CVC Capital Partners is preparing to exit its stake in Nirvana Asia, a Malaysia-based funeral services company it has held for more than nine years, according to four sources familiar with situation.

The private equity firm is in talks with a couple of investment banks over a potential exit, the first and second source said.

It has begun gauging interest from potential buyers in APAC’s largest bereavement services provider, the third source said.

The sale is expected to be launched this year, the two sources said.

Discussion is still at exploration stages and is part of the private equity firm’s review of its legacy holdings to access the suitable timing for an exit, the fourth source said.

CVC is likely to market Nirvana Asia with an enterprise value of USD 1.3bn to USD 1.5bn, according to the first source. Based on its 36.5% stake in the company, the sale could yield about USD 500m, the source added.

The sale, however, may see a limited pool of potential buyers given Nirvana Asia’s niche business nature, said the two sources.

CVC, through its CVC Asia IV fund, completed USD 1.1bn privatisation of Nirvana Asia in October 2016, according to a press release.

Tan Sri David Kong, the founder of Nirvana, and CVC became the two largest shareholders. Kong remained as CEO and continued to lead the existing management team, the press release said.

Back to 2022, CVC appointed Morgan Stanley to help offloading its stake in Nirvana Asia, according to a report by this news service at that time. The sale attempt didn’t result in a deal announcement.

Founded in 1990, Nirvana Asia operates in four key markets including Malaysia, Singapore, Indonesia and Thailand as the largest bereavement services provider.

According to a report from Cognitive Market Research, the global death care market was valued at USD 122.6bn in 2024, with Asia‑Pacific accounting for about 23% or USD 28.2bn. The region is projected to grow at a compound annual rate (CAGR) of 6.5% through 2031. The industry is expanding significantly in the Asia Pacific due to factors such as rising levels of urbanization, rising disposable incomes, and shifting societal perceptions of death and grieving, it said.

CVC Capital and Nirvana Asia did not respond to requests seeking comments.