P2 Capital Partners, LLC Long-Term Concentrated

CIK: 0001406313 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $390,350 (100.0% shares, 0.0% debt)

Holdings (10)

Increased Positions (2)

MSA MSA SAFETY INC 7.6%

Value ($000) $29,734 (+26.7%) Shares 185,675 (+36.2%) Est. Cost $158.15 Unrealized +2.9%

CBZ CBIZ INC 22.9%

Value ($000) $89,468 (-1.6%) Shares 1,773,391 (+3.3%) Est. Cost $40.20 Unrealized +30.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSA	MSA SAFETY INC	185,675 (+36.2%)	$29,734 (+26.7%)	7.6%	$158.15	+2.9%	COM	553498106
CBZ	CBIZ INC	1,773,391 (+3.3%)	$89,468 (-1.6%)	22.9%	$40.20	+30.8%	COM	124805102

Exited Positions (3)

ACHC ACADIA HEALTHCARE COMPANY IN 14.8%

Value ($000) $57,869 Shares 2,337,188 Est. Cost $39.56 Unrealized -52.2%

— INTEGRAL AD SCIENCE HLDNG CO 12.6%

Value ($000) $49,129 Shares 4,830,805 Est. Cost $10.60 Unrealized —

ZETA ZETA GLOBAL HOLDINGS CORP 8.7%

Value ($000) $33,779 Shares 1,700,000 Est. Cost $15.24 Unrealized +22.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACHC	ACADIA HEALTHCARE COMPANY IN	2,337,188	$57,869	14.8%	$39.56	-52.2%	—	00404A109
—	INTEGRAL AD SCIENCE HLDNG CO	4,830,805	$49,129	12.6%	$10.60	—	—	45828L108
ZETA	ZETA GLOBAL HOLDINGS CORP	1,700,000	$33,779	8.7%	$15.24	+22.6%	PUT	98956A105

Unchanged Positions (8)

JBTM JBT MAREL CORPORATION 17.4%

Value ($000) $67,794 Shares 449,952 Est. Cost $102.76 Unrealized +37.2%

LIVN LIVANOVA PLC 7.8%

Value ($000) $30,390 Shares 493,902 Est. Cost $71.21 Unrealized -19.8%

TNC TENNANT CO 9.2%

Value ($000) $35,741 Shares 484,950 Est. Cost $72.18 Unrealized +5.6%

HSIC HENRY SCHEIN INC 7.0%

Value ($000) $27,344 Shares 361,786 Est. Cost $71.82 Unrealized -2.0%

ENOV ENOVIS CORPORATION 4.1%

Value ($000) $15,851 Shares 595,000 Est. Cost $43.14 Unrealized -31.5%

AVNT AVIENT CORPORATION 5.0%

Value ($000) $19,523 Shares 624,934 Est. Cost $36.93 Unrealized -16.8%

ZETA ZETA GLOBAL HOLDINGS CORP 8.9%

Value ($000) $34,595 Shares 1,700,000 Est. Cost $15.24 Unrealized +22.6%

BLKB BLACKBAUD INC 10.2%

Value ($000) $39,911 Shares 630,303 Est. Cost $58.78 Unrealized +5.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBTM	JBT MAREL CORPORATION	449,952	$67,794	17.4%	$102.76	+37.2%	COM	477839104
LIVN	LIVANOVA PLC	493,902	$30,390	7.8%	$71.21	-19.8%	SHS	G5509L101
TNC	TENNANT CO	484,950	$35,741	9.2%	$72.18	+5.6%	COM	880345103
HSIC	HENRY SCHEIN INC	361,786	$27,344	7.0%	$71.82	-2.0%	COM	806407102
ENOV	ENOVIS CORPORATION	595,000	$15,851	4.1%	$43.14	-31.5%	COM	194014502
AVNT	AVIENT CORPORATION	624,934	$19,523	5.0%	$36.93	-16.8%	COM	05368V106
ZETA	ZETA GLOBAL HOLDINGS CORP	1,700,000	$34,595	8.9%	$15.24	+22.6%	CL A	98956A105
BLKB	BLACKBAUD INC	630,303	$39,911	10.2%	$58.78	+5.2%	COM	09227Q100