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P2 Capital Partners, LLC

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13F filer, CIK 1406313, New York, NY

P2 Capital Partners, LLC reported $522,467,900 across 13 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 91.87% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-003359

Period
2025-06-30
Reported value
$522M
Holdings
13
Top 10 weight
91.87%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MSAnew+141,343$23.7M
ZETAadded+975,000$15.1M
ENOVadded+287,149$9M
BLKBadded+44,495$2.86M
INTEGRAL AD SCIENCE HLDNG COadded+100,000$831K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FULexited-284,442-$16M
HSICreduced-186,000-$13.6M
CBZreduced-110,755-$7.94M
JBTMreduced-48,606-$5.85M
LIVNreduced-39,000-$1.76M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001172661-25-003359, largest first. % of portfolio is the value over $496,134,900, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CBZCBIZ INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800,532 shares; 2024Q4: 1,808,955 shares; 2025Q1: 1,917,063 shares; 2025Q2: 1,806,308 shares 1,806,308$130M26.11%-110,755Timeline
JBTMJBT MAREL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,168 shares; 2024Q4: 593,558 shares; 2025Q1: 593,558 shares; 2025Q2: 544,952 shares 544,952$65.5M13.21%-48,606Timeline
ACHCACADIA HEALTHCARE COMPANY INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,570,000 shares; 2024Q4: 2,194,288 shares; 2025Q1: 2,142,188 shares; 2025Q2: 2,142,188 shares 2,142,188$48.6M9.8%0Timeline
INTEGRAL AD SCIENCE HLDNG COINTEGRAL AD SCIENCE HLDNG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,354,317 shares; 2024Q4: 4,810,000 shares; 2025Q1: 4,810,000 shares; 2025Q2: 4,910,000 shares 4,910,000$40.8M8.22%+100,000
TNCTENNANT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 727,391 shares; 2024Q4: 517,078 shares; 2025Q1: 517,078 shares; 2025Q2: 504,950 shares 504,950$39.1M7.89%-12,128Timeline
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,320,251 shares; 2024Q4: 758,179 shares; 2025Q1: 446,259 shares; 2025Q2: 490,754 shares 490,754$31.5M6.35%+44,495Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 583,316 shares; 2025Q1: 562,786 shares; 2025Q2: 376,786 shares 376,786$27.5M5.55%-186,000Timeline
ZETAZETA GLOBAL HOLDINGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 725,000 shares; 2025Q2: 1,700,000 shares 1,700,000$26.3M5.31%+975,000Timeline
MSAMSA SAFETY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 141,343 shares 141,343$23.7M4.77%newTimeline
LIVNLIVANOVA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 510,802 shares; 2025Q1: 552,902 shares; 2025Q2: 513,902 shares 513,902$23.1M4.66%-39,000Timeline
AVNTAVIENT CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,835 shares; 2024Q4: 696,867 shares; 2025Q1: 696,867 shares; 2025Q2: 649,934 shares 649,934$21M4.23%-46,933Timeline
ENOVENOVIS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 460,000 shares; 2024Q4: 330,000 shares; 2025Q1: 330,000 shares; 2025Q2: 617,149 shares 617,149$19.4M3.9%+287,149Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
ZETAZETA GLOBAL HOLDINGS CORP Stockput1,700,000$26.3Mnew

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
FULFULLER H B CO284,442$16Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-003359 base2025-08-14acceptance time not in the bulk data set