CVS (NYSE:CVS) announced the acquisition of Miami-based Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the United States.
The transaction yielded all 33 retail locations and Navarro Health Services, a specialty pharmacy for patients with complex or chronic diseases. The acquired stores will retain the Navarro brand name.
"The acquisition of Navarro will strengthen CVS/pharmacy's position in the Hispanic marketplace, the fastest growing demographic in the United States, and we are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family," said Helena Foulkes, president of CVS.
Navarro's annual sales are more than $340 million. Its stores cater to the Hispanic and ethnic marketplaces and offer non-traditional drugstores products such as wireless phones.
Navarro also carries Vida Mia products, the store's bilingual brand with more than 1,000 SKUs ranging from health and beauty products to kitchen electronics. Vida Mia was the first brand in the United States targeting Hispanics with a variety of product categories.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," said Juan Ortiz, CEO of Navarro. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."
-See this CVS press release
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