Installed Building Products Inc. (NYSE: IBP) acquired Diamond Energy Systems Inc., a mechanical insulation company based in St. Joseph, Minnesota, according to a company announcement.

The acquisition adds approximately $12 million in annual revenue to IBP's operations. Diamond Energy Systems specializes in mechanical insulation, with most of its sales coming from retrofit work in industrial and commercial applications throughout the Upper Midwest region.

"DESI adds approximately $12 million of annual revenue and expands our mechanical insulation offerings throughout the Upper Midwest region," said Jeff Edwards, Chairman and Chief Executive Officer. Edwards noted that IBP has acquired approximately $40 million in annual revenue through acquisitions in 2026 to date.

Separately, IBP reported share repurchase activity during May 2026. From May 1 through May 18, 2026, the company repurchased approximately 240,000 shares of common stock for a total cost of $51.2 million, including commissions. As of May 19, 2026, IBP has approximately $425 million available under its existing stock repurchase program.

IBP operates as an installer of insulation and building products for residential and commercial construction projects. The company maintains operations across all 48 continental states and the District of Columbia through more than 250 branch locations.