The Chiongbian Family has acquired the remaining 40 percent equity stake in FAST Logistics Group from Asia Seal Pte. Limited, regaining exclusive family control over the Philippines’ largest third-party logistics provider after a five-year private equity partnership.
WLC Holdings Inc., the family’s designated acquisition vehicle, finalized the transaction after satisfying regulatory approvals and closing conditions announced in June. Financial terms remain undisclosed.
BDO Unibank acted as the sole lender for the acquisition financing facility, while AlphaPrimus Advisors provided financial advisory services, and Romulo Mabanta Buenaventura Sayoc & De Los Angeles served as legal counsel.
Asia Seal, majority-owned by CVC Capital Partners Asia Pacific IV L.P., initially invested in FAST in 2020 alongside the founding Chiongbian Family and management team. During the partnership period, FAST expanded its nationwide logistics and distribution platform, increased warehousing and transportation network capacity, upgraded commercial and operational systems, invested in technology infrastructure, and deepened client relationships with multinational and domestic enterprises.
William B. Chiongbian II, Group President of FAST, stated that the company returns to full family ownership as a more capable organization than at the partnership’s inception. He emphasized that the transaction enables long-term investment planning with greater focus on Philippine logistics infrastructure consolidation and selective technology and automation spending.
FAST traces its origins to William L. Chiongbian’s 1972 establishment of the business, which was formally incorporated as Cebu Dock Handlers Forwarders Inc. in 1973 to handle hauling and trucking operations for William Lines Inc. The group incorporated FASTCargo Transport Corporation in 1976 to integrate forwarding and trucking services, launched air parcel delivery under FastPak Global Express in 1992, rebranded to FASTCargo Logistics Corp in 1996, and consolidated FastPak’s air-forwarding and courier operations into FASTCargo Logistics in 2009.
Over five decades of operation, FAST has grown into the leading integrated logistics and supply chain solutions provider in the Philippines. The company operates the largest transport fleet, warehouse footprint, and distribution network in the country. Its service offerings include third-party logistics contracts, multimodal transportation, warehousing, cold-chain management, cross-docking, and value-added toll manufacturing services across the Philippine archipelago.
Brice Cu, Senior Managing Director at CVC, said the firm supported FAST’s expansion across business development, procurement optimization, operations efficiency, financial reporting systems, and digital modernization during the partnership. CVC indicated that the company is well-positioned for subsequent growth phases, independent of private equity backing.
The Chiongbian Family has expressed its intention to strengthen food and agricultural supply chains.
This initiative coincides with FAST’s efforts to improve energy efficiency. The company has recently partnered with Jin Navitas Electric Corp. under the Retail Aggregation Program to supply key facilities with cleaner electricity sources.
FAST caters to both multinational corporations and domestic enterprises, providing end-to-end transportation, warehousing, distribution, and supply chain solutions throughout the Philippines. Armin Amio, Editor
