On Monday, CVS Caremark announced its agreement to buy Navarro Discount Pharmacy, the biggest Hispanic-owned drugstore chain the U.S.

According to a press release by CVS, the Woonsocket, Rhode Island-based company is currently in a "definitive agreement ... subject to customary closing conditions, including necessary regulatory approval" to acquire Navarro's 33 locations. This includes the Miami-based company's Navarro Health Services, which are specialty pharmacies focused on chronic and difficult diseases. The stores will keep its well-known name.

"The acquisition of Navarro will strengthen CVS/pharmacy's position in the Hispanic marketplace, the fastest growing demographic in the U.S., and we are excited to be adding the Navarro Discount Pharmacy brand to the CVS/pharmacy family," Helena Foulkes, president of CVS/pharmacy, said in the statement.

Navarro has made a name for itself by offering products that are hard to find in other drugstores, such as various over-the-counter medicines and vitamins, name brand fragrances, wireless phones and "ethnic products," Juan M. Ortiz, Navarro chief executive officer, reportedly told the Miami Herald last year.

"For over 53 years, we've been serving our community and remain committed to continuing! We are proud of our growth and the recent announcement made that CVS plans to purchase Navarro," the company said via its Facebook page.

The stores also feature clubs for diabetic patients, pediatrics assistance and a "Mommy and Me" service.

"Like CVS/pharmacy, Navarro is committed to improving patient health and providing individualized attention," Ortiz said in the statement. "The combination of our stores will continue our tradition of excellent pharmacy care and high quality products."

Navarro has reported annual sales of over $340 million. CVS has not yet revealed the financial details of the deal.

"At this time, the information we can provide is available in our press release," Mike DeAngelis, CVS spokesman, told Fox News Latino.

The drugstore chain was founded by the Navarro family in Havana, Cuba in 1940 and moved to Little Havana in 1961 after the stores were confiscated by the Fidel Castro administration.
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Follow Scharon Harding on Twitter: @ScharHar.

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