 5,000 pounds of popcorn per hour. With plans to continue innovating and expanding its product line, the company is poised for even more growth under Hershey's leadership.

Final Thoughts: Turning a Risk into a Reward

Charles Coristine's transformation from a weary Wall Street banker to the CEO of a thriving snack company shows how taking risks—along with the right blend of innovation, resilience, and marketing—can turn even the most unlikely opportunities into massive success stories. LesserEvil’s rise to $103.3 million in gross sales by 2023, followed by its $750 million acquisition, is proof that the journey from failure to success can be both risky and rewarding.

As Coristine reflects on his journey, he says, “It doesn’t feel like work—it's a passion.”

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