Madison Dearborn buys USCF ETFs for $2 a share, sending MGLD up 91%
As seen on the 24/7 Wall St. homepage on September 25, 2026.
Private equity is now paying up for commodity ETF shelf space, and a $2-per-share deal for a $6 billion platform doubled a micro cap overnight.
MORE M&A: Madison Dearborn (PE firm) is acquiring USCF ETFs (which have $6b aum, $USO biggest fund) for $2 a share via its holding co Marygold $MGLD, a micro cap up 91% this morning on news. They are also bringing in Tim Rotolo (the guy behind $URNM) to run/build up ETF biz for https://t.co/QphgbUIusH
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Private equity firm Madison Dearborn is acquiring USCF ETFs, a commodity-focused ETF manager with $6 billion in assets under management, at $2 a share. The deal is being executed through Marygold Companies, Madison Dearborn's micro-cap holding company.
The price tag on a $6 billion platform is a concrete signal that private equity sees durable value in owning branded ETF shelf space, particularly in commodities. USO, the United States Oil Fund, is USCF's largest product and one of the most recognizable commodity ETFs in the market.
Madison Dearborn is also bringing in Tim Rotolo to run and build out the ETF business. Rotolo is known in the industry as the architect behind URNM, the Sprott Uranium Miners ETF, giving the new ownership group a manager with a track record of launching thematic products that attract genuine investor interest.
Marygold shares surged 91% on the news. For a micro cap, that kind of move on an acquisition announcement reflects just how unexpected the deal was and how much the market reweighted the company's prospects in a single session.