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P2 Capital Partners, LLC

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13F filer, CIK 1406313, New York, NY

P2 Capital Partners, LLC reported $520,479,964 across 13 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 92.06% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-004819

Period
2025-09-30
Reported value
$520M
Holdings
13
Top 10 weight
92.06%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BLKBadded+139,549$8.97M
ACHCadded+195,000$4.83M

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
JBTMreduced-95,000-$13.3M
CBZreduced-89,983-$4.77M
TNCreduced-20,000-$1.62M
LIVNreduced-20,000-$1.05M
HSICreduced-15,000-$996K

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, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-004819, largest first. % of portfolio is the value over $486,700,964, 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; 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; 2025Q3: 1,716,325 shares 1,716,325$90.9M18.68%-89,983Timeline
JBTMJBT MAREL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,168 shares; 2024Q4: 593,558 shares; 2025Q1: 593,558 shares; 2025Q2: 544,952 shares; 2025Q3: 449,952 shares 449,952$63.2M12.98%-95,000Timeline
ACHCACADIA HEALTHCARE COMPANY INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,337,188 shares 2,337,188$57.9M11.89%+195,000Timeline
INTEGRAL AD SCIENCE HLDNG COINTEGRAL AD SCIENCE HLDNG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,830,805 shares 4,830,805$49.1M10.09%-79,195
BLKBBLACKBAUD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,320,251 shares; 2024Q4: 758,179 shares; 2025Q1: 446,259 shares; 2025Q2: 490,754 shares; 2025Q3: 630,303 shares 630,303$40.5M8.33%+139,549Timeline
TNCTENNANT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 727,391 shares; 2024Q4: 517,078 shares; 2025Q1: 517,078 shares; 2025Q2: 504,950 shares; 2025Q3: 484,950 shares 484,950$39.3M8.08%-20,000Timeline
ZETAZETA GLOBAL HOLDINGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 725,000 shares; 2025Q2: 1,700,000 shares; 2025Q3: 1,700,000 shares 1,700,000$33.8M6.94%0Timeline
LIVNLIVANOVA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 510,802 shares; 2025Q1: 552,902 shares; 2025Q2: 513,902 shares; 2025Q3: 493,902 shares 493,902$25.9M5.32%-20,000Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 583,316 shares; 2025Q1: 562,786 shares; 2025Q2: 376,786 shares; 2025Q3: 361,786 shares 361,786$24M4.93%-15,000Timeline
MSAMSA SAFETY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 141,343 shares; 2025Q3: 136,343 shares 136,343$23.5M4.82%-5,000Timeline
AVNTAVIENT CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,835 shares; 2024Q4: 696,867 shares; 2025Q1: 696,867 shares; 2025Q2: 649,934 shares; 2025Q3: 624,934 shares 624,934$20.6M4.23%-25,000Timeline
ENOVENOVIS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 460,000 shares; 2024Q4: 330,000 shares; 2025Q1: 330,000 shares; 2025Q2: 617,149 shares; 2025Q3: 595,000 shares 595,000$18.1M3.71%-22,149Timeline

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$33.8M0

How Q3 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 0001172661-25-004819 base2025-11-14acceptance time not in the bulk data set