NEW YORK — Ralph Hoagland III, a serial entrepreneur who was one of the founders of CVS, died Friday. He was 86.

Hoagland died from complications due to posterior cortical atrophy, a dementia-related disease, CVS confirmed in a statement.

“All of us at CVS were saddened to learn of the passing of the company’s co-founder, Ralph Hoagland III. We extend our sincere condolences to his family,” a CVS spokesperson said.

Hoagland and his business partners, Sid and Stan Goldstein, started selling health and beauty products out of Hoagland’s apartment in Lowell, Mass., in 1963, establishing the world’s first Consumer Value Stores location. A year later, Hoagland and Golstein unveiled the first CVS logo and expanded the company, opening 17 additional stores.

During his career, Hoagland also opened several other small businesses, including a retail store, a cinema, restaurants, and a video game arcade.

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