October 11, 2007
MIAMI, FL – MBF Healthcare Partners, LP (MBF) announced today that its affiliate, Navarro Discount Pharmacies, LLC (Navarro) has entered into an agreement to combine its operations with Sedano’s Pharmacy & Discount Store, Inc. (Sedano’s Pharmacy). Sedano’s Pharmacy is a leading Hispanic drug retail company with 11 pharmacies in the South Florida market.
Over the course of its 30-year history, Sedano’s Pharmacy has grown by building a reputation for outstanding customer service and tailoring its products and services to the needs of the community it serves. The combined entity will have 32 stores, annual revenues of over $350 million and will operate under the Navarro brand name in the South Florida market.
“Sedano’s Pharmacy has been a strong competitor and will be an outstanding partner,” said Gabriel Navarro, Chief Executive Officer of Navarro. “The acquisition of Sedano’s Pharmacy significantly expands Navarro’s presence in the South Florida market and the locations of the pharmacies are a strong compliment to our existing footprint. Leo Cuervo, President of Sedano’s Pharmacy, and his management team have done an outstanding job in growing the business. I am excited to work with their management team and employees.”
“Over the years we have been approached by various entities interested in Sedano’s Pharmacy, but the fit was never right,” explained Armando Guerra, Chief Executive Officer and founder of Sedano’s Pharmacy. “When MBF approached us with the concept of combining our operations with Navarro, we were intrigued and excited about the idea. I know Navarro and I have admired the company’s operational methods. More importantly, as a family run business, I wanted our employees to stay in good hands and this transaction acomplishes that.”
“We are excited to have been able to facilitate the combination of the two largest Hispanic drug retail companies in the country,” said Miguel (Mike) Fernandez, Chairman of MBF and Navarro. “We look forward to continuing to expand the Navarro brand to other markets.”
About Navarro Discount Pharmacies
Navarro Discount Pharmacies is the largest Hispanic-owned drugstore chain in the United States. The company is known for its outstanding customer service and its unique offering of products and services dedicated to the healthy Hispanic household. Navarro has been serving the healthcare needs of the Hispanic community for over 60 years. The company leads the industry in average sales per store, sales per square foot and average prescriptions filled per store. www.navarro.com
About MBF Healthcare Partners
MBF Healthcare Partners, LP is a private equity fund focused exclusively on healthcare services with $410 million under management via two investment vehicles. www.mbfhp.com