Madison Dearborn to Take Marygold Private in Bet on Commodity ETF Manager USCF
Madison Dearborn Partners has agreed to acquire The Marygold Companies in an all-cash transaction that would expand the private equity firm’s holdings in financial services.
The acquisition’s centerpiece is USCF, Marygold’s commodity-focused exchange-traded fund manager. USCF oversees approximately $6 billion and offers exposure to oil, natural gas, copper, broad commodities and equity income. Madison Dearborn and Marygold plan to pursue a previously announced strategy to refocus the company on USCF after the deal closes. Marygold also operates food manufacturing, printing and beauty products businesses.
Tim Rotolo, who has more than 15 years of experience in ETFs, public markets and institutional fundraising, is slated to become Marygold’s CEO. He would succeed Nicholas Gerber, the company’s chairman, president and CEO. Rotolo previously helped build thematic ETF platforms, including a uranium mining fund that grew to more than $1 billion before its sale to Sprott Asset Management.
“With the capital and strategic support of MDP, I am confident in our ability to continue to improve, scale, and grow USCF,” Rotolo said.
Marygold shareholders would receive $2 per share, double the stock’s Sept. 24 closing price. The companies did not disclose a total transaction value. Shareholders who collectively beneficially own about 75% of the company’s outstanding shares, including Gerber, have agreed to vote for it. Marygold would become privately held upon closing. The deal is expected to close in the first half of 2027 or earlier.
The agreement extends Madison Dearborn’s activity in asset and wealth management. The firm acquired a majority of NFP’s wealth business from Aon in a $2.7 billion transaction that brought Wealthspire Advisors, Fiducient Advisors and other firms into its portfolio.
Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $36 billion and has completed over 160 platform investments.
RBC Capital Markets served as exclusive financial advisor to MDP and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan, Lewis & Bockius LLP served as legal advisors to MDP and Tim Rotolo in this transaction. Holland & Hart LLP served as legal advisor to Marygold.