US retailer CVS has purchased 44-store pharmacy chain Drogaria Onofre.
CVS chief executive Larry Merlo said: “We view Brazil as an attractive market given that healthcare and pharmacy are expected to grow double digits for the next decade. It’s still a highly fragmented market, so we see nice opportunity to grow the business.”
Drogaria Onofre claims to have the highest sales per square metre, per employee and per store for any drugstore operator in Brazil, due in part to its prominent locations in São Paulo.
The value of the deal was not disclosed.