FAST LOGISTICS Group is planning to expand its existing facilities in the country and take part in the distribution of coronavirus vaccines, after CVC Capital Partners, a private equity and investment advisory firm, committed to invest P6 billion in the company.
“The investment of CVC here amounting to P6 billion, which goes directly to the company, will be used to accelerate our growth here, including expansion of the present facilities that we have. We will definitely be investing also in digital transformation and technology, and looking also at other opportunities [to increase our footprint through] mergers and acquisitions here,” Bonifacio O. Doroy, Fast Group director, said at a virtual press briefing on Tuesday.
William B. Chiongbian II, the group’s president and chief executive officer, said Fast Group would “definitely be in the supply chain for vaccines.”
“We have a number of customers… We are now trying to liaise with the offices, the vaccine czar, and the private side,” he added.
Brice Cu, managing director at CVC, said the equity and investment advisory firm had been working closely with Fast Group “for a year” now.
“[We] have made excellent progress on a number of important strategic initiatives, most notably in building a pipeline of attractive acquisition opportunities,” he added.
Fast Group said its clients include Nestle, Johnson & Johnson, Procter & Gamble, and NutriAsia.
It also works with healthcare services provider Zuellig Pharma and consumer goods company Green Cross. — Arjay L. Balinbin