LesserEvil Acquisition, Valuation, Funding & Investors

LesserEvil was acquired by Hershey for $969M in April 2025, a 4.0x multiple on $242M of revenue.

LesserEvil acquisition price

$969M

Acquired by Hershey · Apr 2025

LesserEvil revenue at acquisition

$242M

Last twelve months · Apr 2025

LesserEvil revenue multiple at acquisition

4.0x

EV/Revenue · Apr 2025

Cumulative funding LesserEvil raised

$14M

across 2 funding rounds

LesserEvil Overview

About LesserEvil

LesserEvil is a Danbury, Connecticut-based snack manufacturer producing organic popcorn, puffs, and grain-free products using coconut or avocado oils. The company distributes through retail channels and its online store to health-conscious consumers in the United States and Canada.


Founded

2004

HQ

United StatesDanbury, CT

Status

Acquired

Customer focus

B2B & B2C

Revenue model

Product sales

Revenue

$242M (Apr 2025)

Valuation

$969M (acquired Apr 2025)

LesserEvil Acquisition

LesserEvil was acquired by Hershey for $969M on 3 April 2025.

The acquisition price implies a 4.0x revenue multiple on $242M of revenue.

Before the acquisition LesserEvil had raised $14M across 2 funding rounds.

LesserEvil produces organic snacks including popcorn, puffs, and rings made with better-for-you ingredients like extra-virgin coconut oil, avocado oil, and unrefined oils, emphasizing bold flavors, non-GMO, and clean labels to promote mindful snacking. The Hershey Company, known for confectionery brands like Hershey's, Reese's, and Jolly Ranchers, as well as salty snacks such as SkinnyPop, Pirate's Booty, and Dot's Homestyle Pretzels, completed its acquisition of LesserEvil on November 19, 2025. The deal, initially announced in April 2025 and reportedly valued at approximately $750 million per The Wall Street Journal, adds a high-growth organic brand to Hershey's portfolio, providing additional manufacturing capacity, broader distribution, and stronger supplier networks to address production scalability issues in the better-for-you segment. Hershey's strategic rationale focuses on expanding its fast-growing salty snacks division, which grew 1.5 times faster in 2024 than the prior three years, by incorporating LesserEvil's innovative commercial model, speed-to-market, and credible organic positioning to target new consumers, occasions, and retailers while competing in the rising demand for health-conscious snacks. LesserEvil's 14-year-old leadership team, led by CEO Charles Cortistine, remains intact to maintain its culture, high-quality organic recipes, and operations, with Hershey prioritizing continued production and integration for category-leading growth. Hershey executives, including salty snacks president Veronica Villasenor and CEO Kirk Tanner, highlighted the fit in building a comprehensive snacking portfolio from indulgent treats to better-for-you options amid evolving consumer preferences.

LesserEvil acquisition details
AcquirerDateTypePriceEV/Revenue
3 Apr 2025Strategic M&A$969M4.0x

LesserEvil Funding History

LesserEvil has raised a total of $14M across 2 funding rounds.

LesserEvil's first fundraising round was a $2M seed round in November 2018. The most recent completed round was a $13M Series A in October 2021.

LesserEvil funding rounds

LesserEvil funding rounds
DateStageInvestorsRaised
Oct 2021Series A-$13M
Nov 2018SeedInvesteco Capital$2M

Who has invested in LesserEvil?

1 investor has backed LesserEvil across its funding rounds, including Investeco Capital.


LesserEvil Investors

Investors in LesserEvil by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by LesserEvil

LesserEvil has acquired 1 company to date.

Last acquisition by LesserEvil was on April 13th 2022. LesserEvil acquired R.e.d.d. for undisclosed valuation.


Latest Acquisitions by LesserEvil

R.e.d.d.
Description
R.E.D.D. is a producer of plant-based nutrition bars targeting low-sugar snacks with functional ingredients. The brand offers 80-calorie boost bars and full-sized protein options infused with probiotics, adaptogens like ashwagandha, and superfoods such as chia seeds, available in retail channels across the US.
HQ CountryUnited States
HQ City
Portland, OR
Deal Date13 Apr 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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LesserEvil Competitors

LesserEvil competitors include listed companies like Grupo Herdez, Armada Gida, AGT Food and Ingredients and Toly Bread, and private ones like JDB Group and Califia Farms.

Public and private companies comparable to LesserEvil
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Grupo HerdezMexicoMexicoPublicly listed$2.2B$440M$973M0.9x
Armada GidaTurkeyTurkeyPublicly listed$250M$26M$960M-
JDB GroupChinaBeijingPrivate$940M-$948M1.0x
AGT Food and IngredientsCanadaCanadaPublicly listed$59M$56M$994M0.5x
Toly BreadChinaChinaPublicly listed$812M$123M$997M1.4x
Califia FarmsUnited StatesBakersfield, CAPrivate--$1B-

LesserEvil Public Comps

LesserEvil is no longer listed, but its public comps include Grupo Herdez, Armada Gida, AGT Food and Ingredients, Toly Bread, Scandi Standard, Cobram Estate Olives, Leche Gloria, NewPrinces, AG Barr and Simply Good Foods.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Grupo Herdez$2.2B$440M0.7x0.9x3.6x5.8x
Armada Gida$250M$26M4.3x-41.7x-
AGT Food and Ingredients$59M$56M18.1x0.5x18.9x7.5x
Toly Bread$812M$123M1.4x1.4x9.4x9.2x
Scandi Standard$1.4B$103M0.9x0.8x12.3x10.3x
Cobram Estate Olives$191M$7M7.1x5.8x183.3x23.6x
Leche Gloria$1.4B$131M0.7x-6.9x-
NewPrinces$3.4B$660M0.1x0.0x0.4x0.6x

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Common questions about LesserEvil

When was LesserEvil founded?LesserEvil was founded in 2004.
Where is LesserEvil headquartered?LesserEvil is headquartered in Danbury, CT, United States.
Is LesserEvil publicly listed?No, LesserEvil was acquired by Hershey in April 2025.
Who acquired LesserEvil?LesserEvil was acquired by Hershey in April 2025.
How much was LesserEvil acquired for?LesserEvil was acquired for $969M in April 2025, a 4.0x revenue multiple.
How much funding has LesserEvil raised?LesserEvil has raised $14M across 2 funding rounds.
What was LesserEvil's last funding round?LesserEvil's last funding round was a $13M Series A in October 2021.
Who are LesserEvil's investors?LesserEvil's investors include Investeco Capital.
Which companies are comparable to LesserEvil?Companies comparable to LesserEvil include Grupo Herdez, Armada Gida, JDB Group, AGT Food and Ingredients, Toly Bread and Califia Farms.
How many companies has LesserEvil acquired?LesserEvil has acquired 1 company, including R.e.d.d..

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