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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. 1 )*
-------
Select Comfort Corp.
-------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 par value
-------------------------------------------------------
(Title of Class of Securities)
81616X103
-------------------------------
(CUSIP Number)
December 31, 1999
-------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
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 14 pages
<PAGE>
------------------- ------------------
CUSIP No. 81616X103 13G Page 2 of 14 pages
------------------- ------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Consumer Venture Partners I, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware limited partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF -0- Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0- Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0- Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
-0- Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
-0- Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
- ------------------------------------------------------------------------------
Page 2 of 14 pages
<PAGE>
------------------- ------------------
CUSIP No. 81616X103 13G Page 3 of 14 pages
------------------- ------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Consumer Venture Associates, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware limited partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF -0- Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0- Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0- Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
-0- Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
-0- Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
- ------------------------------------------------------------------------------
Page 3 of 14 pages
<PAGE>
------------------- ------------------
CUSIP No. 81616X103 13G Page 4 of 14 pages
------------------- ------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Consumer Venture Partners II, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware limited partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF -0- Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,962,801 Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0- Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,962,801 Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,962,801 Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
10.88%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
- ------------------------------------------------------------------------------
Page 4 of 14 pages
<PAGE>
------------------- ------------------
CUSIP No. 81616X103 13G Page 5 of 14 pages
------------------- ------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Consumer Venture Associates II, L.P.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware limited partnership
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF -0- Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,962,801 Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0- Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,962,801 Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,962,801 Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
10.88%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
PN
- ------------------------------------------------------------------------------
Page 5 of 14 pages
<PAGE>
------------------- ------------------
CUSIP No. 81616X103 13G Page 6 of 14 pages
------------------- ------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Pearson C. Cummin III
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 17,596 Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,963,304 Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 17,596 Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,963,304 Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,980,900 Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
10.98%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
- ------------------------------------------------------------------------------
Page 6 of 14 pages
<PAGE>
------------------- ------------------
CUSIP No. 81616X103 13G Page 7 of 14 pages
------------------- ------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Christopher P. Kirchen
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 43,698 Shares
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
1,964,106 Shares
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 43,698 Shares
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
1,964,106 Shares
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,001,499 Shares
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
11.13%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
- ------------------------------------------------------------------------------
Page 7 of 14 pages
<PAGE>
Item 1(a). Name of Issuer: Select Comfort Corp.
--------------
Item 1(b). Address of Issuer's Principal Executive Offices: 6105 Trenton Lane
-----------------------------------------------
North, Suite 100, Plymouth, MN 55442
Item 2(a). Names of Persons Filing: Consumer Venture Partners I, L.P.
-----------------------
("CVP I"), Consumer Venture Associates, L.P. ("Consumer
Associates"), Consumer Venture Partners II, L.P. ("CVP II"),
Consumer Venture Associates II, L.P. ("Consumer Associates II"),
Pearson C. Cummin III and Christopher P. Kirchen. Messrs. Cummin and
Kirchen (collectively, the "General Partners") are the general
partners of Consumer Associates, the sole general partner of CVP I,
and Consumer Associates II, the sole general partner of CVP II.
Item 2(b). Address of Principal Business Office or, if None, Residence:
-----------------------------------------------------------
The address of the principal business office of CVP I, CVP II,
Consumer Associates, Consumer Associates II and each of the General
Partners is Consumer Venture Group, Inc., Three Pickwick Plaza,
Greenwich, CT 06830.
Item 2(c). Citizenship: CVP I, CVP II, Consumer Associates and Consumer
-----------
Associates II are limited partnerships organized under the laws of
the State of Delaware. Each of the General Partners is a United
States citizen.
Item 2(d). Title of Class of Securities: Common Stock, $.01 par value.
----------------------------
Item 2(e). CUSIP Number: 81616X103
------------
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
-------------------------------------------------------------------
check whether the person filing is a:
------------------------------------
Not Applicable.
Item 4. Ownership.
---------
(a) Amount Beneficially Owned: Each of CVP II, and Consumer
Associates II (individually as "Entity" and collectively the
"Entities") may be deemed to own beneficially 1,962,801 shares
of Common Stock as of December 31, 1999. CVP I and Consumer
Associates are each the record owner of 0 shares. CVP II is the
record owner of 1,962,801 shares. Additionally, in their
capacities as individual general partners of Consumer
Associates II, each of the General Partners may be deemed to
own beneficially 1,962,801 shares of Common Stock. Mr. Cummin
is the record owner of 17,596 shares of common stock, in
addition, Mr. Cummin may be deemed to beneficially own 503
shares of common stock held by the Pearson C. Cummin III Profit
Sharing Plan. Mr. Kirchen is the record owner 43,698 shares of
common stock (which includes
Page 8 of 14 pages
<PAGE>
options to purchase 5,000 shares of common stock),
additionally, Mr. Kirchen may be deemed to beneficially own
1,305 shares of common stock held by the Christopher P. Kirchen
IRA.
(b) Percent of Class: CVP I: 0%; CVP II: 10.88%; Consumer
Associates: 0%; Consumer Associates II: 10.88%; Mr. Cummin:
10.98%; Mr. Kirchen: 11.13%. The foregoing percentages are
calculated based on the information provided in the Issuer's
Form 10 Q filed with the Securities and Exchange Commission on
November 10, 1999.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0 shares for
CVP I, 0 shares for Consumer Associates, 0 shares for CVP
II, 0 shares for Consumer Associates II, 17,596 shares
for Mr. Cummin and 43,698 shares for Mr. Kirchen.
(ii) shared power to vote or to direct the vote: CVP I:
0 shares; CVP II: 1,962,801 shares; Consumer Associates:
0 shares; Consumer Associates II: 1,962,801 shares,
Mr. Cummin 1,963,304 shares, and Mr. Kirchen 1,969,106
shares.
(iii) sole power to dispose or to direct the disposition of: 0
shares for CVP I, 0 shares for Consumer Associates, 0
shares for CVP II, 0 shares for Consumer Associates II,
17,596 shares for Mr. Cummin and 43,698 shares for Mr.
Kirchen.
(iv) shared power to dispose or to director the disposition of
CVP I: 0 shares; CVP II: 1,962,801 shares; Consumer
Associates: 0 shares; Consumer Associates II: 1,962,801
shares, Mr. Cummin 1,963,304 shares, and Mr. Kirchen
1,969,106 shares.
Each of CVP I, CVP II, Consumer Associates, Consumer Associates II
and each of the General Partners expressly disclaims beneficial
ownership of any shares of Common Stock of Select Comfort Corp.
reported herein to be beneficially owned by them, except in the case
of CVP II, for the 1,962,801 shares which it holds of record, in the
case of Mr. Cummin, for the 17,596 shares which he holds of records
and in the case of Mr. Kirchen the 43,698 shares which he owns of
record (which includes his options to purchase 5,000 shares of
common stock).
Item 5. Ownership of Five Percent or Less of a Class.
--------------------------------------------
CVP I and Consumer Associates own less than 5% of the outstanding
common stock of the Issuer.
Page 9 of 14 pages
<PAGE>
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. CVP I, CVP II, Consumer Associates, Consumer
Associates II and each of the General Partners expressly disclaim
membership in a "group" as defined in Rule 13d - 1(b)(1)(ii)(J).
Item 9. Note of Dissolution of Group.
----------------------------
Not Applicable.
Item 10. Certification.
-------------
Not applicable. This statement on Schedule 13G is not filed pursuant
to Rule 13d-1(b).
Page 10 of 14 pages
<PAGE>
SIGNATURE
---------
After reasonable inquiry and to the best of its knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: February 8, 2000
CONSUMER VENTURE PARTNERS I, L.P.
By: Consumer Venture Associates, L.P.
By: *
------------------------------------
Pearson C. Cummin III
General Partner
CONSUMER VENTURE ASSOCIATES, L.P.
By: *
------------------------------------
Pearson C. Cummin III
General Partner
CONSUMER VENTURE PARTNERS II, L.P.
By: Consumer Venture Associates II, L.P.
By: *
-------------------------------
Pearson C. Cummin III
General Partner
CONSUMER VENTURE ASSOCIATES II, L.P.
By: *
------------------------------------
Pearson C. Cummin III
General Partner
*
- -----------------------------------------
Pearson C. Cummin III
/s/ Christopher P. Kirchen
- -----------------------------------------
Christopher P. Kirchen
*By: /s/ Christopher P. Kirchen
------------------------------
Christopher P. Kirchen
Attorney-in-Fact
_____________________________________________________________________________
This Schedule 13G was executed by Christopher P. Kirchen pursuant to Powers of
Attorney filed with the Securities and Exchange Commission on February 16, 1993,
in connection with a Schedule 13G for Natural Wonders, Inc., which Powers of
Attorney are incorporated herein by reference and copies of which are attached
hereto as Exhibit 2.
Page 11 of 14 pages
<PAGE>
EXHIBIT I
---------
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934, the
undersigned hereby agree that only one statement containing the information
required on Schedule 13G need be filed with respect to ownership by each of the
undersigned of shares of Common Stock of Select Comfort Corp.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original.
Dated: February 8, 2000
CONSUMER VENTURE PARTNERS I, L.P.
By: Consumer Venture Associates, L.P.
By: *
------------------------------------
Pearson C. Cummin III
General Partner
CONSUMER VENTURE ASSOCIATES, L.P.
By: *
------------------------------------
Pearson C. Cummin III
General Partner
CONSUMER VENTURE PARTNERS II, L.P.
By: Consumer Venture Associates II, L.P.
By: *
-------------------------------
Pearson C. Cummin III
General Partner
CONSUMER VENTURE ASSOCIATES II, L.P.
By: *
------------------------------------
Pearson C. Cummin III
General Partner
*
- -----------------------------------------
Pearson C. Cummin III
Page 12 of 14 pages
<PAGE>
/s/ Christopher P. Kirchen
- -----------------------------------------
Christopher P. Kirchen
*By: /s/ Christopher P. Kirchen
------------------------------
Christopher P. Kirchen
Attorney-in-Fact
_____________________________________________________________________________
This Agreement was executed pursuant to Powers of Attorney filed with the
Securities and Exchange Commission on February 16, 1993, in connection with a
Schedule 13G for Natural Wonders, Inc., which Powers of Attorney are
incorporated herein by reference and copies of which are attached hereto as
Exhibit 2.
318DS9901/318.A934741-1
Page 13 of 14 pages
<PAGE>
EXHIBIT II
----------
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below hereby constitutes and appoints Pearson C. Cummin III and Christopher P.
Kirchen, and each of them, with full power to act without the other, his true
and lawful attorney-in-fact, with full power of substitution, to sign any and
all instruments, certificates and documents that may be necessary, desirable or
appropriate to be executed on behalf of himself as an individual or in his
capacity as a general partner of any partnership, pursuant to section 13 or 16
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any
and all regulations promulgated thereunder, and to file the same, with all
exhibits thereto, and any other documents in connection therewith, with the
Securities and Exchange Commission, and with any other entity when and if such
is mandated by the Exchange Act or by the By-laws of the National Association of
Securities Dealers, Inc., granting unto said attorney-in-fact full power and
authority to do and perform each and every act and thing necessary, desirable or
appropriate, fully to all intents and purposes as he might or could do in
person, thereby ratifying and confirming all that said attorney-in-fact, or his
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1993.
/s/Pearson C. Cummin III
----------------------------------------
Pearson C. Cummin III
/s/G. Clinton Merrick
----------------------------------------
G. Clinton Merrick
/s/Christopher P. Kirchen
----------------------------------------
Christopher P. Kirchen
318DS9901/318.A934741-1
Page 14 of 14 pages
