Mondelez International, one of the world’s largest snacking companies, has acquired a majority stake in Undercover Snacks, a US-based snack company known for its chocolate-covered and frosted quinoa crisps.
The investment marks a new stage of growth for Undercover Snacks, positioning the company to capitalize on growing consumer demand for delicious, better-for-you snacks and permissible indulgence. Founded in 2016 by Diana Levy after two of her daughters were diagnosed with coeliac disease, the company has grown into a nationally recognized brand sold in more than 25,000 retail locations, as well as being served aboard United Airlines flights.
Undercover will operate as a standalone business within Mondelez International’s North America Ventures business unit, alongside brands such as Perfect Snacks, Tate’s Bake Shop and Hu Chocolate. Diana Levy will remain as CEO, while Michael Levy will continue as president and COO, with both retaining a significant minority stake and serving on the board of directors.
Commenting on the acquisition, Diana Levy said: “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”.
Source: Undercover Snacks (via PR Newswire)
