Boston, MA 09/09/2014 (wallstreetpr) – Provider of health services CVS Health Corp (NYSE:CVS) disclosed that it has completed the Miami-based Navarro Discount Pharmacy store acquisition. This would strengthen the company’s service to Hispanic community.
Brand Name
The company said that it was aware of the Navarro brand and its strength since it has over five decades of existence. Therefore, it was looking forward to serving the needs of customers with its best in class pharmacy besides high-quality health, personal care and beauty products from the staple of Navarro Discount. CVS Health Corp (NYSE:CVS) hoped to put both the services together for the benefit of the customers, particularly in Hispanic community, a press statement issued by it said.
Navarro Discount Pharmacy Stores mainly serves ethnic and Hispanic marketplaces. It has distinguished itself from the traditional drugstores through the offers of many products and services. The chain of 33 retail drugstore locations offers services like designer fragrances, big assortment of drugs and vitamins through over-the-counter and wireless phones.
CVS/pharmacy has its brand name in the sector having reinvented itself to assist people in getting better health by offering the personalized and accessible expertise, both online, as well as, through its stores. Together, CVS Health Corp (NYSE:CVS) expects to reap rich benefits from the brand name. CVS is also predicted to get significant position from the combination in growth Hispanic marketplace.
Acquisition
On July 14, CVS Health Corp (NYSE:CVS) and Navarro said that they struck a definitive deal to buy Navarro Discount Pharmacy. However, they have not disclosed any financial terms involved in it, its Statement said.
Navarro Discount Pharmacy has generated over $340 million annual sales. The companies have also not disclosed as to when CVS would be able to get profit from Navarro acquisition. They have only said that the transaction was subject to closing conditions, and the acquired stores would continue to have the brand name of Navarro Discount Pharmacy. The acquisition was expected to strengthen CVS’s position in the Hispanic market.
