Consumer Cellular recently announced that it has agreed to sell a controlling stake to GTCR for an undisclosed amount. Based on the terms of the transaction, expected to close by the end of 2020, GTCR will acquire a majority interest in the company with existing shareholders retaining a significant minority position.
“Our decision to sell Consumer Cellular represents the next chapter in this company’s exciting 25-year history,” said current CEO and Consumer Cellular co-founder John Marick in a statement. “We looked long and hard for a partner who not only aligned with our values, but one who could continue the growth trajectory of our company well into the future. We found that in GTCR. They understand not only our focus on the senior demographic, but also the importance of strong customer service. We are excited to watch them take our beloved company to the next level.”
The company will keep their current office and call center locations in Oregon and Arizona and Marick will retire from the company once the deal is finalized, but will remain on the board of directors. Longtime wireless industry veteran, Ed Evans, will assume the CEO role at Consumer Cellular.
“When we first met with Consumer Cellular, we immediately felt a connection,” said David Donnini, managing director of GTCR. “Our values and approach to both employees and customers are very similar to John’s approach, and we believe it will enable us to continue investing in and growing Consumer Cellular.”