DANBURY – The LesserEvil organic snack empire on the city’s industrial east end will keep popping along as a Danbury story — much as it has for the past decade — if regulators approve Hershey’s reported $750 million acquisition of the popcorn company, its CEO says.
That's at least for the foreseeable future.
“We were not interested in (a deal with) anyone who was not going to keep the business here, who wasn’t interested in what we were interested in, so we ended up with a commitment … that we’re going to leave the business here in Danbury. That was a non-negotiable,” said Charles Coristine, the New Canaan CEO of LesserEvil, during a tour of the company’s Eagle Road headquarters. “We are a very successful and viable company right here in Danbury. It doesn’t need to change.”
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Yes, but isn’t change what happens when a multinational Fortune 500 conglomerate such as Hershey invests a reported $750 million to buy out the company?
“I am going to continue to run the company for the next two-and-a-half years at least,” said Coristine, who has five plants in Danbury and one in New Milford and who recently leased a 300,000-square-foot warehouse just over the border in Southeast, N.Y.
“The fact that I just signed that lease in the last six months shows that we are not going anywhere for at least five to 10 years; that’s a monster lease to get out of (that) someone would have to eat,” Coristine told Hearst Connecticut Media Group. “(Hershey) is excited that we have vertical integration – there’s not a lot of popcorn companies that do. It gives us a strategic advantage because we have better margins.”
Vertical integration is when a company takes control of its own production steps to reduce costs and boost profit margins. LesserEvil pops its own corn in Danbury – about 5,000 pounds per hour, for example.
“We’re growing like crazy,” the CEO said.
Although LesserEvil and Hershey have not shared acquisition terms while regulators review the sale that is expected to close late this year, Coristine told HCMG that the deal includes incentives for him to meet performance goals during his two-and-a-half-year contract.
“I negotiated some … freedom,” Coristine said. “I can see myself playing a senior role at Hershey for awhile. We’ll see how it all plays out.”
Danbury Mayor Roberto Alves said the Hershey deal is in the city’s best interests, because the deal is in LesserEvil’s best interests.
More than 300 people work in LesserEvil's warehouses, production facilities and front office.
“He’s done everything he can do to find a partner that also believes in (LesserEvil’s) values,” Alves said. “He found somebody who is committed to being here in the near future.”
A Danbury story
It wasn’t long ago that Coristine was so burned out as a middle-age Wall Street trader living in Westchester County, N.Y., that he said he felt as though he had lost himself.
“I had to re-find myself. And I re-found myself right here in Danbury,” Coristine said. “I needed a rebirth, and Danbury is where that came.”
Coristine bought a struggling healthy snack startup for $250,000 in 2011 and moved it to Danbury the following year, popping his first kernel in the basement of a Finance Drive building.
Something about being in Danbury made the difference, he said. And Coristine became part of the Danbury story.
“In the factory and the warehouse, I am very close with pretty much everyone who works here, and the thing I am most proud of is the people from the factory who are now working in the front office,” Coristine said. “A lot of these people didn’t speak English … but they came to work for me in the factory with a really good attitude.”
Alves agreed.
“If you walk through the (LesserEvil) factory and the warehouse here, you see that Danbury story of people chasing a better life,” Alves said.
“Our quality is a testament to the fact that these workers care so much,” Coristine said.
“When I am pitching Danbury and people ask me what our differentiator is, I tell them it’s our people,” Alves said.
“Yeah, it’s completely true,” Coristine said. “I believe that 100%.”
What should workers expect in Danbury and nearby New Milford should federal regulators allow the nation’s second-largest candy company to buy LesserEvil?
Growth, the CEO said.
“My employees all own equity in the company,” Coristine said.
In addition to opening the 300,000-square-foot warehouse in as soon as a month, Coristine has plans to lease another 30,000-square-foot production facility in the same corporate park as his headquarters within the next year.
And after his two-and-a-half years are up, what's next for the father of two teenagers – the oldest of whom was in the headlines in February as a member of Elon Musk’s DOGE team?
Coristine said he couldn’t comment about his son’s federal role. But the CEO said he has been thinking about his own next chapter, including an interest in teaching entrepreneurship in high school.
“I’m 53, so in two-and-a-half years I’m going to be 55. Literally, I haven’t stopped working for the last 13 years,” Coristine said. “I’d like to take some time off. Maybe travel in Europe or something.”