United States 12 Month Oil Fund, LP (NYSE Arca: USL) disclosed on September 25, 2026, that its ultimate parent, The Marygold Companies, Inc. (TMC), has entered into a definitive agreement with Madison Dearborn Partners (MDP) to be taken private. The all-cash transaction will remove TMC common stock from the New York Stock Exchange and place the holding company under private ownership.
TMC is the sole shareholder of USCF Investments, Inc., which serves as the holding company and sole member of United States Commodity Funds LLC (USCF). USCF acts as the general partner of United States 12 Month Oil Fund, LP. The filing indicates that MDP, a Chicago-based private equity firm, will acquire TMC in a move expected to close during the first half of 2027 or earlier.
The closing of the transaction is contingent upon the satisfaction of customary conditions, including approval from TMC stockholders, regulatory clearances, and specific change-of-control approvals. The filing explicitly notes that there is no guarantee the deal will be completed within the expected timeframe or at all. Upon completion, TMC will become a privately held company.
In the 8-K filing, TMC and MDP stated their intention to execute TMC's previously announced transformation strategy to refocus USCF's business after the transaction closes. The companies indicated this would occur at an appropriate time following the close. John P. Love, President and Chief Executive Officer of United States Commodity Funds LLC, signed the report on behalf of the registrant on September 25, 2026.