SEC 13F Intelligence

Managers / Q3 2025 · view latest →

P2 Capital Partners, LLC

CIK 0001406313 · 590 MADISON AVENUE, 25TH FLOOR, NEW YORK, NY, 10022 · (212) 508-5500

Reported Value
$520M
Q3 2025
Positions
13
Filings on Record
30
2019–present window
Filed
Nov 14, 2025
original filing

Summary

P2 Capital Partners, LLC reported $520M in U.S.-listed holdings across 13 positions for Q3 2025.

Its largest position, CBZ, represents 17.5% of the portfolio.

The book was largely unchanged from Q2 2025.

Portfolio Metrics

Turnover
+8.5%
vs prior filed quarter
Top-10 Concentration
+86.1%
share of reported value
Largest Position
+17.5%
Cbiz

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $991MQ4 ’18Q1 ’19: $1.2BQ2 ’19: $1.3BQ3 ’19: $1.5BQ4 ’19: $1.4BQ4 ’19Q1 ’20: $836MQ2 ’20: $1.2BQ3 ’20: $1.3BQ4 ’20: $1.5BQ4 ’20Q1 ’21: $1.5BQ2 ’21: $1.3BQ3 ’21: $1.2BQ4 ’21: $1.3BQ4 ’21Q1 ’22: $1.1BQ2 ’22: $883MQ3 ’22: $810MQ4 ’22: $756MQ4 ’22Q1 ’23: $780MQ2 ’23: $859MQ3 ’23: $764MQ4 ’23: $909MQ4 ’23Q1 ’24: $846MQ2 ’24: $912MQ3 ’24: $876MQ4 ’24: $589MQ4 ’24Q1 ’25: $515MQ2 ’25: $522MQ3 ’25: $520MQ4 ’25: $390MQ4 ’25Q1 ’26: $210Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 95.0%Other: 5.0%
  • Common Stock · 95.0% · $495M
  • Other · 5.0% · $26M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BLKBBLACKBAUD INCADDED+139.5K630.3K+$9M$41M
JBTJBT MAREL CORPORATIONTRIMMED−95.0K450.0K−$2M$63M
ACHCACADIA HEALTHCARE COMPANY INADDED+195.0K2.34M+$9M$58M
CBZCBIZ INCHELD−90.0K1.72M−$39M$91M
HSICHENRY SCHEIN INCHELD−15.0K361.8K−$4M$24M
TN1TENNANT COHELD−20.0K484.9K+$186,521$39M
LIVANOVA PLCHELD−20.0K493.9K+$3M$26M
AVNTAVIENT CORPORATIONHELD−25.0K624.9K−$407,793$21M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

12 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CBZCBIZ INChistory →COM17.46%$91M1.72M
2JBTJBT MAREL CORPORATIONhistory →COM12.14%$63M450.0K
3ACHCACADIA HEALTHCARE COMPANY INhistory →COM11.12%$58M2.34M
4IASINTEGRAL AD SCIENCE HLDNG COhistory →COM9.44%$49M4.83M
5BLKBBLACKBAUD INChistory →COM7.79%$41M630.3K
6TN1TENNANT COhistory →COM7.55%$39M484.9K
7ZETAZETA GLOBAL HOLDINGS CORPhistory →CL A6.49%$34M1.70M
8LIVANOVA PLCSHS4.97%$26M493.9K
9HSICHENRY SCHEIN INChistory →COM4.61%$24M361.8K
10MSAMSA SAFETY INChistory →COM4.51%$23M136.3K
11AVNTAVIENT CORPORATIONhistory →COM3.96%$21M624.9K
12ENOVENOVIS CORPORATIONhistory →COM3.47%$18M595.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$210M10May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$390M10Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$520M13Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$522M13Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$515M12May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$589M11Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$876M15Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$912M18Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$846M15May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$909M15Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$764M14Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$859M15Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$780M15May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$756M15Feb 23, 202313F-HRchanges · EDGAR ↗
Q3 2022$810M19Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$883M21Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.1B22May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.3B21Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.2B20Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.3B19Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.5B20May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.5B18Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.3B18Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.2B17Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$836M14May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.4B16Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.5B16Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.3B16Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.2B17May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$991M17Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.