The owners of Kaefer, a German industrial services company, are exploring a sale that could value the business at more than €2 billion ($2.3 billion), according to people familiar with the matter. The potential transaction comes as private equity firms and strategic buyers show continued interest in industrial services companies amid growing demand for specialized maintenance and insulation work.

Kaefer specializes in industrial insulation, scaffolding, and corrosion protection services for energy, chemical, and manufacturing sectors. The company's operations span multiple European countries and have benefited from increased infrastructure spending and industrial activity. The €2 billion valuation would represent a significant premium to current market conditions for industrial services providers.

If completed, the sale would mark one of the larger transactions in the European industrial services sector this year. The owners' decision to explore strategic options reflects both the company's strong market position and broader consolidation trends in the industry. The sale process is still in early stages, and no final decision has been made about proceeding with a transaction.