It’s official: the Chiongbian family has retaken full control of FAST Logistics Group, one of the country’s largest logistics providers, after completing the buyout of a 40-percent stake held by a unit of global private equity firm CVC Capital Partners.
The return to full family ownership is expected to set the stage for FAST Logistics’ next phase of growth, with the company looking to strengthen its nationwide network and particularly expand its role in food and agricultural supply chains.
‘We return to full family ownership as a stronger organization than when the partnership began,’ FAST Group president William Chiongbian II said. ‘Full ownership gives us the flexibility to take a long-term view, consolidate the gains we have made, and invest with greater focus and conviction in the future of FAST and Philippine logistics.’
While the parties did not disclose the transaction value, CVC, through Asia Seal Pte. Ltd., invested P6 billion in 2020 to acquire the 40-percent stake in FAST.
But in June, the Chiongbian family announced that it was retaking full ownership of the business.
This acquisition was backed by a loan from BDO Unibank Inc., while the family tapped AlphaPrimus Advisors as financial adviser for both the transaction and acquisition financing.
Significant opportunities
Moving ahead, the Chiongbian family said it would continue investing to strengthen FAST’s logistics infrastructure, technology and automation, while building a more sustainable and efficient nationwide network.
‘After more than five decades in the industry, we continue to see significant opportunities to strengthen the supply chains that connect businesses, communities and markets across the Philippine archipelago,’ Chiongbian said.
FAST was founded from the shipping business established by William L. Chiongbian in 1945.
Since then, it has evolved into a nationwide logistics network spanning freight forwarding, transportation, cargo handling, warehousing and supply chain solutions.