MIAMI—CVS Caremark has agreed to acquire theassets of Miami-based Navarro Discount Pharmacy, the largestHispanic-owned drugstore chain in the US. The deal includes 33retail drugstore locations and Navarro HealthServices, a specialty pharmacy serving patients with complex orchronic diseases. Financial terms of the deal were notdisclosed.

“The acquisition of Navarro will strengthen CVS/pharmacy'sposition in the Hispanic marketplace, the fastest growingdemographic in the US and we are excited to be adding the NavarroDiscount Pharmacy brand to the CVS/pharmacy family,” saysHelena Foulkes, president of CVS/pharmacy. Afterthe acquisition, the retail stores will stillcarry the Navarro brand.

“Like CVS/pharmacy, Navarro is committed to improving patienthealth and providing individualized attention,” says JuanOrtiz, CEO of Navarro. “The combination of our stores willcontinue our tradition of excellent pharmacy care and high qualityproducts.”