The Fast Group, a leading end-to-end logistics company in the Philippines, said Monday it finalized a partnership with global private equity firm CVC Capital to work and collaborate on logistics projects especially on the prospect of moving COVID-19 vaccines.
Fast Group president and chief executive William Chiongbian said the company would like to be a major logistics partner with vaccine distributors.
“This is going to be a substantial supply chain. We are very meticulously looking into this. The supply chain is not new to us but the scale is new. We have bought the hardware and software solutions. We have reached out and we hope to be in the game,” Chiongbian said.
He said the company was in talks with two major licensed distributors of the vaccine and was expecting to clinch the deal soon.
Chiongbian highlighted the company’s logistics support of 250,000 trucks of varied capacity and its readiness to enhance its fleet of refrigerated vans which would be used solely for the delivery of COVID-19 vaccines.
Chiongbian said CVC’s investment into the company would go a long to improving their logistics technology and in future-proofing the company’s logistics operations.
Investing through CVC Capital Partners Asia IV, CVC will support Fast’s continued development and further expansion across the Philippines. After an infusion of P6 million in Fast, CVC Capital holds 40-percent of the company shares.
“This will all primary capital, so all the money will be used for growing the business. We’ve been working for over a year now and the partnership is going extremely smoothly. We are involved in the key decision the group is making,” said CVC capital managing director Brice Cu.