CVS Caremark Corp.
, the second-largest pharmacy chain in the country, has agreed to purchase
Navarro Discount Pharmacy, a Hispanic-owned drugstore company with 33 retail locations throughout the Miami region.
Financial terms of the deal were not disclosed, and it requires regulatory approval, according to CVS spokesman Mike DeAngelis. Navarro, which also has a specialty pharmacy unit that helps patients with chronic diseases, said its annual sales are $340 million
CVS has 7,600 outlets throughout the country. Executives said they are targeting more areas that predominantly serve Hispanic customers.
“The acquisition of Navarro will strengthen CVS/pharmacy's position in the Hispanic marketplace, the fastest growing demographic in the U.S.," Helena Foulkes, president of CVS' pharmacy segment
, said in a release.
Pharmacy services represent about 60% of CVS' business. Much of the remaining revenue comes from MinuteClinics—CVS' quick-care clinics. In the first quarter of this year, the Woonsocket, R.I.-based company reported net profit of $1.1 billion on $32.7 billion in overall revenue.
CVS will release second-quarter earnings Aug. 5.Follow Bob Herman on Twitter: @MHbherman