Consumer Cellular sells majority stake to private equity firm GTCR

GTCR, the Chicago-based private equity group, is buying a majority stake in Consumer Cellular Inc., the wireless company that’s popular with customers over age 50.

The deal values the closely held mobile company at roughly $2 billion, according to people with knowledge of the matter, who asked not to be identified because they weren’t authorized to speak publicly. John Marick, the carrier’s co-founder and chief executive officer, declined to disclose the terms.

Consumer Cellular, which was founded in Portland, Oregon, has no physical stores. The company sells wireless service using capacity from bigger mobile companies. It is focused on people age 50 and over, offering handsets that include flip phones with oversize buttons. The service has about 4 million subscribers, according to a statement.