Last updated on August 16th, 2012 at 12:07 pm
GE Capital, Corporate Retail Finance is now the administrative agent and sole lender on a $65 million asset-based credit facility for Navarro Discount Pharmacy, the largest Hispanic-owned pharmacy chain in the U.S. and an MBF Healthcare portfolio company. The financing will be used to refinance debt and for general corporate purposes.
Founded in 1960, Miami-based Navarro Discount Pharmacy has 30 stores in south Florida. Catering to the Hispanic market, Navarro’s stores feature an assortment of consumer goods including fragrances, electronics and health and beauty care, food and household products.
“GE Capital understands retailing and has a great deal of experience financing drug stores,” said Juan Ortiz, CEO of Navarro Discount Pharmacy. “This allowed us to secure the right capital structure to help build our business.”
“Providing growth capital to retailers is one of our specialties,” said Jim Hogan, senior managing director, GE Capital, Corporate Retail Finance. “Working with clients to understand their needs and structuring smarter financing to fuel their plans is what we do.”