Save-A-Lot, a deep-discount supermarket chain with about 60 Illinois stores, is being sold by Supervalu to a private equity firm for $1.37 billion in cash.
Last year, Supervalu said it was considering spinning off Save-A-Lot into a publicly traded company.
Save-A-Lot, based in Earth City, Mo., has 1,361 U.S. stores, according to a Securities and Exchange Commission filing in August. The first Save-A-Lot store opened in Cahokia, Ill., in 1977.
Of the 61 Illinois stores, 17 are corporate stores and 44 are run by licensees.
The private equity firm planning to buy Save-A-Lot is Toronto-based Onex, whose past investments have included Chicago-based Warranty...