Charles Coristine, seeking a new direction, decided to buy a failing snack company and successfully turned it into a business that now makes over $1 million annually.
Previously, Charles thrived at Morgan Stanley, enjoying the fast-paced finance world and trading in Tokyo and London markets at odd hours.
However, after almost 20 years on Wall Street, he faced burnout. Despite efforts to find relief through a vegetarian diet, meditation, and an MBA program, none of these methods worked.
Charles’s chance meeting with the owner of the snack company, LesserEvil, at a barbecue led him to a surprising new venture, according to CNBC Make It.
Drawn to the company’s name and the chance for a fresh start, Charles decided to buy LesserEvil despite having no food industry experience.
In November 2011, he purchased the company for $250,000 from his savings, with an additional $100,000 to be paid later.
At the time, LesserEvil was struggling, making less than $1 million in annual revenue and close to collapse.
Charles’s decision, made quickly and without much research, was a high-risk move that would soon shape his future.
Under his leadership, LesserEvil, a Danbury, Connecticut-based company, has seen impressive growth.
Since acquiring the struggling company in 2011, Charles has successfully revitalized it.
As CEO and president, he expanded the company’s reach to major retailers and local stores nationwide.
By 2023, LesserEvil’s annual gross sales had risen to $103.3 million, with net sales at $82.9 million.
The snack company has been profitable since 2021 and reported a notable EBITDA of $14.4 million last year.
“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 realized that the probability of success was pretty low.”
Charles began his entrepreneurial journey while finishing his MBA at Cornell University and working at TD Bank.
After graduating in 2012, he committed fully to LesserEvil as CEO. He brought in his graduate school friend, Andrew Strife, as COO and CFO and hired his wakeboard instructor as head of marketing.
From their office in Wilton, Connecticut, the small team worked to update LesserEvil’s branding and start their own production line, as the old branding had not attracted customers and outsourcing production was too expensive.
Charles’s savings dwindled, so the LesserEvil team turned to friends and family for financial help. It secured additional funding through a bank contact that Charles arranged.
In 2012, they moved to a 5,000-square-foot factory in Danbury, equipping it with used auction equipment and modifying it with local welders.
The factory, painted black with a bright yellow “LesserEvil” logo, had an unusual appearance that drew curious onlookers, some of whom confused it for a strip club.
“Everything was scrappy and needed to be reinvented as we went along,” says Strife.
LesserEvil’s growth led to an important expansion in 2014. When a neighboring carpet factory moved out, the company took advantage of the opportunity by knocking down a wall to add 2,000 square feet of space.
This expansion enabled the installation of a new production line. That same year, Charles’s nutritionist recommended using coconut oil to pop the popcorn.
Although initially doubtful about the oil’s shelf life, he rigorously tested it by leaving a sample on top of a hot fridge for three months.
After successfully passing the shelf-life test, coconut oil was added to LesserEvil’s popcorn, creating a surprisingly buttery flavor.
The revamped product, launched in 2014 as “Buddha Bowl,” also introduced a new laughing Buddha logo.
This innovative product quickly gained traction, generating around $2 million in revenue that year, significantly boosting LesserEvil’s overall sales.
2015, the snack company marked a key milestone by partnering with Kroger, its first major retailer. This achievement prompted a move to a larger 20,000-square-foot factory in 2017.
The next year, LesserEvil received about $3 million in external funding from InvestEco, a firm focused on sustainable food investments.
The funds were used to expand production and update packaging, introducing unique “gurus” inspired by historical figures.
These improvements contributed to the company’s profitability and allowed Coristine to start drawing a salary in 2018.
LesserEvil stands out using unique ingredients like extra-virgin coconut and avocado oil. While this strategy has largely succeeded, it has also faced some problems.
For example, a June Consumer Reports investigation found high lead levels in two of its Lil’ Puffs snacks.
The company responded by apologizing and plans to relaunch the product later this year without the problematic cassava flour.
Despite this setback, LesserEvil earned $62 million in net sales in the first half of 2024. A $19 million funding round led by Aria Growth Partners allowed the company to buy out previous investors and open a new factory in New Milford.
With 280 employees, LesserEvil is now focused on growth and new product development. Charles’s long-term goal is to build a lasting brand, while he also aims to enjoy a more balanced lifestyle than his previous Wall Street career.
“It feels joyous, so it doesn’t feel like work,” says Charles.
Watch below to see Charles Coristine’s story of how he revived a struggling snack company:
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