CVC Capital Partners is considering options including a sale of its significant minority stake in Philippine logistics company Fast Group after receiving interest from potential buyers, according to people familiar with the matter.
(Bloomberg) — CVC Capital Partners is considering options including a sale of its significant minority stake in Philippine logistics company Fast Group after receiving interest from potential buyers, according to people familiar with the matter.
The alternative investments firm has been in talks with possible suitors for its stake, in a potential deal that could value the whole business at about $1 billion, the people said. Other investment funds and companies in the industry have shown preliminary interest in a deal, the people said, asking not to be identified because the matter is private.Â
Deliberations are ongoing and London-based CVC could still decide to retain the stake in the group, the people said. A representative for CVC declined to comment.
Founded by the Chiongbian family, Fast Group has expanded over the years into an end-to-end logistics company serving multinationals operating in the Philippines as well as local communities. CVC invested in Fast Group in 2020, according to a statement at the time that didn’t disclose financial details.
CVC focuses on private equity, secondaries and credit, counting about €140 billion ($153 billion) of assets under management as of March 31, its website shows. It has been active in Asia for more than 23 years.
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