Madison Dearborn Partners to take TMC private in all-cash deal

Madison Dearborn Partners has entered into a definitive agreement to acquire The Marygold Companies, Inc. in an all-cash transaction that will take the firm private. The deal, announced on September 25, 2026, involves TMC becoming a privately held company, with its common stock delisted from the New York Stock Exchange.

The Marygold Companies is the sole shareholder of USCF Investments, Inc., which serves as the holding company and sole member of United States Commodity Funds LLC. USCF acts as the general partner for the United States Natural Gas Fund, LP, which trades under the ticker symbol UNG on NYSE Arca.

The transaction is expected to close during the first half of 2027, or earlier if customary closing conditions are met. These conditions include approval from TMC stockholders, regulatory approvals, and specific change-of-control approvals. The filing notes that there is no guarantee the transaction will be completed within this timeframe or at all.

Upon completion, Madison Dearborn Partners and TMC leaders plan to execute TMC's previously announced transformation strategy. This strategy aims to refocus the business of USCF. Madison Dearborn Partners is described in the filing as a leading private equity firm based in Chicago.

United States Natural Gas Fund, LP filed the Form 8-K with the U.S. Securities and Exchange Commission on September 25, 2026. The fund is incorporated in Delaware and maintains its principal executive offices at 1850 Mt. Diablo Boulevard, Suite 640 in Walnut Creek, California. John P. Love, President and Chief Executive Officer of United States Commodity Funds LLC, signed the report on behalf of the registrant.