The transaction marks the end of a six-year partnership that helped transform Fast Logistics (Fast) from a traditional transport and warehousing operator into a broader supply chain platform serving multinational and local companies across the country.
MergerMarket reporters Likha Cuevas and Jessica Wong, citing people familiar with the matter, said the founding family, led by third-generation executive William Chiongbian II, acquired CVC’s entire stake after weighing options that included bringing in another strategic investor.
Fast traces its roots to the post-World War II period in 1945, when entrepreneur William L. Chiongbian began building a shipping business that later evolved into William Lines, one of the Philippines’ best-known passenger and cargo shipping operators.
It now operates a nationwide logistics network serving manufacturers, retailers and consumer goods companies across the country.
Six-year private equity partnership
CVC exited Fast at a valuation of at least $220 million (P13.3 billion), more than double the P6 billion it invested for a 40 percent stake in 2020.
CVC acquired the stake through its Asia IV fund, backing the family’s efforts to accelerate expansion through acquisitions and technology investments.
The investment came as Fast sought to move beyond its traditional shipping roots and strengthen its position as one of the country’s largest end-to-end logistics providers spanning transportation, warehousing and distribution.
Expanding the network
The company has continued broadening its reach beyond traditional freight and warehousing services.
Last year, Fast launched a hub-to-door delivery service for micro, small and medium enterprises, allowing entrepreneurs in Bicol to ship products directly to customers in Metro Manila and nearby provinces, according to a report by the Philippine Daily Inquirer.
—Edited by Miguel R. Camus
