Mondelēz to Acquire Majority Stake in Undercover Snacks

Mondelēz International announced it has agreed to take a majority stake in Undercover Snacks, marking another step in the Oreo maker's ongoing expansion of its healthier product portfolio. Financial terms of the transaction, which is anticipated to close during the first quarter of 2027, were not publicly disclosed.

Undercover will operate as an independent business unit within Mondelēz North America Ventures, joining other brands such as Perfect Snacks, Tate's Bake Shop, and Hu Chocolate. Diana Levy, who founded Undercover in 2016, will remain with the company as its chief executive officer.

CEO Dirk Van de Put told analysts that the acquisition aligns with the company's long-term strategy. "We believe that over time, our portfolio needs to evolve towards healthier snacks, and this is one step in that direction basically," Van de Put stated, noting that aging consumers increasingly seek out better-for-you options that support active lifestyles.

Levy launched Undercover to create safe and enjoyable snack options for her two children who were diagnosed with celiac disease. The brand produces chocolate-covered and frosted quinoa crisps marketed as wholesome ingredients in disguise, contrasting with more indulgent treats like traditional cookies.

Mondelēz plans to leverage its extensive global retail reach and supply chain capabilities to accelerate Undercover's distribution and growth. Van de Put pointed out that while the brand is currently small, it exhibits rapid growth potential and a large opportunity for expanded market presence.

Expressing enthusiasm for the agreement, Levy remarked that the partnership allows the brand to maintain its core entrepreneurial spirit and commitment to simple, high-quality ingredients while utilizing world-class capabilities to innovate faster and scale globally.