CVC explores sale of Nirvana Asia

Nirvana Asia Group founder and executive chairman Tan Sri David Kong Hon Kong (third from right) at the launch of the new Nirvana Memorial Park Klang sales office on Sunday Dec 9.

BENGALURU: Private equity firm CVC Capital Partners is planning to sell Asia’s largest funeral services provider, Nirvana Asia Ltd, in a deal that could be worth US$1.5bil to US$2bil, the Wall Street Journal reported, citing sources.

CVC bought Malaysia-based Nirvana for US$1.1bil in 2016, betting on increased demand for luxury funerals in the region. A deal will signal a quick exit for London-based CVC, though private-equity investments typically last about five years, according to the report.