Hispanic-owned drugstore chain Navarro Discount Pharmacy is being acquired by CVS Caremark, the chain announced Monday. Financial terms were not disclosed.
The deal, which was announced after Monday's closing of the New York Stock Exchange, will also include Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases.
Navarro Discount Pharmacy operates 33 stores in Florida's Miami-Dade and Broward counties. After the deal is completed, Navarro Discount Pharmacy will retain its name.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," said Juan Ortiz, CEO of Navarro Discount Pharmacy, in a press release. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."
The privately held company reported revenues in excess of $340 million in 2013. Navarro Discount Pharmacy was ranked No. 23 on this year's HispanicBusiness' Top 100 Hispanic-owned companies. Investment firm MBF Healthcare Partners acquired a majority stake in Navarro Discount Pharmacy in 2007.
With the purchase of Navarro Discount Pharmacy and Navarro Health Services, CVS plans to increase its South Florida influence on the Hispanic market, said Helena Foulkes, president, CVS/pharmacy, in a press release.
Navarro Discount Pharmacy has been able to reach Hispanics by offering low prices on products such as beauty products, designer fragrances, wireless phones and food items not found in traditional drugstores. In addition, the drugstore chain provides a wide selection of over-the-counter drugs and vitamins.
No timetable has been disclosed for when the acquisition will be completed. Earlier this year CVS Caremark completed a $2.1 billion acquisition of the drug infusion business Coram LLC.
CVS Caremark is the second largest drugstore chain in the U.S. with more than 7,700 stores. First-quarter earnings for CVS Caremark were up 18 percent with the retailer earning $1.13 billion, or 95 cents per share.
Shares of CVS Caremark closed Monday at $77.29 a share, up 39 cents in trading.
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