CVS Caremark announces Navarro Discount Pharmacy acquisition

CVS Caremark announced it has reached a final agreement for the acquisition of the Navarro Discount Pharmacy, the biggest Latino-owned drugstore chain in the USA, headquartered in Miami. The operation includes the 33 retail drugstores of Navarro, and Navarro Health Services, a drugstore specializing in patients with complex, chronic diseases. After completing the operation, the acquired stores will remain under the Navarro Discount Pharmacy brand. The financial terms of the agreement were not disclosed, though.”The Navarro acquisition will strengthen CVS/pharmacy’s position in the Latino market, the fastest growing demography in the USA, and we are pleased to add 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 as well as offering the best personalized customer care,” said Juan Ortiz, Navarro Discount Pharmacy’s managing director. “As we combine our stores, our excellent customer care and best quality products at our stores will be assured.”Navarro Discount Pharmacy shows yearly sales over US$340 millions. Navarro serves Latino and ethnical markets and specializes in offering products and services not found at traditional drugstores, such as, wireless phones, designer fragrances and a wide range of over-the-counter medications and vitamins.