Save-A-Lot Ltd, the U.S. discount grocer owned by private equity firm Onex Corp, is exploring a sale of all or part of itself, as it grapples with increased competition and a swelling debt load, people familiar with the matter said on Monday.
Save-A-Lot has hired investment bank PJ Solomon to explore a potential deal, said the sources. The move comes as German discounters Lidl and Aldi are putting pressure on Save-A-Lot by expanding across the country, and big box rivals such as Walmart Inc cut prices.
If a deal cannot be inked, Save-A-Lot will also consider options for reducing its debt pile, the people said.
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