Investing through CVC Capital Partners Asia IV, CVC will support Fast’s further expansion across the Philippines.
The Fast Group, a leading end-to-end logistics group in the Philippines, today announced that it has finalized its partnership with leading global private equity firm CVC Capital Partners. Investing through CVC Capital Partners Asia IV, CVC will support Fast’s continued development and further expansion across the Philippines.
Founded by the Chiongbian Family, Fast has been steadily growing for over four decades, from its roots in William Lines, a publicly listed shipping company in the 1990s, to become a leader in end-to-end logistics. The business delivers supply chain solutions that meet the world-class standards and requirements of multinationals and large organisations operating in the Philippines, while at the same time nurturing its strong roots with the local communities in which the business operates.
CVC is a leading global private equity company, with a long track record of building businesses in Asia, having been active in the region for over 20 years. This deep experience will be essential in accelerating Fast’s growth and increasing its footprint through mergers and acquisitions, and in the digitalization of its logistics operations through investments in technology.
William Chiongbian, Group President and CEO of Fast Group commented: “Fast is the market leader in the growing Philippine logistics sector, our clients greatly value our broad offering which spans the entire supply chain from logistics and warehousing, to distribution and transportation. The investment in Fast by CVC is a testament to the attractiveness and potential of the Philippine logistics sector, the market leading business we have built over the last four decades, and of course the economy more broadly. We are delighted to be partnering with such an experienced investor as we now seek to accelerate our growth.”
Brice Cu, Managing Director, CVC Capital Partners, said: “We are pleased to finalize our partnership with Fast. Having agreed to invest in the business in 2019, we have now been working closely with the business for a year and have made excellent progress on a number of important strategic initiatives, most notably in building a pipeline of attractive acquisition opportunities.”
UBS AG, Singapore Branch acted as exclusive financial adviser to Fast Logistics Group in relation to its partnership with CVC.