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CVC said to eye up to $2bn selling funeral provider Nirvana Asia


Private equity major CVC Capital Partners is reportedly eyeing up to $2bn through the sale of Malaysian funeral services provider Nirvana Asia.

Bidding is into the second round for Nirvana according to Reuters, which cited three unnamed people it said had knowledge of the matter.

It said most bidders were strategic buyers outside of Asia, but that an infrastructure fund was among the suitors.

CVC bought Nirvana Asia six years ago in a $1.1bn take-private deal, with Baird Capital picking up a minority stake two years later.

The company, which was founded in 1990, provides burial plots, funeral and cremation services and pet memorial gardens across Malaysia, Singapore, Thailand and Indonesia.

Last month it emerged that CVC was in talks to sell its stake in Indonesian snack food business GarudaFood Putri Putri Jaya in a deal which could value the company at up to $1.5bn.

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