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.