MIAMI, FL - FEBRUARY 05: The name CVS/pharmacy is displayed on its store on February 5, 2014 in Miami, Florida. Today, CVS Caremark Corp. the nation's second-largest drugstore chain announced it will phase out cigarettes, cigars and chewing tobacco by October 1. (Photo by Joe Raedle/Getty Images)2014 Getty Images
CVS Caremark announced late on Monday afternoon that it has entered an agreement to purchase Navarro Discount Pharmacy and all its assets.
With 33 retail outlets in South Florida, Navarro is the largest Hispanic-owned drugstore in the United States.
After the completion of the sale, pending regulatory approval, Navarro stores will continue to operate under the same name, according to the Miami Herald.
“The Navarro brand is one of the most recognizable in the Hispanic marketplace,” CVS spokesman Mike DeAngelis told the Herald on Monday. “We expect to maintain their current product mix and will learn from our Navarro colleagues about Hispanic marketing and merchandising.”
With 7,600 stores, CVS is the second-largest pharmacy chain in the U.S., both by sales and by outlets. Its principal competitor is Walgreens.
Navarro Discount Pharmacy doesn't simply cater to the Hispanic market in South Florida – it differentiates between store customers' countries of origin.
Last year, Navarro CEO Juan Ortiz told the Herald that locations in central Miami catered more to a Cuban and Puerto Rican clienteles while its Homestead location reflected Mexican tastes.
“We are a community pharmacy and, as such, we cater to the neighborhoods and businesses around our stores,” Ortiz told the paper.
The Navarro family operated a drugstore in pre-Revolutionary Cuba. They opened their first U.S. location after fleeing the island in Little Havana in 1961.
In the 53 years since, the company has expanded to 33 outlets, added a proprietary product label called Vida Mia ("My Life"), and added services tailored for the needs of Latino clients, such as a separate pharmacy window for pediatric prescriptions and a club for patients with diabetes, the Type 2 version of which affects a large percentage of the Hispanic community.
CVS spokesman Mike DeAngelis declined to comment separately to Fox News Latino, saying in an email, “This [purchase] agreement is subject to customary closing conditions, including necessary regulatory approvals. At this time, the information we can provide is available in our press release.”
Calls to Navarro CEO Juan Ortiz were not returned. Posted on the company’s Facebook page was the following comment: “We are excited to announce that we have joined the CVS family! We will continue serving the South Florida community as always!”