CVS Caremark Corp. plans to buy Navarro Discount Pharmacy, the nation's largest Hispanic-owned drug chain.
The deal includes Navarro's 33 retail drug stores in South Florida and Navarro Health Services specialty pharmacy.
Plans call for CVS to retain the Navarro Discount Pharmacy brand for the regional chain's store locations.
WOONSOCKET, R.I. — CVS Caremark Corp. plans to buy Navarro Discount Pharmacy, the nation’s largest Hispanic-owned drug chain.
CVS said late Monday that the acquisition deal includes Navarro’s 33 retail drug stores in South Florida and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. Financial terms of the transaction weren’t disclosed.
"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," Helena Foulkes, president of CVS/pharmacy, said in a statement.
Plans call for CVS to retain the Navarro Discount Pharmacy brand for the regional chain’s store locations.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," stated Juan Ortiz, chief executive officer of Navarro Discount Pharmacy. "The combination of our stores will continue our tradition of excellent pharmacy care and high-quality products."
Navarro, with annual sales of more than $340 million, caters to Hispanic and ethnic marketplaces and offers many products and services not typically found in traditional drug stores, such as wireless phones, designer fragrances and a large assortment of over-the-counter drugs and vitamins.
In addition, Navarro offers the thriving Vida Mia (My Life) private label, believed to be the nation’s first brand targeting Hispanics across all product categories. The brand marked its two-year anniversary in March and has sold more than 7 million product units, encompassing about 1,000 SKUs, since its launch.
Vida Mia products are sold at all Navarro drug stores in South Florida and on a wholesale basis in the United States and the Caribbean via Magellan Distribution Solutions, the retailer’s wholesale and export subsidiary.
Navarro also operates a robust e-commerce business, which includes a Spanish version of its website and Spanish language capability in its mobile pharmacy application.