MIAMI—CVS Caremark has agreed to acquire the assets of Miami-based Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the US. The deal includes 33 retail drugstore locations and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. Financial terms of the deal were not disclosed.
“The acquisition of Navarro will strengthen CVS/pharmacy's position in the Hispanic marketplace, the fastest growing demographic in the US and we are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family,” says Helena Foulkes, president of CVS/pharmacy. After the acquisition, the retail stores will still carry the Navarro brand.
“Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention,” says Juan Ortiz, CEO of Navarro. “The combination of our stores will continue our tradition of excellent pharmacy care and high quality products.”
Navarro's annual sales exceed $340 million. Navarro not only caters to Hispanic and ethnic marketplaces, the firm also differentiates itself by offering products and services not typically found in traditional drugstores such as wireless phones, designer fragrances, and over-the-counter drugs and vitamins.
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