Undercover Snacks, the better-for-you snack company known for its chocolate-covered and frosted quinoa crisps, has announced a majority investment by Mondelēz International, one of the world’s largest snacking companies. Terms were not disclosed.
Undercover will operate as a standalone business within Mondelēz’s North America Ventures unit, alongside high-growth brands including Perfect Snacks, Tate’s Bake Shop and Hu Chocolate. Founder Diana Levy continues as CEO and Michael Levy as president and COO; the Levys retain a significant minority stake and will serve on the board.
Founded in 2016 after two of Levy’s three teenage daughters were diagnosed with celiac disease, the East Hanover, New Jersey-based company grew from a home kitchen into a brand sold in more than 25,000 retail locations, including Whole Foods Market, Target, Walmart, Kroger, CVS, Walgreens, Sprouts and Albertsons. Its longstanding relationship with United Airlines, which has handed out more than 175 million units as a complimentary main-cabin snack since 2023, has driven what the company calls extraordinary trial and brand recognition.
“When I first started making chocolate quinoa crisps in my kitchen, I was simply trying to create a snack that my entire family could enjoy. I never imagined how far that idea would go,” said Diana Levy. “Mondelēz 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.”
Manufacturing innovation
“We made significant investments in building a state-of-the-art production facility and our own quinoa crisping operation, establishing proprietary capabilities to fuel our growth,” said Michael Levy, executive chairman and lead investor. “Combining Mondelēz’s world-class capabilities in sales, distribution, marketing, procurement and consumer insights with Undercover’s innovative products creates tremendous opportunities to accelerate our growth.”
Undercover’s products are non-GMO and certified gluten-free, produced at a dedicated peanut-free, tree-nut-free, solar-powered facility using Rainforest Alliance-certified cocoa. Mondelēz, with 2025 net revenues of approximately $38.5 billion, counts Oreo, Ritz, Clif Bar, Cadbury and Toblerone among its brands. Centerview Partners advised Undercover on the transaction.
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