Mondelēz buys into gluten-free snack maker Undercover in health push
What's the deal? Mondelēz International said on October 29 it will acquire a majority stake in Undercover Snacks, a gluten-free quinoa-crisp brand, expanding the "better-for-you" part of its portfolio. Terms were undisclosed. The parent of Oreo, RitzDealroom has a profile for this one. Try Dealroom →, and Chips Ahoy expects the deal to close in early 2027, subject to regulatory approval.
What does Undercover make? The brand sells crunchy quinoa crisps in chocolate and frosted varieties made with simple ingredients, aimed at health-conscious shoppers seeking alternatives to processed snacks.
What's the endgame? Mondelēz is betting on "permissible indulgence" — premium snacks consumers pay more for. "Undercover Snacks is rapidly earning strong consumer preference and has a clear runway to expand household penetration and distribution," chief executive officer Dirk Van de Put said.
Why now? The deal landed alongside third-quarter results, which showed net revenue up 2.3% to $9.97 billion and net earnings of $1.3 billion. Shares rose 3.7% in after-hours trading.
The signal: The acquisition fits a broader 2026 scramble by snack makers for health-focused brands, which accounted for 67.7% of branded acquisition activity so far this year, per Food Dive. Recent moves include Bel GroupDealroom has a profile for this one. Try Dealroom →'s purchase of BrainiacDealroom has a profile for this one. Try Dealroom → and Ferrero's pending deal for granola maker Purely Elizabeth. For Mondelēz, Undercover is a portfolio extension — not a megadeal on the scale of Intersnack's $2.9 billion purchase of UtzDealroom has a profile for this one. Try Dealroom →.
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