GTCR Announces Acquisition of Consumer Cellular
GTCR Executes the Leaders Strategy to Support Growth and Expansion of A Leading Virtual Wireless Services Provider
GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire Consumer Cellular, Inc.
Headquartered in Portland, Oregon, Consumer Cellular is a leading provider of postpaid wireless services with a focus on the 50+ demographic. The Company currently serves approximately 4 million subscribers nationwide providing affordable cellular plans and award-winning customer service.
In executing the Leaders Strategy, GTCR is partnering with Ed Evans. Mr. Evans will become the new CEO of Consumer Cellular upon the close of GTCR’s investment. Mr. Evans is an accomplished executive in the wireless space with more than three decades of experience including partnering with GTCR in its prior investment in Syniverse Technologies. Mr. Evans succeeds Consumer Cellular founder John Marick who has served as the Company’s CEO since inception. Mr. Marick will remain a substantial shareholder of the Company and remain on the board of directors.
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“John and the Consumer Cellular team have built a tremendous business that is well-positioned for long-term success,” said GTCR Managing Director David Donnini. “The entire Consumer Cellular organization should be proud of the business they have built. We look forward to Ed working with the Company and its employees to continue Consumer Cellular’s legacy of growth and innovation.”
“I am excited to partner again with GTCR and look forward to continuing Consumer Cellular’s mission of providing its customers with exceptional service and competitively priced wireless plans,” said Mr. Evans. “GTCR brings significant resources and experience in building industry-leading companies and together we expect to further grow Consumer Cellular’s subscriber base and expand its services offering.”
Stephen Jeschke, Managing Director at GTCR, added: “Through their exceptional service and strong customer value proposition, Consumer Cellular delivers a differentiated customer experience at a lower cost to a growing demographic. We are thrilled to be partnering with Consumer Cellular at this exciting time in the Company’s evolution.”
The transaction is expected to close in the fourth quarter of 2020.
Credit Suisse and Raymond James served as financial advisors and Kirkland & Ellis LLP served as legal advisor to GTCR. BofA Securities served as exclusive financial advisor and Kell, Alterman & Runstein, LLP served as legal advisor to Consumer Cellular.
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