United States Natural Gas Fund Parent to Be Acquired by Madison Dearborn

What Happened
On September 25, 2026, United States Natural Gas Fund, LP (UNG) reported that The Marygold Companies, Inc. (“TMC”) publicly entered into 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 UNG. The parties expect the Transaction 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 approvals. The filing does not disclose a purchase price.

Key Details

• Transaction announced: September 25, 2026; expected close: first half of 2027 (or earlier upon satisfaction of conditions).
• Buyer: Madison Dearborn Partners (private equity firm); Seller: The Marygold Companies, Inc. (TMC).
• Corporate chain: TMC → USCF Investments, Inc. → United States Commodity Funds LLC (USCF, GP of UNG).
• Post-close: TMC will become privately held and its common stock will be delisted from the New York Stock Exchange. No purchase price disclosed in the 8‑K.

Why It Matters
This is a change in the ultimate owner of UNG’s general partner. A new private‑equity owner could implement the previously announced transformation strategy for USCF, which the filing says MDP and TMC intend to execute after closing. For UNG investors, that means potential changes in governance, strategic direction, or operations of the general partner once the deal closes and required approvals are obtained. There are no immediate operational changes disclosed in the filing and the Transaction may not be completed if closing conditions are not satisfied.