Oilfield pipe coating maker ShawCor Ltd. sat out years of consolidation that led to the sale of many Canadian players in the oil and gas tubes business, but it appears that may be about to end after the company set up a strategic review and said its controlling shareholder is interested in selling.

ShawCor has been an under-the-radar company on the Toronto Stock Exchange, but has grown quietly into a large presence. At current prices, with a premium thrown in for control, ShawCor would fetch well over $2-billion.

The Shaw family has controlled the company for many decades. Current chairwoman Virginia Shaw, the controlling shareholder, took over after her father passed away in 2007.

Ms. Shaw has told the board of ShawCor that she would consider selling her shares, prompting ShawCor to set up a sale process that includes a special committee and hiring a financial adviser, Credit Suisse.

The company hasn't yet talked to any potential buyers, and does not have any bids, ShawCor said in a statement announcing the sale process.