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WOONSOCKET, R.I. — CVS Caremark Corp. plans to buy Navarro Discount Pharmacy, the nation’s largest Hispanic-owned drug chain.
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. 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.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," said Juan Ortiz, chief executive officer, Navarro Discount Pharmacy. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."
