Philippines' Chiongbian Family Acquires Remaining 40% Stake in FAST Logistics

en.Wedoany.com Reported - The Philippines' Chiongbian family, through its subsidiary WLC Holdings Inc., has completed the acquisition of the remaining 40% stake in FAST Logistics Group from Asia Seal Pte Limited, a CVC Capital Partners vehicle, restoring the integrated logistics and supply chain solutions provider to full family ownership.

This transaction marks a new phase of development for FAST Logistics. With the return to full family ownership, the Chiongbian family will focus on strengthening its nationwide logistics network and making selective investments in logistics infrastructure, technology, and automation to build a more sustainable and efficient supply chain platform.

In a statement, FAST said the acquisition paves the way for the next phase of growth, with the Chiongbian family focusing on strengthening and integrating its nationwide platform, selectively investing in logistics infrastructure, technology, and automation, as well as a more sustainable and efficient network. Additionally, the company sees significant opportunities to strengthen the food and agricultural supply chain, helping improve the distribution of products from their sources to markets and consumers across the country.

FAST said these priorities reflect the Chiongbian family's long-term confidence in the continued modernization of the Philippines' supply chain and its commitment to positioning FAST for sustainable growth.

The company announced in June of this year its plan to repurchase shares from CVC Capital Partners. These shares were held through Asia Seal, which is majority-owned by CVC Capital Partners Asia Pacific IV L.P., a fund managed by CVC Capital Partners. The transaction was completed following the signing of definitive agreements and satisfaction of applicable regulatory approvals and customary closing conditions. The financial terms of the transaction were not disclosed.

CVC Capital Partners first invested in FAST in 2020, working alongside the Chiongbian family and management team through a period of significant expansion and transformation. FAST said that during the partnership, the company strengthened its nationwide logistics and distribution platform, expanded its warehousing and transportation network and distribution coverage, enhanced commercial and operational capabilities, invested in technology and systems, and deepened relationships with leading multinational and domestic clients.

William B. Chiongbian II, President of FAST Logistics Group, said: "We return to full family ownership as a stronger organization than when the partnership began, bringing greater capability, resilience, and ambition to FAST's next chapter." He added: "After more than five decades in the industry, we still 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 think long-term, build on what has been achieved, and invest with greater focus and conviction in the future of FAST and Philippine logistics."

The acquisition of CVC's stake was supported by acquisition financing provided by BDO Unibank, Inc. as sole lender. AlphaPrimus Advisors served as financial advisor to the Chiongbian family on the M&A transaction and acquisition financing, with Romulo Mabanta Buenaventura Sayoc & De Los Angeles acting as legal counsel.