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Mondelēz International said it will take a majority stake in Undercover Snacks, a maker of chocolate-covered and frosted quinoa crisps. The deal’s financial terms were not disclosed and it is expected to close in the first quarter of 2027. Undercover will remain a standalone business, with founder Diana Levy continuing as CEO.
Mondelēz International said Friday it will take a majority stake in Undercover Snacks, expanding the Oreo maker’s portfolio with a brand known for chocolate-covered and frosted quinoa crisps. The companies did not disclose the deal’s financial terms, and the transaction is expected to close in the first quarter of 2027.
Undercover will operate as a standalone business within Mondelēz North America Ventures, alongside brands including Perfect Snacks, Tate’s Bake Shop and Hu Chocolate. Undercover founder Diana Levy will remain CEO, according to the report. The announcement does not describe changes to the brand’s products, staff or operations.
Mondelēz Chief Executive Dirk Van de Put has said the company’s portfolio “needs to evolve towards healthier snacks.” He described Undercover’s products as “healthy ingredients in disguise” and said the brand is growing quickly, with an opportunity to expand its distribution. Mondelēz expects its retailer relationships and capabilities in procurement, consumer insight and marketing to support that growth.
Undercover was founded in 2016 by Levy, who developed snacks for two of her children after they were diagnosed with celiac disease. The brand’s products are sold in more than 25,000 retail locations, according to the source report, and are also served to travelers on United Airlines. Undercover describes its products as non-GMO and certified gluten-free, and says they are made at a dedicated peanut-free and tree-nut-free facility in New Jersey.
A New Route for Snack Portfolio Growth
The planned acquisition gives Mondelēz a majority position in a brand that sits between traditional indulgent treats and snacks marketed around dietary preferences or ingredients. That may help the company reach consumers seeking options they view as better-for-you, while retaining familiar snack formats and flavors. The company’s own description frames the move as part of a longer-term portfolio shift, not a replacement for brands such as Oreo or Chips Ahoy!.
For Undercover, Mondelēz brings a much larger retail and marketing network. The company said that reach can help broaden the brand’s distribution and support product development. Those are stated opportunities, not guaranteed outcomes: the announcement provides no sales targets, timetable for expansion beyond the expected deal closing, or financial forecast for Undercover.
The acquisition also reflects Mondelēz’s effort to add growth outside its established product lines. In its third quarter, the company reported revenue of $9.97 billion, up 2.3%. The source report said Latin America recorded the fastest sales growth, at 12%, while revenue rose 1.1% in North America and fell 3.3% in Europe. The Undercover deal adds a brand aimed at a different set of consumer preferences, though the available information does not quantify its expected contribution to Mondelēz’s results.
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How Undercover Fits Mondelēz
Mondelēz sells a broad range of snacks, including Oreo, Chips Ahoy!, Ritz and Triscuits, and operates across markets worldwide. Undercover is a smaller business with a narrower product focus: quinoa crisps covered or frosted with chocolate. Mondelēz said its distribution network and experience with retailers could help the brand reach more consumers.
The acquisition is structured as a majority stake, rather than a full integration announced as part of the deal. Undercover is to sit within North America Ventures as a standalone operation. That arrangement resembles Mondelēz’s approach to other high-growth brands named in the report, but the companies have not provided details about governance, the size of Mondelēz’s stake or how day-to-day decisions will be divided.
Undercover’s positioning includes product and sourcing claims. The company says its products are certified gluten-free and use Rainforest Alliance-certified cocoa; it also says its manufacturing facility is powered by solar energy. These are brand claims reported in the source material. The announcement does not include independent assessments or further detail on the scope of the sourcing and energy commitments.
““We believe that over time, our portfolio needs to evolve towards healthier snacks, and this is one step in that direction basically.””
— Dirk Van de Put, Mondelēz CEO
Deal Terms and Growth Plans Remain Undisclosed
The companies have not disclosed the purchase price, the precise size of Mondelēz’s majority stake or any financial terms. The expected first-quarter 2027 closing remains subject to completion of the transaction; the source report does not detail conditions or regulatory steps.
It is also not clear whether the deal will lead to new products, changes in manufacturing, a broader international rollout or changes to Undercover’s retail presence. Mondelēz has identified distribution, procurement, consumer insight and marketing as areas where it could help, but neither company has supplied specific targets or a schedule. Undercover’s standalone structure and Levy’s continued role as CEO are the details confirmed so far.
Closing Expected in Early 2027
The next stated milestone is the transaction’s expected closing in the first quarter of 2027. Until then, the companies have not announced further operational steps or a rollout plan. After closing, readers will be able to assess how Mondelēz’s retail network and other capabilities are applied to Undercover, and whether the brand’s distribution or product range changes.
Any later announcements may clarify the stake size, financial terms and plans for Undercover’s growth. For now, the confirmed arrangement is a majority investment with the brand remaining standalone and Levy continuing as CEO.
Key Questions
What is Mondelēz acquiring?
Mondelēz International plans to take a majority stake in Undercover Snacks, the maker of chocolate-covered and frosted quinoa crisps.
When is the deal expected to close?
The transaction is expected to close in the first quarter of 2027. The companies have not provided a more specific date.
How much is Mondelēz paying?
The financial terms, including the purchase price, have not been disclosed.
Will Undercover remain a separate business?
Undercover is expected to operate as a standalone business within Mondelēz North America Ventures. Founder Diana Levy will remain CEO, according to the announcement details in the source report.
What products and claims are associated with Undercover?
Undercover makes chocolate-covered and frosted quinoa crisps. The brand says its products are certified gluten-free and non-GMO and are made at a dedicated peanut-free and tree-nut-free facility. Those product and facility descriptions are company claims reported in the source material.
Source: fooddive.com
