P2 Capital Partners, LLC
P2 Capital Partners, LLC reported 12 US-listed holdings worth $245.6 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Acadia Healthcare Company, Inc. (21.3%), Cbiz Inc. (14.9%) and JBT Marel Corp. (13.3%). Against the quarter before, it opened 2 positions, added to 1, trimmed 5 and sold out of 0.
The 12 largest of its 12 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned -28.8% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 2
- Casella Waste Systems Inc. CWST$14.3 million
- Stride, Inc. LRN$10.1 million
Added to 1
- Zeta Global Holdings Corp. ZETA+5,000 shares · +1%
Trimmed 5
- LivaNova plc LIVN-127,277 shares · -87%
- Tennant Co. TNC-78,952 shares · -26%
- Henry Schein Inc. HSIC-35,000 shares · -12%
- MSA Safety Inc. MSA-4,152 shares · -4%
- Cbiz Inc. CBZ-3,700 shares · -0%
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Acadia Healthcare Company, Inc. ACHC | 1.8M | $52.4 million | 21.34% | no change |
| Cbiz Inc. CBZ | 1.1M | $36.5 million | 14.85% | -3.7K |
| JBT Marel Corp. JBTM | 225.5K | $32.7 million | 13.31% | no change |
| Henry Schein Inc. HSIC | 264.5K | $22.1 million | 9.00% | -35.0K |
| Tennant Co. TNC | 225.3K | $19.7 million | 8.03% | -79.0K |
| Zeta Global Holdings Corp. ZETA | 920.0K | $18.1 million | 7.37% | +5.0K |
| MSA Safety Inc. MSA | 99.1K | $17.3 million | 7.05% | -4.2K |
| Blackbaud Inc. BLKB | 482.9K | $14.3 million | 5.82% | no change |
| Casella Waste Systems Inc. CWST | 147.2K | $14.3 million | 5.81% | new |
| Stride, Inc. LRN | 116.6K | $10.1 million | 4.10% | new |
| Enovis Corp. ENOV | 320.0K | $6.6 million | 2.70% | no change |
| LivaNova plc LIVN | 18.5K | $1.5 million | 0.62% | -127.3K |