United States Gasoline Fund, LP Announces Parent Company Sale to MDP

What Happened

• On September 25, 2026, United States Gasoline Fund, LP (UGA) filed an 8-K (Item 1.01) disclosing that its ultimate parent, The Marygold Companies, Inc. (TMC), publicly announced a definitive agreement to be acquired by Madison Dearborn Partners (MDP) in an all-cash transaction. TMC is the sole shareholder of USCF Investments, Inc., which is the holding company and sole member of United States Commodity Funds LLC (USCF), the general partner of UGA.
• The transaction was announced as expected to close in the first half of 2027 or earlier, subject to customary closing conditions including TMC stockholder approval, regulatory approvals, and certain change-of-control consents. TMC common stock would be delisted from the NYSE upon closing.

Key Details

• Announcement date: September 25, 2026 (8-K filed same day).
• Buyer: Madison Dearborn Partners (MDP), a private equity firm based in Chicago; consideration described as all-cash (purchase price not disclosed in the 8-K).
• Expected close: First half of 2027, contingent on stockholder and regulatory approvals and change-of-control approvals.
• Post-close plan: TMC and MDP said they will pursue TMC’s previously announced transformation strategy to refocus USCF’s business; no guarantee the transaction will close.

Why It Matters

• This is a change at the top of UGA’s ownership structure: TMC (UGA’s ultimate parent) would become privately held and delisted from the NYSE if the deal closes. That could lead to changes in strategy or management at USCF, the general partner that operates UGA.
• The 8-K does not report immediate operational changes, financial results, or effects on UGA’s distributions. Investors should note the transaction is subject to approvals and may not occur; any material future changes (fees, strategy, governance) would require additional disclosures.