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Stadium Capital Management LLC: Activist Profile

Stadium Capital Management, LLC applies a private equity approach to public market investing. The firm invests in a concentrated portfolio of smaller-cap public companies across North America and Europe, maintaining a long-term investment horizon and focusing on businesses with durable free cash flow. With a 25+ year history, the fund has extensive experience navigating multiple market cycles.


Alexander Seaver

Alexander Medina Seaver is the founder of Stadium Capital Management LLC (established in 1999), where he served as Managing Director, and Tanis Venture Management LLC (founded in 2020), where he holds the title of General Partner. He currently serves as a Director at Agilis Biotherapeutics LLC. Previously, he was a Partner at InterWest Venture Management Co. from 1987 to 1995. Mr. Seaver earned an MBA from Stanford Graduate School of Business in 1986 and a bachelor's degree from Harvard College in 1982.


Bradley Kent

Bradley Robert Kent is the founder of Stadium Capital Management LLC, established in 1999, where he served as Portfolio Manager. He is currently a Director at Manzama, Inc. and emPower Health Equity, Inc. Previously, he was a Director at Diamond Brands, Inc. (1998–2005), a Principal at William Wilson & Associates (1991), and a Partner at InterWest Venture Management Co. (1993–1995). Mr. Kent earned an undergraduate degree (1986) and a graduate degree (1987) from Stanford University, as well as an MBA from Harvard Business School in 1993.


Letters & Presentations


Active 13D Positions

Stock

Company name

Sector

% of Portfolio

Link

SNBR

Sleep Number Corp

Consumer Discretionary

27.7%

Link


Past Activist

Ascena Retail Group, Inc. (ASNA)

On November 7, 2016, Stadium Capital disclosed a 6.9% stake and ongoing discussions with management about board composition. On May 15, 2018, the company appointed a Stadium Capital candidate to the Board, and by May 17, 2018, Stadium increased its stake to 9.8%. However, by December 17, 2020, Stadium Capital reduced its stake to 2.8%.


Big 5 Sporting Goods Corp (BGFV)

Stadium Capital (15.3%) gained a board seat in 2011 and proposed declassifying the board in 2014, approved by shareholders in 2015. By 2016, Stadium (13.2%) supported governance reforms, including eliminating board classification and supermajority voting. A Value Creation Committee was formed to review strategy, later declared effective. Following Mr. DeMarco’s resignation in September 2016, governance adjustments were made, including limiting the board to seven members. Stadium reduced its stake to 4.6% by December 2016.


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