CVC sells Asian funeral firm Nirvana, seeks up to $2 billion from sources

CVC sells Asian funeral firm Nirvana, seeks up to  billion from sources

By Yantoultra Ngui and Kane Wu

SINGAPORE/HONG KONG (Reuters) – Private equity firm CVC Capital Partners is selling Malaysian funeral services firm Nirvana Asia Limited in a deal that could reach $2 billion, three people familiar with the matter told Reuters.

Managed sales process Morgan Stanley (NYSE :), entered the second round of bidding, two people said.

One person and a separate person familiar with the deal said that the second-round suitors are mostly strategic buyers based outside of Asia.

One person said the infrastructure fund is also in the mix.

A fifth source said the binding bids are due within a few weeks. All sources declined to be identified because the information was confidential.

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

Betting on increased demand for luxury funerals in the region, CVC bought the company for $1.1 billion in 2016. CVC tried to sell it two years later, but talks with a number of companies and private equity funds at the time faltered, and people familiar with the sale plan said. previous.

Founded in 1990, Nirvana provides funeral, burial and cremation services for humans and pets. It also has a presence in Singapore, Thailand and Indonesia, according to its website.

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