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Mondelēz International said it will take a majority stake in Undercover Snacks, the maker of chocolate-covered quinoa crisps. The deal is expected to close in the first quarter of 2027; financial terms were not disclosed. Undercover will remain a standalone business within Mondelēz North America Ventures, with founder Diana Levy staying on as CEO.
Mondelēz International said Friday it will take a majority stake in Undercover Snacks, adding the maker of chocolate-covered quinoa crisps to its portfolio as the Oreo owner looks to expand its range of better-for-you snacks. The deal is expected to close in the first quarter of 2027; the companies did not disclose its financial terms.
Under the announced arrangement, Undercover will operate as a standalone business within Mondelēz North America Ventures. That unit includes other growth-focused brands such as Perfect Snacks, Tate’s Bake Shop and Hu Chocolate. Undercover founder Diana Levy will remain CEO, according to Mondelēz.
Mondelēz said the investment will give Undercover access to the larger company’s capabilities. Chief Executive Dirk Van de Put said Mondelēz could help with distribution, procurement, consumer insights and marketing. He described Undercover as a small but fast-growing business with room to expand its retail presence.
Undercover products are sold in more than 25,000 retail locations, according to the source report, and are also served to travelers on United Airlines. The brand says its products are certified gluten-free and made at a dedicated peanut-free and tree-nut-free facility in New Jersey. Those product and facility descriptions are company-reported; they do not establish that every product is free of all allergens.
A Larger Route to Snack Shoppers
The deal gives Mondelēz a way to add a brand positioned around better-for-you snacking and permissible indulgence without folding it into a major legacy label. The company sells well-known products including Oreo, Chips Ahoy!, Ritz and Triscuits; Undercover offers a different product profile based on quinoa crisps coated in chocolate or frosting.
For Undercover, Mondelēz’s retailer relationships and operating resources could support broader distribution and faster growth. For Mondelēz, the investment is a step toward reaching consumers seeking snacks they view as compatible with a more active lifestyle. That is the company’s stated strategic rationale, not a guarantee that the deal will increase sales or change consumer preferences.
The announcement also comes as Mondelēz reported third-quarter revenue of $9.97 billion, up 2.3% from a year earlier, according to the source report. Growth varied by region: Latin America rose 12%, North America increased 1.1%, and Europe declined 3.3%. The figures provide a snapshot of the company’s business, but the source does not say the Undercover deal is a response to any one region’s results.
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Undercover’s Standalone Origins
Levy founded Undercover in 2016 to create a snack option for two of her children, who had been diagnosed with celiac disease, according to the source report. The company markets its chocolate-covered and frosted quinoa crisps as snacks made with simple ingredients. Mondelēz has described the products as “healthy ingredients in disguise,” a characterization of the brand’s positioning rather than an independent nutritional assessment.
The acquisition fits into Mondelēz’s existing collection of brands beyond its best-known cookies and crackers. Undercover is slated to join North America Ventures alongside Perfect Snacks, Tate’s Bake Shop and Hu Chocolate. Mondelēz has said its scale and retailer connections can help extend the brand’s reach while it remains a standalone operation.
Undercover also says it uses Rainforest Alliance-certified cocoa and manufactures its products at a facility powered by solar energy. These details come from the company descriptions included in the source report; the acquisition announcement does not provide further independent verification or quantify the environmental impact.
Price and Deal Conditions
The companies have not disclosed the purchase price, precise ownership percentage or other financial terms. The announcement also does not detail any regulatory approvals or other conditions required before closing. Although the expected completion window is the first quarter of 2027, that timing could change.
It is not yet clear how quickly Mondelēz plans to expand Undercover’s distribution, whether the brand’s products or manufacturing will change, or how much additional investment it will make in the business. The source report does not provide sales figures, profitability data or a detailed growth target for Undercover.
The description “better-for-you” reflects how the companies position the products. The available material does not provide comparative nutrition information to show how Undercover snacks measure against specific alternatives.
Closing Expected in Early 2027
The next stated milestone is completion, which Mondelēz expects in the first quarter of 2027. Until then, the companies may provide further information about the deal’s terms or closing conditions; none was included in the announcement described in the source report.
After closing, Undercover is expected to remain a standalone business within North America Ventures, with Levy continuing as CEO. Readers can watch for updates on distribution, product development and whether Mondelēz’s retail and marketing support leads to wider availability.
Key Questions
What is Mondelēz acquiring?
Mondelēz plans to take a majority stake in Undercover Snacks, a company known for chocolate-covered and frosted quinoa crisps.
When is the deal expected to close?
The companies expect the transaction to close in the first quarter of 2027. That is the announced target, not a confirmed completion date.
Will Undercover remain a separate business?
Yes. Mondelēz said Undercover will operate as a standalone business within North America Ventures, and founder Diana Levy will remain CEO.
How much is Mondelēz paying?
The financial terms have not been disclosed. The announcement also did not specify the exact percentage stake.
What could Mondelēz bring to Undercover?
CEO Dirk Van de Put said Mondelēz could support Undercover with distribution, procurement, consumer insights and marketing. The companies have not announced specific expansion targets.
Source: fooddive.com
