Supervalu to sell Save-A-Lot for $1.4 billion

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Supervalu Inc. said it has agreed to sell Save-A-Lot, one of its grocery chains, to an affiliate of Onex Corp. for $1.4 billion in cash. Save-A-Lot has 15 stores in Greater Baltimore. Sources told Reuters last month that Canadian private equity firm Onex Corp. had made the best offer in an auction for Save-A-Lot, a discount grocery retailer that, as of mid-June, owns and operates 472 corporate stores and supplies another 896 licensee-owned stores nationwide. Minneapolis-based Supervalu (NYSE:…