MIAMI - CVS Caremark is set to buy a South Florida drugstore chain that has historically catered to Hispanic customers.
CVS announced the agreement to acquire Navarro Discount Pharmacy after stock markets closed on Monday. Financial terms weren't disclosed.
Navarro is the country's largest Hispanic-owned drugstore chain. It has annual sales of more than $340 million. The 33 stores in the chain, located throughout Miami-Dade and Broward counties, will continue to operate under the Navarro Discount Pharmacy name.
The Navarro family started the business in Havana, Cuba, in 1940. It was relocated to Miami's Little Havana neighborhood in 1961 after the Castro regime confiscated their stores.
CVS Caremark is one of the nation's largest pharmacy chains, with 7,600 stores.
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