CHICAGO — Mondelez International Inc. has entered an agreement to acquire a majority stake in Undercover Snacks, a maker of chocolate-covered quinoa crisps.
Mondelez revealed the agreement last week while announcing its fiscal third-quarter financial results.
“Undercover delivers a truly differentiated proposition with chocolate or frosted quinoa crisps that consumers love,” Mondelez chairman and CEO Dirk Van de Put said on an earnings call.
The brand is “highly incremental” to Mondelez’s existing portfolio, he said, and should help expand its presence in the fast-growing “permissible indulgence segment.”
Added Van de Put, “The brand was developed by its founder and CEO, Diana Levy, to create a better-for-you snack for her daughters and is known for offering ‘healthy ingredients in disguise.’”
“The brand was introduced as a core snack on United Airlines several years ago and has been sought by consumers ever since," he said.
Mondelez expects the deal to close early next year. Levy would continue to lead Undercover Snacks as a standalone business in Mondelez’s North America Ventures unit.
Undercover Snacks was established in 2017 and is headquartered in East Hanover, N.J.
Mondelez said net revenue increased 2.3% to $9.9 billion in its latest quarter, driven by favorable volume/mix and higher net pricing.
