Madison Dearborn Partners said it will acquire The Marygold Companies in an all-cash deal priced at $2 per share, a 100% premium over Marygold’s closing price on Wednesday.
Marygold will become a privately held company following the transaction, and its common stock will be delisted from the New York Stock Exchange. The deal is expected to close during the first half of 2027, pending approval from Marygold stockholders, regulatory clearances and other customary conditions.
The Marygold board unanimously recommended the transaction. Approximately 75% of Marygold’s outstanding shares are held by existing stockholders, including outgoing President, CEO and Chairman Nicholas Gerber, who have entered into voting and support agreements to back the deal.
Marygold is the holding company for USCF, a commodity-focused exchange-traded fund manager based in Chicago and San Clemente, California, that oversees approximately $6 billion in assets. Its funds track exposure to oil, natural gas, copper and broad commodity indexes, alongside equity income solutions.
Tim Rotolo will become CEO of Marygold after the transaction closes. Rotolo brings more than 15 years of experience in ETFs, public markets and institutional capital raising; he previously launched and scaled two thematic ETF platforms, including URNM, a uranium mining ETF that grew to over $1 billion before being sold to Sprott Asset Management.
RBC Capital Markets served as exclusive financial advisor to Madison Dearborn Partners. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan, Lewis & Bockius LLP acted as legal advisors to the acquirer, while Holland & Hart represented Marygold.
Gerber said the transaction "provides immediate and certain value to our stockholders at a significant premium."
