Shares of Sleep Number (NASDAQ:SNBR) rose about 4% on Wednesday after the mattress maker announced a new partnership that includes an equity investment from NFL star Travis Kelce.
Under the agreement, the Kansas City Chiefs tight end will become one of Sleep Number’s largest shareholders, holding a stake of less than 5%, according to a company statement cited by Reuters. The three-year partnership will also see Kelce featured in nationwide marketing and advertising campaigns for the brand.
Kelce is acquiring part of his holding through direct share purchases, with the remainder coming in the form of restricted stock that will vest over the duration of the partnership. Sleep Number did not disclose the exact size or value of the investment.
The three-time Super Bowl champion has used a Sleep Number bed since 2019 and has publicly supported the company’s products for several years. Commenting on the deal, Kelce said becoming an investor “felt like a natural next step.”
“This partnership reflects my confidence in where the company is headed and the growing opportunity around sleep,” he added.
The move represents another high-profile investment for Kelce, following his stake in amusement park operator Six Flags Entertainment last year. His involvement in public companies has attracted heightened attention, in part due to his relationship with singer Taylor Swift. When Kelce was revealed last October as part of an activist investment alongside Jana Partners in Six Flags, the company’s shares jumped 18%.