The private equity owner of food ingredients maker Innophos Holdings Inc. is considering taking advantage of a drastic increase in profits by marketing the business for sale, six industry sources said.

One Rock Capital Partners LLC, which is working with Lazard Ltd. and RBC Capital Markets to gauge buyer interest, projects close to $400 million in Ebitda for 2022 for Innophos, according to three of the sources. Two other sources pinned Ebitda closer to $300 million over the past 12 months.

If projections ring true, Innophos will have roughly quadrupled profits in around a year while increasing sales by around 60% to 80%. The supplier of nutrition ingredients and specialty phosphates projects Ebitda margins for the year of a little over 30%, two of the sources said, which would put sales at around $1.2 billion to $1.3 billion.

One Rock, which began outreach over the past few weeks, is exploring a sale in a very challenging market, but sources expressed some understanding of the process’ timing given the exponential increase in Innophos’ profits over the past year.

Innophos generated $725 million in sales in the 12-month period through Sept. 30, 2021, according to a February note from Moody’s Investors Service Inc.

Two sources pegged 2021 Ebitda at about $120 million to $125 million, representing a roughly 16% to 17% Ebitda margin.