Mondelez to Acquire Majority Stake in Undercover Snacks

Mondelez International confirmed it is acquiring a majority stake in Undercover Snacks, a move intended to diversify its portfolio within the better-for-you snack sector. The deal allows the Chicago-based snack giant to tap into consumer demand for products marketed as supporting active lifestyles.

Undercover Snacks co-founders Diana and Michael Levy will continue to lead the company following the acquisition, which is slated to close in early 2027. The brand will operate as an independent entity within Mondelez’s North American unit, mirroring the company's previous acquisitions of snack brands such as Hu and Tate’s Bake Shop. The founders will retain a minority stake in the business.

Founded in 2016, Undercover Snacks has established retail distribution in approximately 25,000 locations across the United States. The brand also gained significant exposure through a partnership with United Airlines, which has distributed over 175 million units of the product since 2023.

While terms of the deal were not disclosed, Mondelez officials clarified that the acquisition is significantly smaller than the $500 million threshold sometimes associated with the company’s bolt-on transactions. The partnership is framed as a means to scale distribution while maintaining the current operational model.