January 4, 2007
MIAMI, FL – Navarro Discount Pharmacies CEO, Jose Navarro, Jr., announced today a financial investment by MBF Healthcare Partners (MBF). The new business relationship will allow Miami-based Navarro access to capital to expedite expansion. The Navarro chain will continue under Navarro-family management and MBF will not have a management role in the day-to-day operation of the business.
Navarro is planning to open three to five new stores in South Florida annually for the next few years. Future growth may include expansion out of the area and the possibility of acquisitions.
“We have served the Dade County community for over 45 years. We are excited about the opportunity to increase our rate of growth and expand our trading area,” said Navarro CEO, Jose Navarro, Jr. “This infusion of capital will certainly allow us to become a more dominant player in the drugstore industry.”
“I am delighted to be able to team up with the Navarro family,” said MBF Healthcare Chairman, Miguel (Mike) Fernandez. “Their integrity, proven track record of success, and commitment to customer service makes them an outstanding company poised for even greater growth.”
Navarro Discount Pharmacies is the largest Hispanic-owned drugstore chain in the US, with a 17% market share in South Florida and annual sales of $250 million. Its 20 stores lead the industry in sales per store, sales per square foot, and prescriptions filled per store. Navarro employs more than 1,400 employees.
MBF Healthcare Partners, LP () is a $200 million private equity fund focused on equity investments in emerging and growth companies in healthcare services with annual earnings between $5 million and $25 million. MBF Healthcare Partners, LP is minority owned and operated.