Madison Said to Mull $10 Billion-Plus Filtration Group Sale

The owner of Filtration Group is exploring a sale that could value the company at more than $10 billion, including debt, according to people familiar with the matter.

Madison Industries is working with financial advisers to solicit offers for the Oak Brook, Illinois-based industrials group, which is expected to draw interest from private equity firms and industry rivals, said the people, who asked to not be identified because the discussions are private. No final decision has been made and Madison Industries could opt to keep the business, the people added.

A representative for Madison Industries declined to comment. A representative ...