FAST Logistics to return under full Chiongbian ownership

MANILA, Philippines — The Chiongbian family is set to restore full ownership of FAST Logistics Group by buying back the 40 percent stake held by private equity firm CVC Capital Partners.

In a statement, FAST said that the Chiongbian family, its 60 percent controlling shareholder, has agreed to acquire the 40 percent stake from the subsidiary of CVC Capital Partners Asia Pacific IV.

Financial terms of the transaction were not disclosed.

The transaction, which is subject to regulatory approval and completion, will lead to the return of the Chiongbian family’s full ownership of the country’s leading third-party logistics and integrated supply chain service provider.

This also reflects the Chiongbian family’s continued confidence in the long-term prospects of the country’s logistics sector.

To meet the changing needs of the market, FAST has been investing in technology, warehousing and end-to-end supply-chain solutions.

FAST Group president William Chiongbian II said that CVC’s support has helped accelerate the company’s growth over the past years.

“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,” he said.

For his part, CVC Philippine country head Brice Cu said that the partnership with FAST has helped strengthen the company’s position in the logistics, distribution and supply chain space.

As the transaction moves toward completion, FAST said that operations and customer commitments will continue without disruption.

The company will also continue to pursue strategic investments in logistics infrastructure, warehousing, transportation, technology-enabled solutions, as well as value-added supply chain services.

FAST has been providing end-to-end logistics and supply chain management in the country for over 50 years.