Retail News Breaks
Navarro wholesale subsidiary makes acquisition
February 7th, 2011
MIAMI – Magellan Distribution Solutions LLC, a wholesale and export subsidiary of Navarro Discount Pharmacy, has acquired the assets of Buxco Inc. of Miami.
The Miami-area drug store chain said Monday that with the deal, Magellan will be providing fulfillment solution services for a network of 150 independent retail pharmacies. Terms of the agreement weren't disclosed.
"Growing our wholesale and export business through Magellan is part of Navarro's three-year expansion plan," Steve Kaczynski, Navarro's chief executive officer, said in a statement. "Acting as distributors for Navarro's signature products such as cosmetics, fragrances and appliances, Magellan's focus is to identify new business opportunities with local retailers, helping them grow their sales, lower the cost of goods and reduce expenses."
Magellan provides more than 30,000 SKUs of products in such categories as cosmetics, fragrances, over-the-counter medicine, health and beauty care, general merchandise, appliances and hair care for independent retailers in Florida's Miami-Dade and Broward counties as well as in the Caribbean and Latin America.
"As a wholesaler, Magellan will leverage its knowledge in the health and wellness supply chain by creating Hispanic and emerging markets category offerings not currently provided by local suppliers," stated Kevin Shiplett, senior vice president of wholesale and business development at Navarro, who is leading Magellan's efforts.
Last month, Navarro announced that it plans to open its 29th store this summer as part of a growth plan that includes as many as 22 new store locations in existing and new market areas in Florida as well as remodels of current stores.
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