Madison Dearborn Partners has agreed to acquire The Marygold Companies, parent of commodity ETF manager USCF, in an all-cash take-private deal. Stockholders will receive $2.00 per share, a 100 percent premium to the closing price on September 24, 2026.

Marygold is a holding company with subsidiaries in financial services, food manufacturing, printing and beauty products, with operations in the US, New Zealand and the UK. Its main asset, USCF, is headquartered in Walnut Creek, California, and manages about $6 billion in assets. USCF holds category-defining positions in oil, natural gas, copper, broad commodity index and equity income funds, and launched the first oil ETP in 2006.

After closing, MDP will refocus the business on USCF, providing capital and strategic support for product innovation, distribution and marketing. MDP is partnering with Tim Rotolo, who will become CEO. Rotolo previously launched and scaled URNM, a uranium mining ETF that grew to more than $1 billion before being sold to Sprott Asset Management.

Stockholders owning around 75 percent of shares, including outgoing CEO Nicholas Gerber, signed voting agreements to back the deal. The transaction is expected to close in the first half of 2027, after which Marygold will delist from the New York Stock Exchange. Chicago-based MDP has raised more than $36 billion since 1992.