CVS Caremark to buy Navarro Discount Pharmacy

CVS Caremark announced that it plans to purchase the Miami-based Navarro Discount Pharmacy chain, which includes 33 retail drug stores and a special pharmacy known as Navarro Health Services.

Navarro Discount Pharmacy, the largest Hispanic-owned drug store chain in the country, has annual sales of more than $340 million, giving CVS Caremark a strong position in the Hispanic marketplace, according to Helena Foulkes, president, CVS/pharmacy.

“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,” she said.

“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.”

After the transaction is completed, Navarro Discount Pharmacy will continue to operate under the Navarro Discount Pharmacy brand. Financial terms of the agreement were not disclosed, according to CVS Caremark.