Mondelēz Takes Majority Stake in Quinoa Snack Maker Undercover

Mondelēz International has taken a majority stake in Undercover Snacks, the better-for-you brand behind chocolate-covered quinoa crisps sold in more than 25,000 U.S. retail locations.

The companies didn't disclose the deal price. The structure is clear, though: Undercover keeps operating as a standalone business inside Mondelēz International's North America Ventures unit, sitting alongside Perfect Snacks, Tate's Bake Shop and Hu Chocolate.

Founder Diana Levy stays on as CEO. Her husband, Michael Levy, continues as President and COO, focused on growth, strategy and operations. The couple retains a significant minority stake and both remain on Undercover's board.

"We are incredibly excited to partner with Mondelēz and begin the next stage of Undercover's journey," Diana Levy said in the announcement.

How big is this distribution footprint?

Undercover products sit on shelves at Whole Foods Market, Target, Walmart, Kroger, CVS, Walgreens, Sprouts and Albertsons. Amazon and other e-commerce channels carry them too.

The brand's most striking number comes from the sky. United Airlines has handed out more than 175 million Undercover units as complimentary main-cabin snacks since 2023, giving the company exposure well beyond the grocery aisle.

Michael Levy, Executive Chairman and lead investor, framed the logic of the deal in capabilities terms: "Combining its world-class capabilities in sales, distribution, marketing, procurement and consumer insights with Undercover's innovative products, entrepreneurial culture and passionate team creates tremendous opportunities to accelerate our growth."

In plain words: Mondelēz brings the scale machine, Undercover brings the product.

Where did the company come from?

Diana Levy founded Undercover in 2016 after two of her three daughters were diagnosed with celiac disease. She wanted a snack her family could actually eat.

The answer was crispy quinoa coated in chocolate. The line has since expanded into additional flavors and formats. The company runs its own production facility and quinoa crisping operation in East Hanover, New Jersey — it makes the product itself rather than licensing it out.

"This is an incredible milestone for all of us at Undercover, but we really view it as just the beginning," Diana Levy said.

Why does Mondelēz want this?

Mondelēz generated roughly $38.5 billion in net revenue in 2025 and sells snacks in more than 150 countries. Against that base, Undercover is a tuck-in. But the North America Ventures unit exists precisely for deals like this: buy early, keep founders in place, and scale proven better-for-you brands through Mondelēz's distribution muscle.

The stated plan for the new capital covers three things — faster product innovation, wider distribution, and long-term growth — while preserving what the announcement calls the entrepreneurial culture that has driven the company since 2016.

On the deal side, Centerview Partners served as exclusive financial advisor to Undercover and Goodwin Procter acted as legal counsel.

The bet now is whether Mondelēz can push a 25,000-store, 175-million-unit brand from airline seats and checkout aisles into a national better-for-you staple.