CVC is pleased to announce that it has entered into an agreement to sell CVC Asia IV’s entire stake in Fast Logistics Group (“Fast”), the Philippines’ leading third-party logistics provider, to WLC Holdings Inc., a wholly-owned vehicle of the founding Chiongbian Family. Financial terms of the transaction were not disclosed. The closing of the transaction is subject to customary regulatory approvals.
Founded in 1972, Fast is an integrated logistics provider, offering warehousing, transportation and distribution services to many of the country’s largest consumer and industrial companies. Today, Fast is the Philippines’ leading player operating across 98% of Philippine provinces, with the country’s largest warehousing network comprising approximately 160 dry warehouses and more than 1.9 million square metres of space. The company also operates the Philippines’ largest trucking fleet, with more than 2,500 vehicles, and the country’s largest FMCG distribution platform, serving over 120,000 stores nationwide.
CVC first invested in Fast in 2020, alongside the founding Chiongbian Family. During this successful five-year partnership, CVC supported the company’s expansion and professionalisation across several dimensions: strengthening the business development function and commercial capabilities; optimising procurement and operations across the transport and warehousing divisions; upgrading financial reporting and planning systems to improve visibility and decision-making; and modernising Fast's technology infrastructure, including its transport and warehouse management systems and the introduction of a real-time Control Tower platform. The team also made a strategic decision to significantly expand Fast's warehousing footprint, growing the network from approximately 100 to 160 dry warehouses through a mix of own-built sites and long-term leases. Today, the business is well-positioned for continued growth under the full ownership of the Chiongbian Family.
“Fast has built an exceptional platform and established itself as the clear leader in the Philippine logistics market,” said Brice Cu, Senior Managing Director at CVC. “Together with the Chiongbian Family and the management team, we have invested significantly in expanding the business and strengthening its capabilities. We are proud of what has been achieved during our partnership and believe Fast is very well-positioned for its next phase of growth.”
We are proud of what has been achieved during our partnership and believe Fast is very well-positioned for its next phase of growth
Brice Cu Senior Managing Director at CVC
William Chiongbian, CEO of Fast Logistics, added: “We would like to thank CVC for their partnership and support over the past five years. Together, we have significantly expanded our network, enhanced our service offering and strengthened our leadership position in the market. We are excited about the opportunities ahead as we continue to support our customers and drive the next stage of Fast’s development.”