Former Morgan Stanley trader Charles Coristine bought LesserEvil Snacks in 201. He had no experience in the food industry, by the way. At the time, the company was losing money, and sales were flatlining. Nevertheless, the CEO used a fresh perspective to turn the brand into an unexpected success story.
And just as surprising as the business’s boom is where it all began…
Charles Coristine Bought LesserEvil at a… Barbeque?
As we mentioned before, Coristine was a trader on Wall Street before he was a snack food mogul. But in 2011, he left the stock market for good after experiencing massive burnout. Further, he was looking for an opportunity aligned with his new, healthy lifestyle.
HE JUST DIDN’T KNOW THAT BUSINESS VENTURE WOULD FIND HIM AT A FRIEND’S COOKOUT!
LesserEvil manufactures popcorn and other veggie snacks made with more nutritious ingredients — like avocado and coconut oil. This among other factors piqued Charles’s interest when the former owner approached him about selling it.
Charles Coristine ended up buying the company for $250,000 despite no insights or connections in the industry. In a recent interview with CNBC, he reflected on his early days with LesserEvil.
“I DIDN’T KNOW ANYONE IN FOOD … TO ASK WHETHER I WAS CRAZY OR NOT, BUT THAT’S PROBABLY GOOD. IF I HAD DONE A LOT OF RESEARCH AND LOOKED INTO IT, I WOULD HAVE REALIZED THAT THE PROBABILITY OF SUCCESS WAS PRETTY LOW.”
Not knowing the odds have worked out in this CEO’s favor. In fact, being new to the snack biz made it easier for him to discover where the brand had gone wrong…
Rebuilding (And Rebranding) LesserEvil from the Ground Up
Upon taking ownership and presidency of LesserEvil, Charles Coristine saw two factors that negatively impacted the business.
POOR MARKETING AND MANUFACTURING PROCEDURES.
The first thing that needed to be addressed was the company’s 1960s-style branding…
Their outdated angel and devil logo was changed to a happy Buddha character named Homer. Additionally, the marketing team began aggressive campaigns on social media.
Adjusting to the new branding landscape got the attention — and dollars — of new customers.
The next problem that Coristine tackled was how they manufactured LesserEvil snacks. When he purchased the company, it used a “co-packer.”
In short, a third party produced and packaged its offerings instead of LesserEvil owning and operating its own facility. This practice cost them 20% of their profits right out of the gate!
Needless to say, moving away from this practice aided the ailing company in getting back on its feet. Still, it wasn’t until 2015 that they would start making progress to their current success…
The Popcorn Brand’s “Big Break”
In 2015, LesserEvil was introduced into Kroger stores nationwide. From there, there was a domino effect…
The company has grown to 280 employees…
Earned $103.3 million in sales in 2023…
And, it is on track to earn $164 million in 2024.
At the end of the day, Charles Coristine took a major risk and had no blueprint to save this floundering health food brand. But he had determination, business acumen, and was aligned with his purpose.
And that’s all you need to be great.
— GCTV Staff
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