United States Oil Fund: Parent Owner Agrees to Sale to Madison Dearborn

What Happened
On September 25, 2026, United States Oil Fund, LP disclosed that its ultimate owner, The Marygold Companies, Inc. (“TMC”), publicly announced a definitive agreement to be acquired in an all-cash transaction by Madison Dearborn Partners (“MDP”), a private equity firm. TMC is the sole shareholder of USCF Investments, Inc., the holding company and sole member of United States Commodity Funds LLC (“USCF”), which acts as the general partner of United States Oil Fund, LP. The Transaction is expected to close during the first half of 2027, subject to customary closing conditions including TMC stockholder approval, regulatory approvals, and certain change-of-control consents. TMC’s common stock would cease trading on the NYSE after closing.

Key Details

• Announcement date: September 25, 2026. Buyer: Madison Dearborn Partners (MDP). Seller: The Marygold Companies, Inc. (TMC).
• Transaction type: All-cash acquisition; expected close: first half of 2027 (timing subject to approvals).
• Corporate links: TMC → sole shareholder of USCF Investments, Inc. → holding company and sole member of USCF → general partner of United States Oil Fund, LP.
• Post-close plans: MDP and TMC indicated they will pursue a previously announced transformation strategy to refocus USCF’s business; completion is not guaranteed.

Why It Matters
A change in ownership of TMC — the ultimate owner through which the fund’s general partner is structured — could lead to strategic or management changes at USCF that affect how United States Oil Fund, LP is run. Investors should note the announced timeline and required approvals; the deal could affect governance or operational focus but is not final until closing. Monitor future filings for definitive terms, any proxy or regulatory disclosures, and updates on how MDP plans to implement the stated transformation strategy. Keywords: acquisition, private equity, change of control, general partner.