CSA Group, the Canadian product testing and certification company, is exploring a sale that could value the business at around C$2 billion ($1.4 billion), according to people familiar with the matter. Jefferies Financial Group Inc. is advising on the sale of the business and is collecting first-round bids, said the people, asking not to be identified because the process is confidential. Interested parties include several private equity firms as well as other testing companies, the people said. CSA didn’t respond to requests for comment. A Jefferies spokesperson declined to comment. The process is ongoing and there’s no guarantee a transaction will occur, the people said.

CSA is ultimately controlled by a non-profit organization organization rather than traditional shareholders. The organization is owned by roughly 1 11,000 members, and proceeds from any sale would flow to a non-profit holding company that would fund future research and standards development, including work in emerging areas such as data centers, one of the people said. Founded in 1919, CSA develops standards and provides testing, inspection and certification services across sectors including electrical products, industrial equipment, energy, healthcare and consumer goods. The company operates laboratories and offices in North America, Europe and Asia.

CSA Group’s exploration of a sale highlights the growing interest in specialized testing and certification firms as strategic assets within the broader technical services market. The potential C$2 billion valuation reflects the company’s critical role in ensuring compliance across high-stakes sectors like energy and healthcare, where regulatory standards directly impact product safety and market access. The non-profit ownership structure adds a unique dimension, as any sale proceeds would fund future research