Mondelez International has acquired a majority stake in Undercover Snacks, a US company specializing in gluten-free quinoa-based snacks covered in chocolate. Financial terms were not disclosed, and the transaction is expected to close in the first quarter of 2027.

“ The brand is highly complementary to our current portfolio, expanding our presence in the permitted indulgence segment ,” said Dirk Van de Put, CEO of Mondelez.

Undercover Snacks markets gluten-free, chocolate-covered quinoa-based snacks that are high in protein, fiber, and other nutrients. The products are available at retailers such as Walmart, Whole Foods Market, and Target. Founder and CEO Diana Levy will continue to lead the company following Mondelez's investment.

The brand joins other Mondelez investments, such as Grenade , Perfect Snacks , Tate's Bake Shop , and Hu . The COO, Luca Zaramella, quoted by GlobalData, stated that the group will continue to prioritize acquisitions aimed at filling geographic or category gaps, with deals that could approach one billion dollars.

Sales grow 2,1% in the third quarter.

In the third quarter, Mondelez's organic revenues increased 2,1%, with growth of 4,1% in emerging markets and 0,8% in developed markets. Adjusted earnings per share rose 5,5% to $0,78.

The group maintained its forecasts for 2026, which point to organic revenue growth of at least 2%, and an evolution of adjusted earnings per share between stabilization and a 5% increase, at constant exchange rates.

Cocoa surplus supports outlook.

Mondelez anticipates significant growth in earnings per share in 2027, supported by volume growth, emerging markets, and stabilization in Europe. Chief Financial Officer Amit Banati acknowledged cost pressures, including those associated with the war in the Middle East, but highlighted productivity gains as a way to offset inflation.

Another favorable factor is the evolution of the cocoa market. The company expects to end 2026 with a surplus of around 500 tons, which could offset an estimated market deficit of 190 tons, associated with harvests in Ivory Coast and Ghana and climate risks. According to Banati, market fundamentals are currently in a more favorable position than during the previous price crisis.