Sleep Number Reconstitutes Board in Agreement with Stadium Capital
Deal News | Mar 20, 2025 | Olshan Frome Wolosky LLP
The Minnesota Star Tribune and other media sources reported on the strategic agreement reached between Stadium Capital and Sleep Number Corporation, facilitated by Olshan Frome Wolosky LLP. As a part of this agreement, five long-tenured directors of Sleep Number's Board, including its current CEO and Chair, are set to depart. Hilary A. Schneider, who was added as a director in a prior agreement between Stadium Capital and Sleep Number, will assume the role of Chair of the Management Development and Compensation Committee. Ryan Nebel, Vice Chair of Olshan's Shareholder Activism Practice Group, alongside Ian Engoron and Ryan Busch, represented Stadium Capital in this investment negotiation. This move reflects a significant shift in Sleep Number's governance structure, influenced by Stadium Capital's commitments and objectives in reshaping the Board for enhanced management development.
Sectors
- Financial Services
- Consumer Goods
- Legal Services
Geography
- United States – Both Stadium Capital and Sleep Number are based in the United States, and the agreement affects Sleep Number's U.S.-based operations.
- Minnesota – The report mentions the Minnesota Star Tribune, indicating Sleep Number's connection to this geographical region.
Industry
- Financial Services – This pertains to the involvement of Stadium Capital, a financial investment firm, in negotiating changes in the governance structure of Sleep Number.
- Consumer Goods – Sleep Number, which manufactures and sells smart beds and bedding products, falls under the consumer goods industry.
- Legal Services – Olshan Frome Wolosky LLP provided legal advisory services in this agreement, focusing on shareholder activism.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sleep Number Corporation | Target Company | Company | A company specializing in manufacturing and selling smart beds and bedding products. |
| Stadium Capital | Investing Company | Company | A financial investment firm involved in strategic governance restructuring at Sleep Number. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | Provided legal services to Stadium Capital in their investment dealings with Sleep Number. |
| Hilary A. Schneider | New Chair of Management Development and Compensation Committee | Person | Board member who will take on an expanded leadership role as part of the agreement. |
| Ryan Nebel | Legal Representative for Stadium Capital | Person | Vice Chair of Olshan's Shareholder Activism Practice Group. |
| Ian Engoron | Legal Representative for Stadium Capital | Person | Representative from Olshan involved in the investment. |
| Ryan Busch | Legal Representative for Stadium Capital | Person | Representative from Olshan involved in the investment. |