Few business comebacks are as incredible as 52-year-old entrepreneur Charles Coristine’s. He took a stumbling beverage firm and turned it into one of the hottest quick-service brands—which culminated in a $750 million acquisition agreement with The Hershey Company. Coristine acquired LesserEvil for cash of $250,000 plus an additional payment of $100,000 cash due in November 2011. When acquired by LesserEvil, the company was in deep financial trouble. On top of that, they were making under $1 million in annual revenue and losing money.
To turn the company around, Coristine recruited his friend from graduate school, Andrew Strife. Now Andrew is the Chief Operating Officer and Chief Financial Officer all at once. On top of that, he hired his wakeboard teacher to run marketing operations. This unconventional team created the blueprint for a new paradigm of stakeholder-driven business.
In 2012, LesserEvil moved into a larger 5,000-square-foot factory in Danbury, Connecticut, retrofitting that space with used machinery purchased through factory closings’ auctions. The company’s operations remained modest but scrappy.
“Everything was scrappy and needed to be reinvented as we went along.” – Andrew Strife
In 2014, the company added 2,000 square feet to its Danbury facility. Additionally, they recently opened a new production line, ramping up operations. Our rapid expansion allowed us to increase revenue to almost $2 million in the first full year. That increase accounted for a companywide 2020 annual profit of a full third.
That breakthrough moment came in 2015 when Kroger started carrying LesserEvil’s products. This partnership was a huge source of exposure, but it kickstarted a cycle of more momentum and growth. By 2017, LesserEvil had outgrown its original facility and moved into a new 20,000-square-foot manufacturing facility. This transition was recently enabled by an influx of $19 million in funding, spearheaded by investment firm Aria Growth Partners.
That kind of financial backing enabled LesserEvil to buy out earlier investors, as well as build a new production plant in New Milford. Fast forward to 2023, the company had a phenomenal growth year, projecting $103.3 million in annual gross sales. This was bolstered by $82.883 million in net sales and $14.372 million in EBITDA (earnings before interest, taxes, depreciation and amortization).
In April 2023, The Hershey Company announced its plan to purchase LesserEvil for $750 million. The agreement provides for supplementary payments based on achievement of performance milestones by the company.
These days, LesserEvil is running on a much larger scale. They pop two factories that pop 5,000 pounds of popcorn per hour and have about 350 people on the payroll.
Looking back on his path with LesserEvil, Coristine said he felt happy, but shocked.
“It feels joyous, so it doesn’t feel like work.” – Charles Coristine
Most importantly, he remembered the obstacles he faced along his trip. He conceded that, had he done more comprehensive outreach prior to, he would have reconsidered his route.
“If I had done a lot of research and looked into it, I would have realized that the probability of success was pretty low.” – Charles Coristine
LesserEvil is dedicated to creating health-conscious products by employing out-of-the-box marketing strategies. As a result, it’s created an incredible niche in the cut-throat snack world. Its mission to provide the highest quality ingredients has struck a chord with consumers who are seeking healthier options.
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