CVC to sell Asian funeral business Nirvana, seeks up to $2 billion – source

A salesperson talks to a potential customer at the Columbarium section of the Nirvana Memorial Park in Shah Alam, a Kuala Lumpur suburb, September 5, 2010. REUTERS/Bazuki Muhammad/File Photo

SINGAPORE/HONG KONG (Reuters) – Private equity firm CVC Capital Partners is selling Malaysian funeral services company Nirvana Asia in a deal of up to $2 billion, three people familiar with the matter said. a source told Reuters.

The sale process, run by Morgan Stanley, has entered a second round of bidding, two people said.

Second-round suitors are primarily strategic buyers based outside of Asia, according to one of the people involved and another person familiar with the deal.

An infrastructure fund is also included, one of the people said.

A fifth source said a binding bid is expected in the coming weeks. All sources were not identified as the information is confidential.

Nirvana did not immediately respond to a request for comment. CVC, Morgan Stanley and Nirvana founder David Kong declined to comment.

Betting on the growing demand for luxury funerals in the region, CVC acquired the business for $1.1 billion in 2016. CVC he attempted to sell two years later, but negotiations with many companies and private equity funds at the time fell through. A previous sales plan said:

Founded in 1990, Nirvana provides funeral, burial and cremation services for humans and pets. According to its website, it also has branches in Singapore, Thailand and Indonesia.

Reporting by Yantoulra Ngui from Singapore and Kane Wu from Hong Kong. Editing by Edwina Gibbs and David Evans

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