P2 Capital Partners, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), P2 Capital Partners, LLC reported 10 stock positions worth $390.3 million. Its top holding was Cbiz (CBZ) at 22.9% of the portfolio, followed by JBT Marel (JBTM, 17.4%) and Blackbaud (BLKB, 10.2%). Compared with Q3 2025, it sold out of 2 and added to 2. The biggest buy was Cbiz (CBZ, shares +3%) and the biggest sale an exit from Acadia Healthcare (ACHC).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001406313
Portfolio Value
$390.3M (Q4 2025)
SEC Filing
0001172661-26-000829 ↗ filed Feb 17, 2026

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 Q1 2025 Q2 2025: $496.1M Q2 2025 Q3 2025: $486.7M Q3 2025 Q4 2025: $390.3M $390.3M Q4 2025 Q1 2026: $209.9M Q1 2026 Q2 2026: $245.6M Q2 2026

Holdings 10 stocks · $390.3M
CBZ Cbiz Inc. 22.92% 1,773,391 $89.5M Add +3.3%
JBTM JBT Marel Corp. 17.37% 449,952 $67.8M No change
BLKB Blackbaud Inc. 10.22% 630,303 $39.9M No change
TNC Tennant Co. 9.16% 484,950 $35.7M No change
ZETA Zeta Global Holdings Corp. Class A 8.86% 1,700,000 $34.6M No change
LIVN Livanova PLC 7.79% 493,902 $30.4M No change
MSA Msa Safety Inc. 7.62% 185,675 $29.7M Add +36.2%
HSIC Henry Schein Inc. 7.00% 361,786 $27.3M No change
AVNT Avient Corp. 5.00% 624,934 $19.5M No change
ENOV Enovis Corp. 4.06% 595,000 $15.9M No change

Portfolio Sells Q3 2025 → Q4 2025
ACHC Acadia Healthcare Co. Inc. Sold out 0.00% −11.89
IAS Integral Ad Science Holding Sold out 0.00% −10.09

Portfolio Buys Q3 2025 → Q4 2025
CBZ Cbiz Inc. Add +3.3% 22.92% +4.24
MSA Msa Safety Inc. Add +36.2% 7.62% +2.80

Options Activity Q3 2025 → Q4 2025
ZETA Zeta Global Holdings Corp. Class A put Sold out 1,700,000 $33.8Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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