P2 Capital Partners, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), P2 Capital Partners, LLC reported 12 stock positions worth $515.2 million. Its top holding was Cbiz (CBZ) at 28.2% of the portfolio, followed by JBT Marel (JBTM, 14.1%) and Acadia Healthcare (ACHC, 12.6%). Compared with Q4 2024, it opened 1 new position, added to 2 and reduced 4. The biggest buy was Cbiz (CBZ, shares +6%) and the biggest sale Blackbaud (BLKB, shares −41%).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001406313
Portfolio Value
$515.2M (Q1 2025)
SEC Filing
0001172661-25-002346 ↗ filed May 15, 2025

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 $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 Q2 2026

Holdings 12 stocks · $515.2M
CBZ Cbiz Inc. 28.23% 1,917,063 $145.4M Add +6.0%
JBTM JBT Marel Corp. 14.08% 593,558 $72.5M No change
ACHC Acadia Healthcare Co. Inc. 12.61% 2,142,188 $65.0M Reduce -2.4%
TNC Tennant Co. 8.00% 517,078 $41.2M No change
IAS Integral Ad Science Holding 7.53% 4,810,000 $38.8M No change
HSIC Henry Schein Inc. 7.48% 562,786 $38.5M Reduce -3.5%
BLKB Blackbaud Inc. 5.38% 446,259 $27.7M Reduce -41.1%
AVNT Avient Corp. 5.03% 696,867 $25.9M No change
LIVN Livanova PLC 4.22% 552,902 $21.7M Add +8.2%
FUL H.B. Fuller Co. filed as FULLER H B CO 3.10% 284,442 $16.0M Reduce -16.2%
ENOV Enovis Corp. 2.45% 330,000 $12.6M No change
ZETA Zeta Global Holdings Corp. Class A 1.91% 725,000 $9.8M New

Portfolio Sells Q4 2024 → Q1 2025
BLKB Blackbaud Inc. Reduce -41.1% 5.38% −4.14
ACHC Acadia Healthcare Co. Inc. Reduce -2.4% 12.61% −2.17
FUL H.B. Fuller Co. Reduce -16.2% 3.10% −0.79
HSIC Henry Schein Inc. Reduce -3.5% 7.48% +0.63

Portfolio Buys Q4 2024 → Q1 2025
CBZ Cbiz Inc. Add +6.0% 28.23% +3.09
ZETA Zeta Global Holdings Corp. Class A New 1.91% +1.91
LIVN Livanova PLC Add +8.2% 4.22% +0.20

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