Architecture, Engineering, & Construction Services
CLA Meridian Capital Advises Diamond Energy Systems, Inc. on Sale to Installed Building Products (NYSE: IBP)
Published May 19, 2026
SEATTLE, WA — Installed Building Products, Inc. (“IBP”) (NYSE: IBP) has announced the acquisition of Diamond Energy Systems, Inc., a Minnesota-based provider of mechanical insulation for industrial and commercial applications. CLA Meridian Capital served as the financial advisor for Diamond Energy Systems, Inc.
Founded in 1987 and headquartered in St. Joseph, Minnesota, Diamond Energy Systems, Inc. installs mechanical insulation for commercial HVAC and refrigeration clients throughout the United States. The company serves multiple end markets including healthcare, food processing, schools, commercial properties, and others.
Headquartered in St. Joseph, Minnesota, Diamond brings decades of experience working with the highly specialized needs of commercial HVAC and refrigeration contractors in the upper Midwest and beyond. Diamond has built a blue-chip customer list through its technical expertise and high level of service provided by its loyal employees.
“Our goal in this process was to find a partner who would continue Diamond’s legacy of great service and create future growth opportunities for our employees,” said Mike Miller, CEO of Diamond. “IBP has worked with numerous companies like Diamond and have proven to be the kind of partner we were hoping to find. CLA Meridian’s guidance through this process was critical to achieving the outcome we were looking for.”
“This transaction represents the momentum we’re seeing across the architecture, engineering, construction, and building services sectors,” said David Shapiro, Managing Director and co-lead of the firm’s AEC Services team. “Investors continue to show strong interest in HVAC related businesses, particularly when serving end markets with critical cooling and heating needs such as hospitals and food manufacturing facilities. It is rewarding to see Diamond and its employees positioned for the next chapter of growth and expansion.”
Diamond Energy Systems will retain its leadership and continue to go to market under their current name. Lathrop GPM provided legal advisory for the transaction.
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About CLA Meridian Capital
CLA Meridian Capital is the investment banking division of CliftonLarsonAllen (CLA) Wealth Advisors, LLC, an SEC registered investment advisor and broker dealer, member FINRA/SIPC. With 30+ years of middle-market M&A and financial advisory experience, $22 billion in total transaction value, and deep industry knowledge across the Consumer, Industrials, and Technology sectors, CLA Meridian Capital helps our clients preserve the value they’ve built and the legacies they leave behind.
