P2 Capital Partners, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), P2 Capital Partners, LLC reported 15 stock positions worth $845.9 million. Its top holding was Cbiz (CBZ) at 13.0% of the portfolio, followed by Acadia Healthcare (ACHC, 12.2%) and Blackbaud (BLKB, 11.6%). Compared with Q4 2023, it opened 1 new position, sold out of 1, added to 4 and reduced 10. The biggest buy was a new position in Ensign (ENSG) and the biggest sale Cbiz (CBZ, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001406313
- Portfolio Value
- $845.9M (Q1 2024)
- SEC Filing
- 0001172661-24-002432 ↗ filed May 15, 2024
Holdings Value
Holdings 15 stocks · $845.9M
| CBZ Cbiz Inc. | 12.98% | 1,399,011 | $109.8M | Reduce -43.9% |
| ACHC Acadia Healthcare Co. Inc. | 12.17% | 1,300,000 | $103.0M | Reduce -5.1% |
| BLKB Blackbaud Inc. | 11.58% | 1,321,558 | $98.0M | Reduce -20.1% |
| TNC Tennant Co. | 9.36% | 651,391 | $79.2M | Reduce -8.4% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 8.08% | 651,442 | $68.3M | Add +17.1% |
| MIR Mirion Technologies Inc. | 7.42% | 5,520,000 | $62.8M | Reduce -5.6% |
| FUL H.B. Fuller Co. filed as FULLER H B CO | 6.12% | 649,735 | $51.8M | Reduce -11.5% |
| AVNT Avient Corp. | 5.84% | 1,138,435 | $49.4M | Reduce -5.3% |
| LIVN Livanova PLC | 5.29% | 800,000 | $44.8M | Reduce -5.9% |
| SITE Siteone Landscape Supply Inc. | 5.27% | 255,342 | $44.6M | Reduce -24.1% |
| SHC Sotera Health Co. | 4.19% | 2,950,000 | $35.4M | Add +25.5% |
| ENSG The Ensign Group Inc. | 3.38% | 230,000 | $28.6M | New |
| IAS Integral Ad Science Holding | 3.16% | 2,680,000 | $26.7M | Add +246.1% |
| OPCH Option Care Health Inc. | 2.76% | 695,946 | $23.3M | Add +80.1% |
| RCM R1 RCM Inc. | 2.38% | 1,565,000 | $20.2M | Reduce -55.7% |
Portfolio Sells Q4 2023 → Q1 2024
| CBZ Cbiz Inc. | Reduce -43.9% | 12.98% | −4.21 |
| BLKB Blackbaud Inc. | Reduce -20.1% | 11.58% | −4.19 |
| RCM R1 RCM Inc. | Reduce -55.7% | 2.38% | −1.73 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −1.31 |
| SITE Siteone Landscape Supply Inc. | Reduce -24.1% | 5.27% | −0.74 |
| FUL H.B. Fuller Co. | Reduce -11.5% | 6.12% | −0.45 |
| AVNT Avient Corp. | Reduce -5.3% | 5.84% | +0.34 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -5.1% | 12.17% | +0.45 |
| LIVN Livanova PLC | Reduce -5.9% | 5.29% | +0.45 |
| MIR Mirion Technologies Inc. | Reduce -5.6% | 7.42% | +0.82 |
| TNC Tennant Co. | Reduce -8.4% | 9.36% | +2.11 |
Portfolio Buys Q4 2023 → Q1 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $245.6M | ACHC, CBZ, JBTM, HSIC, TNC |
| Q1 2026 | 10 | $209.9M | ACHC, CBZ, JBTM, HSIC, TNC |
| Q4 2025 | 10 | $390.3M | CBZ, JBTM, BLKB, TNC, ZETA |
| Q3 2025 | 12 | $486.7M | CBZ, JBTM, ACHC, IAS, BLKB |
| Q2 2025 | 12 | $496.1M | CBZ, JBTM, ACHC, IAS, TNC |
| Q1 2025 | 12 | $515.2M | CBZ, JBTM, ACHC, TNC, IAS |
| Q4 2024 | 11 | $588.8M | CBZ, ACHC, JBTM, BLKB, IAS |
| Q3 2024 | 15 | $875.8M | CBZ, BLKB, ACHC, IAS, JBTM |
| Q2 2024 | 16 | $839.1M | ACHC, BLKB, CBZ, JBTM, RCM |
| Q1 2024 | 15 | $845.9M | CBZ, ACHC, BLKB, TNC, JBTM |