CVS Caremark announced it has entered into a definitive agreement to acquire the assets of Miami-based Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S. The transaction includes Navarro's 33 retail drugstore locations and Navarro Health Services, a specialty pharmacy.
"The acquisition of Navarro will strengthen CVS/pharmacy's position in the Hispanic marketplace, the fastest-growing demographic in the U.S., and we are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family," said Helena Foulkes, president of CVS/pharmacy.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," said Juan Ortiz, CEO of Navarro Discount Pharmacy. "The combination of our stores will continue our tradition of excellent pharmacy care and high-quality products."
Navarro Discount Pharmacy has annual sales in excess of $340 million. Navarro caters to Hispanic and ethnic marketplaces and further differentiates itself by offering many products and services that are not found in traditional drugstores, such as wireless phones, designer fragrances, and a large assortment of over-the-counter drugs and vitamins.
The transaction is subject to customary closing conditions, including necessary regulatory approvals. Upon completion of the transaction, the acquired stores will remain under the Navarro Discount Pharmacy brand. The financial terms of the agreement were not disclosed.