Private equity major CVC Capital Partners has agreed to sell its entire stake in Philippine logistics company Fast Logistics Group back to the founding family.
The deal marks the exit from an investment it first made in 2020 and confirms reports that it was divesting the stake back to the Chiongbian Family.
In a statement, CVC said CVC Asia IV will divest its entire holding in Fast to WLC Holdings Inc, a wholly-owned investment vehicle of the Chiongbian Family.
Financial terms of the deal were not disclosed, but earlier reports said CVC will return its 40% stake for around $240 million this month. It invested 6 billion pesos ($124 million) in Fast from its fourth Asia fund in 2020.
Founded by the Chiongbian Family with roots tracing back to William Lines, a publicly listed shipping company in the 1990s, the group provides end-to-end logistics services, including warehousing and outsourced management of supply chain functions such as warehouse operations, delivery forwarding, and product repackaging.
It serves multinational clients from origin to destination, offering integrated logistics solutions that enhance service efficiency and provide a competitive advantage.
Fast also operates a fleet of more than 2,500 vehicles and manages a nationwide distribution platform serving over 120,000 stores.
“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, Cu added that CVC invested significantly in expanding the business and strengthening its capabilities.
The transaction represents the latest private equity exit in the Philippines, where sponsors have increasingly turned to strategic sales and secondary transactions amid a subdued IPO market.
Following the transaction, Fast will continue operating under the ownership of the Chiongbian family, with CVC saying the business is well-positioned for its next phase of growth.
Fast Logistics Corp’s revenue rose 5.2% year-on-year to 35.73 billion pesos ($591 million) in 2024 from 33.96 billion pesos ($ 562 million) a year earlier, per regulatory filings.
Gross profit fell 3.7% to 4.51 billion pesos ($74 million), while total comprehensive income declined sharply by 49.7% to 1.19 billion pesos ($19.7 million) from 2.37 billion pesos ($39 million) in 2023.
CVC Asia IV, which closed at $3.5 billion in 2014, is in carry mode, is expected to contribute to the 300 million euro performance fee that it will make around 2026-2027 alongside Europe/Americas VI; Europe/Americas VII; Growth I; StratOps I; and Credit funds, according to an earnings presentation released earlier this year.
