RSC Holdings Inc. (RRR) announced that Ripplewood Holdings, L.L.C., a private equity firm holding about 34% of outstanding RSC Holdings common stock through two of its funds, has distributed approximately 26.6 million RSC common shares to its limited partners and is retaining ownership of the remaining 8.2 million shares.
Simultaneously, Ripplewood's four representatives on the Board of Directors of RSC Holdings have resigned. Ripplewood's representatives were Timothy Collins, Christopher Minnetian, Scott Spielvogel and Donald Wagner. Concurrently, the Board of Directors reduced its size to eight members taking into account of the four vacancies created by these resignations.
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