SINGAPORE • CVC Capital Partners is weighing options for Nirvana Asia Ltd, including a sale that could give the bereavement services company an enterprise value of close to US$2 billion (RM8.38 billion), according to people with knowledge of the matter.
The buyout firm is working with a financial advisor on the strategic review, said the people, who asked not to be identified as the process is private.
While a sale is preferred, CVC Capital is also considering options such as an IPO or a private funding round, the people said.
Deliberations are still ongoing and there is no guarantee that CVC will proceed with a deal, said the people.
CVC Capital took the Hong Kong-listed company private in 2016, leaving the buyout firm and Nirvana Asia’s founder as the two largest shareholders, according to a press release.
Founded in 1990, Nirvana Asia provides funeral, burial and cremation services. It
owns Nirvana Memorial Park in Malaysia, which it claims is the world’s biggest private memorial park, according to its website.
The company also has branches in Hong Kong, China, Thailand, Indonesia, Singapore and Cambodia, its website shows.
Nirvana Asia employs more than 700 people, and sells over 85% of its products to customers years before they are used, according to CVC’s website.