P2 Capital Partners, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), P2 Capital Partners, LLC reported 12 stock positions worth $496.1 million. Its top holding was Cbiz (CBZ) at 26.1% of the portfolio, followed by JBT Marel (JBTM, 13.2%) and Acadia Healthcare (ACHC, 9.8%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 4 and reduced 6. The biggest buy was a new position in Msa Safety (MSA) and the biggest sale an exit from H.B. Fuller (FUL).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001406313
- Portfolio Value
- $496.1M (Q2 2025)
- SEC Filing
- 0001172661-25-003359 ↗ filed Aug 14, 2025
Holdings Value
Holdings 12 stocks · $496.1M
| CBZ Cbiz Inc. | 26.11% | 1,806,308 | $129.5M | Reduce -5.8% |
| JBTM JBT Marel Corp. | 13.21% | 544,952 | $65.5M | Reduce -8.2% |
| ACHC Acadia Healthcare Co. Inc. | 9.80% | 2,142,188 | $48.6M | No change |
| IAS Integral Ad Science Holding | 8.22% | 4,910,000 | $40.8M | Add +2.1% |
| TNC Tennant Co. | 7.89% | 504,950 | $39.1M | Reduce -2.4% |
| BLKB Blackbaud Inc. | 6.35% | 490,754 | $31.5M | Add +10.0% |
| HSIC Henry Schein Inc. | 5.55% | 376,786 | $27.5M | Reduce -33.0% |
| ZETA Zeta Global Holdings Corp. Class A | 5.31% | 1,700,000 | $26.3M | Add +134.5% |
| MSA Msa Safety Inc. | 4.77% | 141,343 | $23.7M | New |
| LIVN Livanova PLC | 4.66% | 513,902 | $23.1M | Reduce -7.0% |
| AVNT Avient Corp. | 4.23% | 649,934 | $21.0M | Reduce -6.7% |
| ENOV Enovis Corp. | 3.90% | 617,149 | $19.4M | Add +87.0% |
Options reported separately and not counted above: ZETA puts ($26.3M).
Portfolio Sells Q1 2025 → Q2 2025
| FUL H.B. Fuller Co. | Sold out | 0.00% | −3.10 |
| CBZ Cbiz Inc. | Reduce -5.8% | 26.11% | −2.12 |
| HSIC Henry Schein Inc. | Reduce -33.0% | 5.55% | −1.93 |
| JBTM JBT Marel Corp. | Reduce -8.2% | 13.21% | −0.87 |
| AVNT Avient Corp. | Reduce -6.7% | 4.23% | −0.79 |
| TNC Tennant Co. | Reduce -2.4% | 7.89% | −0.12 |
| LIVN Livanova PLC | Reduce -7.0% | 4.66% | +0.45 |
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| ZETA Zeta Global Holdings Corp. Class A | put | New | 1,700,000 | $26.3M |
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 |