Castlelake LP-backed Itafos Inc. on Monday, March 13, announced that it has commenced a review of strategic alternatives to maximize shareholder value. The options under consideration for the fertilizer producer include a sale, merger or recapitalization.

Houston-based Itafos cautioned there is no certainty the process will lead to any transaction and said no timetable has been set for the completion of the review.

The board has formed a committee of independent directors to oversee the process, and it has tapped BofA Securities Inc. as financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cassels Brock & Blackwell LLP as legal counsel. Cathy Singer of Norton Rose Fulbright Canada LLP and Brian Fenske of Norton Rose Fulbright US LLP are leading teams providing legal counsel to the company.

“Over the last year, Itafos has taken decisive actions to strengthen the company, including working to extend the life of the Conda mine, extending the maturity and reducing the cost of the company’s debt, improving its capital structure through significant deleveraging, and strengthening the management and board,” Itafos chairman Anthony Cina said in the statement.

Itafos, formerly MBAC Fertiliser Corp., is a vertically integrated phosphate fertilizer company that produces and sells monoammonium phosphate, super phosphoric acid, merchant-grade phosphoric acid, single superphosphate and other specialty products.

The company’s largest shareholder is Minneapolis-based Castlelake, which owns about 61% of Itafos, according to a company presentation.