CVC exploring sale for funeral provider Nirvana

Nirvana provides burial plots, niches and tomb design and construction services in Southeast Asian markets including Malaysia, Thailand, Singapore and Indonesia.

BENGALURU: Private equity firm CVC Capital Partners is exploring options for Asia’s largest funeral services provider Nirvana Asia Ltd, including a possible sale, and a deal could be worth more than US$1.8 billion (RM7.5 billion), a source familiar with the matter told Reuters.

The talks are still in early stages and there has been strong interest from a number of parties, including infrastructure investors, sovereign wealth funds and private equity, the source said on condition of anonymity as the information is confidential.

CVC bought Kuala Lumpur-based Nirvana for US$1.1 billion in 2016, betting on increased demand for luxury funerals in the region.

Nirvana provides burial plots, niches and tomb design and construction services in Southeast Asian markets including Malaysia, Thailand, Singapore and Indonesia, according to its website.

CVC declined to comment, while Nirvana was not immediately available for comment.

Earlier in the day, the Wall Street Journal reported that CVC was planning to sell Nirvana Asia in a deal that could be worth US$1.5 billion to US$2 billion.