The Walter Karl Companies

Walter Karl is a leading national direct marketing services firm that provides list management, list brokerage and computer-based marketing information services to approximately 300 clients. The Company's largest customer categories include telecommunications, business-to-business services, fundraising, publishing, catalogs, and financial services.

Walter Karl's primary shareholder, AO Capital, Inc., engaged Gordian Group to sell the company. Gordian Group performed extensive due diligence on Walter Karl and its operations, created a confidential memorandum regarding Walter Karl and its prospects, identified potential investors, contacted such investors as part of the capital raising process and arranged meetings between potential investors and Walter Karl management. After several rounds of bidding, the company was sold in March 1998 to one of the largest direct marketing companies in the country, at an attractive valuation.