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The Chiongbian family, through WLC Holdings Inc., has completed the acquisition of the remaining 40% stake in FAST Logistics Group from CVC Capital Partners’ Asia Seal Pte Limited
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The return to full family ownership sets the stage for FAST’s next phase of growth, focused on strengthening and consolidating its nationwide platform and selectively investing in logistics infrastructure, technology and automation, and a more sustainable and efficient network
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FAST group president William B. Chiongbian II said full ownership gives them “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”
The Chiongbian family, through WLC Holdings Inc., has completed the acquisition of the remaining 40% stake in FAST Logistics Group from CVC Capital Partners’ Asia Seal Pte Limited, returning the integrated logistics and supply chain solutions provider to full family ownership.
The acquisition sets the stage for FAST’s next phase of growth, with the Chiongbian Family focused on strengthening and consolidating its nationwide platform and selectively investing in logistics infrastructure, technology and automation, and a more sustainable and efficient network, the company said in a statement.
FAST said it also sees significant opportunities to strengthen food and agricultural supply chains, helping improve the movement of products from sources of production to markets and consumers across the country.
“These priorities reflect the Chiongbian Family’s long-term confidence in the continued modernization of the Philippine supply chain and its commitment to position FAST for sustainable growth,” FAST said.
The company announced in June the reacquisition of shares from CVC Capital Partners. The shares were held through Asia Seal, majority owned by CVC Capital Partners Asia Pacific IV L.P., a fund managed by CVC Capital Partners.
The transaction follows the execution of definitive agreements and the satisfaction of applicable regulatory approvals and customary closing conditions. Financial terms of the transaction were not disclosed.
CVC first invested in FAST in 2020, partnering with the Chiongbian family and management team through a period of significant expansion and transformation for the business.
Over the course of the partnership, FAST said it strengthened its nationwide logistics and distribution platform, expanded its warehousing and transportation network and distribution reach, enhanced its commercial and operational capabilities, invested in technology and systems, and deepened its relationships with leading multinational and domestic customers.
“We return to full family ownership as a stronger organization than when the partnership began, with greater capability, resilience, and ambition for the next phase of FAST’s journey,” FAST group president William Chiongbian II said.
He added: “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. 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.”
The purchase of CVC’s stake was also supported by an acquisition financing facility provided by BDO Unibank, Inc. as the sole lender.
AlphaPrimus Advisors acted as financial advisor to the Chiongbian family both for the M&A transaction and the acquisition financing. Romulo Mabanta Buenaventura Sayoc & De Los Angeles acted as legal counsel to the Chiongbian family in connection with both activities.
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