Enter the Private Investor

The downside, of course, is that consumers would be left with little choice. “This industry has been built on service. When it becomes about price and only price — and comparison price-shopping is the norm — then we’ve lost the soul of the catalog industry,” Libey says.

How to avoid the potential Wal-Mart effect on the catalog industry? Controlled growth by people and companies that know and understand the business, he says. “If you’re thinking about selling your catalog, pick an investment group that understands the catalog industry,” Libey advises. “Associate with solid investment groups that add value back to the companies before putting them back up for sale.”