Chiongbian family regains full ownership of FAST Logistics Group

Insider Spotlight

• The Chiongbian family has acquired the remaining 40 percent stake in FAST Logistics Group from Asia Seal
• Full ownership gives the family greater flexibility to invest in infrastructure, technology, automation and sustainability
• FAST plans to strengthen its nationwide logistics network and pursue opportunities in food and agricultural supply chains
  
  
  

The Chiongbian family has regained full ownership of FAST Logistics Group after completing its acquisition of the remaining 40 percent stake held by Asia Seal Pte Ltd., paving the way for a new investment and expansion phase.

Through WLC Holdings Inc., the family completed the transaction following definitive agreements announced in June and the satisfaction of regulatory approvals and customary closing conditions. Financial terms were not disclosed.

Modernizing PH logistics

Returning FAST to full family ownership gives the Chiongbians greater flexibility to take a long-term approach to investment as the Philippine logistics industry modernizes and businesses demand more efficient and resilient supply chains.

FAST plans to strengthen and consolidate its nationwide platform while selectively investing in logistics infrastructure, technology, automation and a more sustainable and efficient network. It also sees opportunities to improve food and agricultural supply chains, particularly the movement of products from production areas to markets and consumers.

‘A stronger organization’

FAST Group president William B. Chiongbian II said the company emerged stronger from its partnership with CVC Capital Partners, which first invested in the logistics company in 2020.

“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,” Chiongbian said in a press statement. 

"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," he added.

The backstory

Asia Seal is majority owned by CVC Capital Partners Asia Pacific IV L.P., a fund managed by CVC Capital Partners. During the partnership, FAST expanded its warehousing, transportation and distribution network, strengthened commercial and operational capabilities, and invested in technology and systems.

BDO Unibank provided the acquisition financing facility as sole lender. AlphaPrimus Advisors served as financial advisor to the Chiongbian family for the transaction and financing, while Romulo Mabanta Buenaventura Sayoc & De Los Angeles acted as legal counsel.

Founded by the Chiongbian family in 1972, FAST provides integrated third-party logistics services spanning transportation, warehousing, distribution and other supply chain solutions nationwide. —Vanessa Hidalgo | Ed: Corrie S. Narisma