Mondelēz Agrees to Acquire Majority Stake in Undercover Snacks

Mondelēz International has signed an agreement to acquire a majority stake in Undercover Snacks, the East Hanover, New Jersey-based maker of chocolate-covered and frosted quinoa crisps. Mondelēz first disclosed the agreement on October 29, 2026, in its third-quarter 2026 results release, and Undercover Snacks issued its own announcement the following day. Neither company disclosed a purchase price or other financial terms for the stake.

Undercover will operate as a standalone business within Mondelēz International’s North America Ventures business unit, alongside Perfect Snacks, Tate’s Bake Shop and Hu Chocolate, according to Undercover’s announcement. Diana Levy will continue to lead the company as chief executive officer, and Michael Levy will continue as president and chief operating officer, focusing on growth, strategy and operations. The two will retain a significant minority stake in Undercover, and both will serve on its board of directors.

Centerview Partners served as exclusive financial advisor to Undercover on the transaction, and Goodwin Procter LLP served as legal counsel, with the Goodwin team led by Ilan Nissan, Jonathan Scott and Jack Kelly.

Standalone Brand With National Distribution

Undercover was founded in 2016 after Diana Levy set out to create a better-for-you snack for her family following the diagnosis of two of her three teen-aged daughters with celiac disease. The company developed a snack of crispy quinoa lightly covered in premium chocolate, building what it describes as a promise of healthy ingredients in disguise, and it has since expanded the concept with new flavors and formats.

The company states that its products are sold in more than 25,000 retail locations, including Whole Foods Market, Target, Walmart, Kroger, CVS, Walgreens, Sprouts and Albertsons, as well as through Amazon and UndercoverSnacks.com, across grocery, mass, club, drug, foodservice and e-commerce channels. United Airlines (UAL ) has handed out over 175 million Undercover units since 2023 as one of its complimentary main-cabin snacks, the company said.

The company states that all Undercover products are non-GMO and certified gluten-free and are produced at its dedicated peanut-free, tree-nut-free facility in East Hanover, which is powered by solar energy and uses Rainforest Alliance-certified cocoa. Michael Levy, the company’s executive chairman and lead investor, said Undercover made significant investments in a state-of-the-art production facility and its own quinoa crisping operation.

Acquirer Rationale and Quarterly Context

“We are delighted to announce our recent agreement to acquire Undercover Snacks, a delicious, crunchy quinoa crisp line that highlights our continued expansion in the high-growth permissible indulgence segment,” said Dirk Van de Put, chairman and chief executive officer of Mondelēz, in the results release. He added that with chocolate and frosted varieties containing simple ingredients, Undercover Snacks is rapidly earning strong consumer preference and has a clear runway to expand household penetration and distribution.

In prepared remarks for the company’s October 29 earnings call, Van de Put said Mondelēz had signed an agreement to acquire a majority stake in Undercover, describing it as a fast-growing US-based snacking company offering snacks made from simple, quality ingredients. He said the brand was introduced as a core snack on United Airlines several years ago, is highly incremental to Mondelēz’s existing portfolio, and expands the company’s presence in the fast-growing permissible indulgence segment. Mondelēz aims to expand the brand’s reach through its established sales, procurement and marketing expertise, he said.

“We are incredibly excited to partner with Mondelēz and begin the next stage of Undercover’s journey,” Diana Levy said in the company’s announcement. She said Mondelēz brings world-class capabilities that can help Undercover innovate faster, reach more consumers and build the brand globally while preserving its culture and entrepreneurial spirit. Michael Levy said combining Mondelēz’s capabilities in sales, distribution, marketing, procurement and consumer insights with Undercover’s products and team creates opportunities to accelerate growth and bring Undercover to consumers around the world.

Mondelēz International reported 2025 net revenues of approximately $38.5 billion and operates in over 150 countries. Its brands include Oreo, Ritz, LU, Clif Bar and Tate’s Bake Shop biscuits and baked snacks, along with Cadbury Dairy Milk, Milka and Toblerone chocolate.

The agreement was disclosed alongside Mondelēz’s third-quarter 2026 results, in which net revenues increased 2.3% to $9,967 million and Organic Net Revenue grew 2.1%. Diluted EPS rose 78.9% to $1.02, while Adjusted EPS of $0.78 increased 5.5% on a constant currency basis. The company held a conference call for investors at 5 p.m. ET on October 29, 2026.