Mondelēz Agrees to Acquire Majority Stake in Undercover Snacks

Mondelēz International has agreed to acquire a majority stake in Undercover Snacks, bringing its chocolate and frosted quinoa crisps into the company’s North America Ventures unit.

Undercover products are sold in more than 25,000 retail locations. United Airlines has distributed more than 175 million units as complimentary main-cabin snacks since 2023. The products are certified gluten-free and non-GMO.

Under the agreement, Undercover will operate as a standalone business within North America Ventures. Founder and CEO Diana Levy will remain in the role, while Michael Levy will serve as president and chief operating officer. The Levys will retain a significant minority stake and board seats. The unit also includes Perfect Snacks, Tate’s Bake Shop and Hu Chocolate.

Mondelēz framed the transaction as part of its expansion in “permissible indulgence.” Diana Levy said, “Our mission remains the same: create delicious, innovative, better-for-you snacks that people genuinely love.”

The companies have not disclosed the stake’s exact size or the deal’s financial terms. Signed Oct. 29, the agreement is subject to customary closing conditions, including regulatory approval. Closing is expected in the first quarter of 2027.