The Chiongbian family announced the reacquisition of full ownership in FAST Logistics Group following the exit of its partner CVC Capital Partners, which owned 40 percent stake in the company.
In a statement, FAST said the transaction is subject to regulatory approval. The acqustion will restore the Cebu-based Family’s full ownership of one of the Philippines’ leading third-party logistics (3PL) and integrated supply chain service providers.
The transaction marks an important milestone in FAST’s evolution and reflects the Chiongbian Family’s continued confidence in the long-term growth prospects of the Philippine logistics sector and the Company’s leadership position within it, the statement added.
Since partnering with CVC, FAST has significantly strengthened its platform, expanded its nationwide capabilities, enhanced operational efficiencies, and deepened relationships with leading multinational and domestic customers.
FAST has also continued to invest in technology, warehousing, transportation, and end-to-end supply-chain solutions to support the rapidly evolving needs of the Philippine market.
William B. Chiongbian II, Group President of FAST, said: “We are grateful for the partnership and support provided by CVC over the past several years. Their contribution helped accelerate our growth, strengthen our organization, and position FAST for its next chapter. As we move toward full Family ownership upon completion of the transaction, we remain committed to investing in our people, customers, and capabilities while pursuing sustainable long-term growth.”
The acquisition reinforces the Chiongbian Family’s commitment to FAST’s founding vision of providing world-class logistics and supply chain solutions across the Philippines. With a strengthened platform and clear strategic direction, FAST is well-positioned to support growing demand driven by economic development, consumption growth, and supply chain modernization.
Brice Cu, Philippine Country Head and Senior Managing Director of CVC, commented: “We are grateful to have partnered with the Chiongbian family and management team over the past six years. During that time, FAST Logistics Group has further strengthened its position as one of the Philippines’ leading logistics, distribution and supply chain platforms, supported by a relentless focus on customers, operational excellence, and long-term investment in the business.”
He added: “The Company’s success reflects the quality of its people, the strength of its culture and the vision of its leadership team. We thank the Chiongbian Family and the entire FAST organization for their partnership and wish them continued success as they build on more than five decades of leadership in the industry.”
FAST will continue to pursue strategic investments in logistics infrastructure, warehousing, transportation, technology-enabled solutions, and value-added supply chain services to support customers nationwide.
Completion of the transaction remains subject to customary closing conditions, including applicable regulatory approvals and other transaction requirements. FAST’s operations, customer commitments, and management focus will continue without disruption as the transaction progresses toward completion.
- Financial terms of the transaction were not disclosed, but earlier reports said thar CVC acquired the 40 percent shareholdngs in CVC for PHP6 billion in 2020.
AlphaPrimus Advisors is acting as Financial Advisor, and Romulo Mabanta Buenaventura Sayoc & delos Angeles is acting as legal counsel to the Chiongbian Family.
Bank of America is acting as Financial Advisor, while Freshfields and Angara Abello Concepcion Regala & Cruz Law Offices are acting as legal counsel to CVC.
