It is one of the smaller acquisitions CVS Caremark has done, but the purchase of the 33-unit Miami-based Navarro Discount Pharmacy could have big implications.
CVS Caremark late Monday said it reached an agreement with Navarro, the largest Hispanic owned drugstore chain in the U.S., to acquire 33 stores and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. CVS Caremark operates more than 7,600 stores, but said it will continue operating the acquired units under the Navarro banner.
"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, Navarro’s CEO. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."
Navarro caters to South Florida’s heavily Hispanic and ethnic marketplaces and further differentiates itself by offering many products and services that are less prevalent in traditional drugstores such as wireless phones and designer fragrances.