P2 Capital Partners Amends CBIZ Stake, Signals Continued Confidence

TL;DR

**P2 Capital Partners is still holding strong on CBIZ, Inc. stock.**

AI Summary

P2 Capital Partners, LLC filed an amended Schedule 13D on January 25, 2024, indicating their continued ownership interest in CBIZ, Inc. This filing, Amendment No. 1, updates their previous disclosure regarding their stake in CBIZ's Common Stock, $0.01 Par Value. This matters to investors because P2 Capital Partners is a significant institutional investor, and their ongoing position suggests continued confidence in CBIZ, Inc., potentially influencing other investors' perceptions and the stock's stability.

Why It Matters

This filing confirms P2 Capital Partners' sustained interest in CBIZ, Inc., which can be a positive signal for current and prospective shareholders, indicating a belief in the company's future performance.

Risk Assessment

Risk Level: low — This filing is an amendment confirming an existing position, not a new aggressive stake or a divestment, indicating stability rather than immediate risk.

Analyst Insight

An investor should note that a significant institutional holder like P2 Capital Partners, LLC is maintaining its position, which could be interpreted as a vote of confidence in CBIZ, Inc.'s long-term prospects. This information might encourage further due diligence into CBIZ's fundamentals and recent performance.

Key Players & Entities

• P2 Capital Partners, LLC (company) — the reporting person filing the SC 13D/A
• CBIZ, Inc. (company) — the subject company whose securities are being reported
• Jason Carri (person) — person authorized to receive notices for P2 Capital Partners, LLC
• Claus Moller (person) — a group member associated with the filing
• P2 Capital Master Fund I, L.P. (company) — a group member associated with the filing
• $0.01 (dollar_amount) — par value of CBIZ, Inc. Common Stock

FAQ

Key Financial Figures

• $0.01 — Inc. (Name of Issuer) Common Stock, $0.01 Par Value (Title of Class of Securitie
• $64.8225 — Sold) Price Per Share Date (4,200) $64.8225 1/25/24 (100,000) $65.0783 1/26/24
• $65.0783 — (4,200) $64.8225 1/25/24 (100,000) $65.0783 1/26/24

Filing Documents

• tm244178d1_sc13da.htm (SC 13D/A) — 55KB
• 0001104659-24-007319.txt ( ) — 57KB

Security and Issuer

Item 1 Security and Issuer

is hereby amended and replaced by the following

Item 1 is hereby amended and replaced by the following: This Schedule 13D relates to the shares of Common Stock, $0.01 Par Value (the “ Shares ”) of CBIZ, Inc., a Delaware corporation (the “ Issuer ”). The Issuer’s principal executive offices are located at 6801 Brecksville Rd, Door N, Independence, Ohio 44131.

Identity and Background

Item 2 Identity and Background

is hereby amended in relevant parts as follows

Item 5 is hereby amended in relevant parts as follows: Master Fund VI, which was previously a Reporting Person with respect to the Schedule 13D, ceased doing business, and its certificate of limited partnership in the State of Delaware was cancelled as of April 28, 2023 and, accordingly, is no longer a Reporting Person . Master Fund XII, which was previously a Reporting Person with respect to the Schedule 13D, ceased doing business, and its certificate of limited partnership in the State of Delaware was cancelled as of April 5, 2022 and, accordingly, is no longer a Reporting Person . The remaining Reporting Persons are Master Fund I, the Manager and Claus Moller.

Interest in Securities of the Issuer

Item 5 Interest in Securities of the Issuer

is hereby amended in relevant part as follows

Item 5 is hereby amended in relevant part as follows: (a), (b): The responses of the Reporting Persons to Rows (7) through (13) of the cover pages of this Statement on Schedule 13D are incorporated herein by reference. As of the close of business on January 26, 2024, Master Fund I beneficially owned an aggregate of 2,390,997 Shares, representing approximately 4.8% of the outstanding Shares. As of the close of business on January 26, 2024, each of the Manager and Mr. Moller may be deemed to beneficially own 2,390,997 Shares, representing approximately 4.8% of the outstanding Shares. All percentages set forth in this paragraph and the cover pages of this Statement on Schedule 13D are based on 49,841,832 Shares outstanding (as of October 23, 2023), which number of Shares is based upon the number of Shares reported as outstanding at October 23, 2023 in the Issuer’s Report on Form 10-Q filed on October 26, 2023 for the quarter ended September 30, 2023. Master Fund I is the direct owner of the Shares reported owned by it. For purposes of disclosing the number of Shares beneficially owned by each of the Reporting Persons, the Manager, as investment manager of Master Fund I, and Mr. Moller, as managing member of the Manager, may be deemed to own beneficially (as that term is defined under Rule 13d-3 under the Securities Exchange Act of 1934) all Shares that are owned beneficially and directly by Master Fund I. Each of the Manager and Mr. Moller disclaims beneficial ownership of the Shares for all other purposes. (c): Except as set forth above or in Schedule I, no Reporting Person has engaged in any transaction during the past 60 days in any Shares. (d): Not applicable. (e): As of January 25, 2024, each of the Reporting Persons ceased to be a beneficial owner of more than five percent of the outstanding Shares. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, compl

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