P2 Capital Partners, LLC
P2 Capital Partners, LLC is a New York-based hedge fund manager founded in 2007 by Claus Jorgen Moller. The firm employs a private equity-style approach focused on investing in small-cap public companies, especially those with market capitalizations between $1 billion and $3 billion. It manages a highly concentrated portfolio (12–15 core holdings) and leverages deep operational and LBO expertise to effectuate value creation, often catalyzing exits through sales to private equity or strategic acquirers. P2 Capital Partners manages $1,319,000,000 in discretionary assets as of March 2024 and serves a small number of institutional clients.
Investment Strategy
P2 Capital Partners pursues a private equity-style investment strategy by investing in high-quality businesses with attractive valuations and substantial value-creation opportunities. The firm targets a concentrated portfolio of small-cap public companies, emphasizing significant ownership and active engagement. P2 leverages LBO capabilities to unlock value, frequently serving as a catalyst for take-private transactions and eventual sales to larger private equity sponsors or strategic corporate buyers. The portfolio commonly comprises a dozen to 15 holdings and has a long-term investment outlook, seeking to hold top positions across multiple years.
Top Holdings
Equity Positions (11)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C CBZ | CBIZ INC | 24.79% | $129.5M | 1,806,308 | $37.98 | $71.71 | -$15.9M |
A ACHC | ACADIA HEALTHCARE COMPANY IN | 9.30% | $48.6M | 2,142,188 | $38.60 | $22.69 | -$16.3M |
I IAS | INTEGRAL AD SCIENCE HLDNG CO | 7.81% | $40.8M | 4,910,000 | $10.53 | $8.31 | +$2.0M |
T TNC | TENNANT CO | 7.49% | $39.1M | 504,950 | $75.72 | $77.48 | -$2.1M |
B BLKB | BLACKBAUD INC | 6.03% | $31.5M | 490,754 | $54.57 | $64.21 | +$3.8M |
Options Positions (1)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
Z ZETA | ZETA GLOBAL HOLDINGS CORP | New | Put | $26.3M | 17,000 | $15.49 | $15.49 | +17,000 | +$26.3M |
Industry Allocation
Investment Team (2)
| Name | Role | Location | |
|---|---|---|---|
I Isaac Ganz | Principal | New York, NY , United States | |
A Anh Tran | Principal | New York, NY , United States |