Pharmacy giant CVS Caremark will buy Navarro Discount Pharmacy in a deal that will give CVS the nation’s largest Hispanic-owned drugstore chain, according to the Miami Herald.
According to NASDAQ.com, financial terms of the deal haven’t been disclosed, but Navarro had more than $340 million in sales last year. CVS said the deal will help it grow its business in the Hispanic marketplace.
The deal will see CVS own all of Navarro’s 33 retail pharmacies and health services. However, the pharmacies will remain under the Navarro Discount Pharmacy brand.
"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," Juan Ortiz, Chief Executive Officer, Navarro Discount Pharmacy said in a statement. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."
According to the Herald, the Navarro family started the company in 1940 in Havana, but after the Castro regime confiscated their stores, moved to Little Havana in 1961 and the business took off thereafter.
The deal between the companies will be subject to regulatory approval.