P2 Capital Partners, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), P2 Capital Partners, LLC reported 12 stock positions worth $245.6 million. Its top holding was Acadia Healthcare (ACHC) at 21.3% of the portfolio, followed by Cbiz (CBZ, 14.9%) and JBT Marel (JBTM, 13.3%). Compared with Q1 2026, it opened 2 new positions, added to 1 and reduced 5. The biggest buy was a new position in Casella Waste Systems Class A (CWST) and the biggest sale Livanova (LIVN, shares −87%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001406313
Portfolio Value
$245.6M (Q2 2026)
SEC Filing
0001172661-26-003641 ↗ filed Aug 14, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $845.9M Q1 2024 Q2 2024: $839.1M Q2 2024 Q3 2024: $875.8M Q3 2024 Q4 2024: $588.8M Q4 2024 Q1 2025: $515.2M Q1 2025 Q2 2025: $496.1M Q2 2025 Q3 2025: $486.7M Q3 2025 Q4 2025: $390.3M Q4 2025 Q1 2026: $209.9M Q1 2026 Q2 2026: $245.6M $245.6M Q2 2026

Holdings 12 stocks · $245.6M
ACHC Acadia Healthcare Co. Inc. 21.34% 1,774,484 $52.4M No change
CBZ Cbiz Inc. 14.85% 1,136,974 $36.5M Reduce -0.3%
JBTM JBT Marel Corp. 13.31% 225,470 $32.7M No change
HSIC Henry Schein Inc. filed as SCHEIN HENRY INC 9.00% 264,486 $22.1M Reduce -11.7%
TNC Tennant Co. 8.03% 225,255 $19.7M Reduce -25.9%
ZETA Zeta Global Holdings Corp. Class A 7.37% 920,000 $18.1M Add +0.6%
MSA Msa Safety Inc. 7.05% 99,117 $17.3M Reduce -4.0%
BLKB Blackbaud Inc. 5.82% 482,874 $14.3M No change
CWST Casella Waste Systems Inc. Class A 5.81% 147,236 $14.3M New
LRN Stride Inc. 4.10% 116,630 $10.1M New
ENOV Enovis Corp. 2.70% 320,000 $6.6M No change
LIVN Livanova PLC 0.62% 18,452 $1.5M Reduce -87.3%

Portfolio Sells Q1 2026 → Q2 2026
LIVN Livanova PLC Reduce -87.3% 0.62% −3.79
TNC Tennant Co. Reduce -25.9% 8.03% −1.59
HSIC Henry Schein Inc. Reduce -11.7% 9.00% −1.52
MSA Msa Safety Inc. Reduce -4.0% 7.05% −1.02
CBZ Cbiz Inc. Reduce -0.3% 14.85% +0.26

Portfolio Buys Q1 2026 → Q2 2026
CWST Casella Waste Systems Inc. Class A New 5.81% +5.81
LRN Stride Inc. New 4.10% +4.10
ZETA Zeta Global Holdings Corp. Class A Add +0.6% 7.37% +0.43

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 12$245.6MACHC, CBZ, JBTM, HSIC, TNC
Q1 2026 10$209.9MACHC, CBZ, JBTM, HSIC, TNC
Q4 2025 10$390.3MCBZ, JBTM, BLKB, TNC, ZETA
Q3 2025 12$486.7MCBZ, JBTM, ACHC, IAS, BLKB
Q2 2025 12$496.1MCBZ, JBTM, ACHC, IAS, TNC
Q1 2025 12$515.2MCBZ, JBTM, ACHC, TNC, IAS
Q4 2024 11$588.8MCBZ, ACHC, JBTM, BLKB, IAS
Q3 2024 15$875.8MCBZ, BLKB, ACHC, IAS, JBTM
Q2 2024 16$839.1MACHC, BLKB, CBZ, JBTM, RCM
Q1 2024 15$845.9MCBZ, ACHC, BLKB, TNC, JBTM