Mondelez International has acquired a majority stake in US better-for-you snack brand Undercover Snacks, expanding its portfolio of emerging brands.
Under the agreement, Undercover will operate as a standalone business within Mondelez’s North America Ventures division, alongside brands including Perfect Snacks, Tate’s Bake Shop and Hu Chocolate.
Founded in 2016 by Diana Levy, Undercover produces chocolate-covered and frosted quinoa crisps. The business has grown to reach more than 25,000 retail locations across the US, including Whole Foods Market, Target, Walmart, Kroger and Walgreens.
Diana Levy will remain CEO, while Michael Levy will continue as president and chief operating officer. Both will retain a significant minority stake and serve on the company’s board.
“Mondelez shares our passion for great-tasting snacks and brings world-class capabilities that can help us innovate faster, reach many more consumers and build Undercover into a major global brand, while enabling us to preserve the culture, entrepreneurial spirit and passion for simple, high-quality ingredients that make Undercover special,” said Diana Levy, founder and CEO of Undercover Snacks.
Financial terms of the transaction were not disclosed.
- Further reading: Mondelez launches Oreo gluten-free cookies.
