P2 Capital Partners, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), P2 Capital Partners, LLC reported 12 stock positions worth $486.7 million. Its top holding was Cbiz (CBZ) at 18.7% of the portfolio, followed by JBT Marel (JBTM, 13.0%) and Acadia Healthcare (ACHC, 11.9%). Compared with Q2 2025, it added to 2 and reduced 9. The biggest buy was Acadia Healthcare (ACHC, shares +9%) and the biggest sale Cbiz (CBZ, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001406313
- Portfolio Value
- $486.7M (Q3 2025)
- SEC Filing
- 0001172661-25-004819 ↗ filed Nov 14, 2025
Holdings Value
Holdings 12 stocks · $486.7M
| CBZ Cbiz Inc. | 18.68% | 1,716,325 | $90.9M | Reduce -5.0% |
| JBTM JBT Marel Corp. | 12.98% | 449,952 | $63.2M | Reduce -17.4% |
| ACHC Acadia Healthcare Co. Inc. | 11.89% | 2,337,188 | $57.9M | Add +9.1% |
| IAS Integral Ad Science Holding | 10.09% | 4,830,805 | $49.1M | Reduce -1.6% |
| BLKB Blackbaud Inc. | 8.33% | 630,303 | $40.5M | Add +28.4% |
| TNC Tennant Co. | 8.08% | 484,950 | $39.3M | Reduce -4.0% |
| ZETA Zeta Global Holdings Corp. Class A | 6.94% | 1,700,000 | $33.8M | No change |
| LIVN Livanova PLC | 5.32% | 493,902 | $25.9M | Reduce -3.9% |
| HSIC Henry Schein Inc. | 4.93% | 361,786 | $24.0M | Reduce -4.0% |
| MSA Msa Safety Inc. | 4.82% | 136,343 | $23.5M | Reduce -3.5% |
| AVNT Avient Corp. | 4.23% | 624,934 | $20.6M | Reduce -3.9% |
| ENOV Enovis Corp. | 3.71% | 595,000 | $18.1M | Reduce -3.6% |
Options reported separately and not counted above: ZETA puts ($33.8M).
Portfolio Sells Q2 2025 → Q3 2025
| CBZ Cbiz Inc. | Reduce -5.0% | 18.68% | −7.43 |
| HSIC Henry Schein Inc. | Reduce -4.0% | 4.93% | −0.61 |
| JBTM JBT Marel Corp. | Reduce -17.4% | 12.98% | −0.22 |
| ENOV Enovis Corp. | Reduce -3.6% | 3.71% | −0.19 |
| AVNT Avient Corp. | Reduce -3.9% | 4.23% | −0.00 |
| MSA Msa Safety Inc. | Reduce -3.5% | 4.82% | +0.05 |
| TNC Tennant Co. | Reduce -4.0% | 8.08% | +0.19 |
| LIVN Livanova PLC | Reduce -3.9% | 5.32% | +0.65 |
| IAS Integral Ad Science Holding | Reduce -1.6% | 10.09% | +1.87 |
Portfolio Buys Q2 2025 → Q3 2025
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 |