CVS to acquire Navarro Discount Pharmacy
CVS Caremark, Woonsocket, R.I., said it entered into a definitive agreement to acquire the assets of Miami-based Navarro Discount Pharmacy. Navarro is the largest Hispanic-owned drugstore chain the United States and owner of the Vida Mia brand of Hispanic-focused products, which it wholesales to noncompeting retailers in major Hispanic markets nationwide. The transaction includes Navarro’s 33 retail drugstore locations and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases.
"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, CVS/pharmacy.
The transaction is subject to customary closing conditions, including necessary regulatory approvals, CVS Caremark said. Upon the transaction’s completion, the acquired stores will remain under the Navarro Discount Pharmacy banner. The financial terms of the agreement were not disclosed.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," said Juan Ortiz, CEO, Navarro Discount Pharmacy. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."
CVS Caremark expects to maintain Navarro's current product mix — including its Vida Mia family of products — and will learn from its Navarro colleagues about Hispanic marketing and merchandising, a spokesperson for the retailer told Store Brands.