P2 Capital Partners, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), P2 Capital Partners, LLC reported 15 stock positions worth $875.8 million. Its top holding was Cbiz (CBZ) at 13.8% of the portfolio, followed by Blackbaud (BLKB, 12.8%) and Acadia Healthcare (ACHC, 11.4%). Compared with Q2 2024, it sold out of 1, added to 8 and reduced 4. The biggest buy was Cbiz (CBZ, shares +63%) and the biggest sale an exit from R1 RCM (RCM).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001406313
- Portfolio Value
- $875.8M (Q3 2024)
- SEC Filing
- 0001172661-24-004782 ↗ filed Nov 14, 2024
Holdings Value
Holdings 15 stocks · $875.8M
| CBZ Cbiz Inc. | 13.83% | 1,800,532 | $121.2M | Add +63.1% |
| BLKB Blackbaud Inc. | 12.77% | 1,320,251 | $111.8M | Reduce -0.1% |
| ACHC Acadia Healthcare Co. Inc. | 11.37% | 1,570,000 | $99.6M | Add +4.0% |
| IAS Integral Ad Science Holding | 9.08% | 7,354,317 | $79.5M | Add +50.9% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 9.00% | 800,168 | $78.8M | Add +6.7% |
| TNC Tennant Co. | 7.98% | 727,391 | $69.9M | Add +11.7% |
| OPCH Option Care Health Inc. | 6.95% | 1,945,000 | $60.9M | Add +33.2% |
| LIVN Livanova PLC | 6.30% | 1,050,000 | $55.2M | Add +10.5% |
| AVNT Avient Corp. | 6.00% | 1,044,835 | $52.6M | Add +20.1% |
| FUL H.B. Fuller Co. filed as FULLER H B CO | 5.54% | 611,326 | $48.5M | No change |
| MIR Mirion Technologies Inc. | 4.23% | 3,350,000 | $37.1M | Reduce -28.7% |
| ENSG The Ensign Group Inc. | 3.78% | 230,000 | $33.1M | Reduce -11.5% |
| ENOV Enovis Corp. | 2.26% | 460,000 | $19.8M | No change |
| SITE Siteone Landscape Supply Inc. | 0.53% | 30,592 | $4.6M | Reduce -82.1% |
| SHC Sotera Health Co. | 0.38% | 200,000 | $3.3M | No change |
Portfolio Sells Q2 2024 → Q3 2024
Portfolio Buys Q2 2024 → Q3 2024
| CBZ Cbiz Inc. | Add +63.1% | 13.83% | +4.09 |
| IAS Integral Ad Science Holding | Add +50.9% | 9.08% | +3.43 |
| OPCH Option Care Health Inc. | Add +33.2% | 6.95% | +2.13 |
| AVNT Avient Corp. | Add +20.1% | 6.00% | +1.48 |
| JBTM JBT Marel Corp. | Add +6.7% | 9.00% | +0.51 |
| TNC Tennant Co. | Add +11.7% | 7.98% | +0.34 |
| LIVN Livanova PLC | Add +10.5% | 6.30% | +0.09 |
| ACHC Acadia Healthcare Co. Inc. | Add +4.0% | 11.37% | −0.79 |
Options Activity Q2 2024 → Q3 2024
| RCM R1 RCM Inc. | put | Sold out | 5,400,000 | $67.8Mbefore exit |
| IAS Integral Ad Science Holding | call | Sold out | 500,000 | $4.9Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |