What's Ron Burkle up to?

Funds associated with his private equity firm Yucaipa Cos. will to buy up to $680 million worth of stock in Supervalu Inc., the nation's second-largest grocery chain. Billionaire Burkle has met with Supervalu CEO Jeff Noddle to tell him that the private equity group's interest was for "investment purposes," the company said in a statement. Burkle, who practically grew up in the grocery business, has a long history of investing in supermarket chains, from Wild Oats Markets Inc. to Pathmark Stores Inc. In case you forgot, Supervalu bought most of the Albertson's operations. Stock in the company rose on Thursday.