Logistics company Fast Logistics Group on Tuesday announced its partnership with private equity CVC Capital Partners to support its continued development and further expansion across the Philippines.
In a virtual press conference, CVC Capital managing director Brice Cu said the equity firm is “committing up to P6 billion for this investment for a 40% stake.”
“What’s interesting to note is that it’s all primary capital, so all of this money will be for growing the business,” Cu said.
For his part, Fast Group CEO William Chiongbian said the investment by CVC is a testament to the attractiveness and potential of the Philippine logistics sector.
“We are delighted to be partnering with such an experienced investor as we now seek to accelerate our growth,” Chiongbian said.
“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,” he added.
Fast Group’s business is in the delivery of supply chain solutions that meet the world-class standards and requirements of multinationals and large organizations operating in the Philippines.
CVC Capital, meanwhile, is a global private equity company, with a long track record of building businesses in Asia, having been active in the region for over 20 years.
“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,” Cu said.
UBS AG, Singapore Branch acted as exclusive financial adviser to Fast Group in relation to its partnership with CVC Capital. —KBK, GMA News