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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
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Select Comfort Corporation
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
81616X103
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(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/ / Rule 13d-1(c)
/X/ Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
Page 1 of 6 pages
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SCHEDULE 13G
CUSIP No. 81616X103
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(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Apex Investment Fund, L.P. 36-3572877
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES (5) SOLE VOTING POWER
BENEFICIALLY 656,980
OWNED BY --------------------------------------------------
EACH REPORTING (6) SHARED VOTING POWER
PERSON WITH: -0-
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(7) SOLE DISPOSITIVE POWER
656,980
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(8) SHARED DISPOSITIVE POWER
-0-
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
656,980
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.6%
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(12) TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 6 pages
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SCHEDULE 13G
CUSIP No. 81616X103
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(1) NAMES OF REPORTING PERSONS.
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
The Productivity Fund II, L.P. 36-3775406
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES (5) SOLE VOTING POWER
BENEFICIALLY 282,554
OWNED BY --------------------------------------------------
EACH REPORTING (6) SHARED VOTING POWER
PERSON WITH:
-0-
--------------------------------------------------
(7) SOLE DISPOSITIVE POWER
282,554
--------------------------------------------------
(8) SHARED DISPOSITIVE POWER
-0-
- -------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
282,554
- -------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.6%
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(12) TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 6 pages
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Item 1(a). Name of Issuer:
Select Comfort Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
6105 Trenton Lane North, Suite 100
Minneapolis, Minnesota 55442
Item 2(a). Name of Person Filing:
Apex Investment Fund, L.P. ("Apex") and The
Productivity Fund II, L.P. ("PF II")
Item 2(b). Address of Principal Business Office:
Apex maintains its principal business office at 233 South Wacker
Drive, Suite 9600, Chicago, Illinois 60606. PF II maintains its
principal business office at 233 South Wacker Drive, Suite 9500,
Chicago, Illinois 60606.
Item 2(c). Citizenship:
Apex and PF II are Delaware limited partnerships.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value
Item 2(e). CUSIP Number
81616X103
Item 3. Type of Person:
Not Applicable
Page 4 of 6 pages
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Item 4. Ownership:
(a) Amount Beneficially Owned:
Apex is the beneficial owner of 656,980 shares (which includes
11,102 common stock purchase warrants at an exercise price of
$5.25 per share).
PF II is the beneficial owner of 282,554 shares (which includes
4,935 common stock purchase warrants at an exercise price of
$5.25 per share).
(b) Percent of Class:
Apex is the owner of 3.6%, based upon 18,133,351 shares
outstanding as of December 7, 1998. PF II is the owner of 1.6%,
based upon 18,127,184 shares outstanding as of December 7, 1998.
(c) Number of shares as to which person has:
(i) sole power to vote or to direct the vote:
Apex 656,980
PF II 282,554
(ii) shared power to vote or to direct the vote:
Apex -0-
PF II -0-
(iii) sole power to dispose or to direct the disposition of:
Apex 656,980
PF II 282,554
(iv) shared power to dispose or to direct the disposition of:
Apex -0-
PF II -0-
Item 5. Ownership of Five Percent or less of a Class:
Apex 3.6%
PF II 1.6
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company:
Not Applicable
Item 8. Identification and Classification of Members of the Group:
Not Applicable
Item 9. Notice of Dissolution of Group:
Not Applicable
Item 10. Certification:
Not Applicable
Page 5 of 6 pages
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SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: February 12, 1999
APEX INVESTMENT FUND, L.P.,
a Delaware limited partnership
By: Apex Management Partnership, General Partner
of Apex Investment Fund, L.P.
By: Stellar Investment Co., a General Partner
of Apex Management Partnership
By: /s/ James A. Johnson
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Name: James A. Johnson
Title: President
THE PRODUCTIVITY FUND II, L.P.,
a Delaware limited partnership
By: First Analysis Management Company II,
General Partner of The Productivity Fund II, L.P.
By: /s/ Bret R. Maxwell
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Name: Bret R. Maxwell
Title: General Partner
Page 6 of 6 pages
