Diamond Capital Advisors

What Diamond Capital Advisors does

Diamond Capital Advisors is a privately held boutique investment banking firm founded in 2009 by Managing Partner David Herman and headquartered in Century City, Los Angeles, with an additional office in New York. The firm specializes in M&A advisory, capital raising, business valuations, fairness opinions, and strategic alternatives for lower middle-market companies, typically those with enterprise values under $500 million and most active in the $200 million range. Diamond's professionals are structured around 10 industry verticals — Business Services, Consumer Products, Fitness/Health/Wellness, Food & Beverage, Healthcare, Manufacturing & Distribution, Marketing/Media/Digital, Photonics, Retail & Restaurants, and Technology & Internet — and a core differentiator is that several Managing Directors are former business owners and corporate operators who have personally built and sold companies.

The firm operates through a direct, relationship-based sales model, generating deal flow via professional referrals, content marketing (quarterly M&A market reports and industry-specific publications), conference presence, and inbound inquiries. Revenue is earned primarily through success-based M&A advisory fees, plus fee-based valuation engagements and capital-raising mandates; pricing is bespoke and not publicly disclosed. Over its operating history the firm and its partners claim to have advised more than 3,000 companies and completed over 2,500 valuations. Securities administration is handled through Hamilton Grant, LLC, an unaffiliated FINRA/SIPC member broker-dealer.

Diamond maintains a lean team of approximately 13 named professionals across Managing Partner, Managing Director, Vice President, Senior Advisor, and administrative roles, with recent senior additions (Lawrence Johnson, Becky York, Michael DeDonato, Ari Nadelman) and a technology-sector partnership with OEM Capital extending its vertical coverage. The firm does not develop or deploy a technology product platform — its output is bespoke financial advisory services delivered by individual bankers.

Name

Diamond Capital Advisors

Legal name

Diamond Capital Advisors

Website

https://diamondcapadvisors.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Diamond Capital Advisors is a privately held boutique investment bank founded in 2009 that provides M&A advisory, capital raising, valuation, fairness opinions, and strategic alternatives to lower middle-market companies (enterprise values under $500 million) across 10 industry verticals in North America.

Ownership category

akta.pro rank

Product category

Middle-Market Investment Banking & M&A Advisory

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Lower Middle-Market Business Brokerage (FSAEAIAB), Fairness Opinions & Independent Board Advice (FSAEAGAF)

Keywords

• Middle-market M&A advisory
• Investment banking services
• Business valuation advisory
• Capital raising advisory
• Fairness opinions

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Infrastructure, Technology or R&D

Revenue model

1. M&A Advisory (Sell-Side & Buy-Side): The firm earns success-fee or retainer-based compensation for advising business owners on selling or acquiring companies. Sell-side mandates involve preparing marketing strategies, identifying qualified buyers, negotiating terms, and managing due diligence to close transactions. Buy-side mandates involve identifying acquisition targets, evaluating deal structures and synergies, and managing the acquisition process.
2. Corporate Valuations & Valuation Advisory: The firm performs detailed business valuations for transactions, tax, governance, financial reporting, and litigation support. Valuation engagements are fee-based, typically project or retainer structures, and support both middle-market companies and Fortune 500 clients.
3. Capital Raising (Debt & Equity): The firm assists privately-held businesses in raising capital from both debt and equity sources, including venture capital, private equity financing, management buyout financing, and recapitalizations. Fees are typically success-based on capital raised.
4. Fairness Opinions & Strategic Advisory: The firm provides fairness opinions to boards of directors, independent committees, ESOP trustees, and other fiduciaries, as well as advising on strategic alternatives including partial liquidity events and recapitalizations without full company sale.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Diamond Capital Advisors is a boutique middle-market investment banking firm that advises lower middle-market companies (enterprise values typically under $500 million) on sell-side M&A, buy-side M&A, debt and equity capital raising, formal business valuations, fairness opinions, and strategic alternatives. The firm serves business owners, acquirers, boards, and fiduciaries across 10 industry verticals, earning fees through retainers, success-based transaction fees, and project-based valuation engagements.

Product overview

Diamond Capital Advisors is a boutique middle-market investment banking firm that operates as a unified advisory platform offering six interconnected service modules: Sell Your Company (sell-side M&A), Buy A Company (buy-side M&A), Raise Money (capital raising), Valuations, Fairness Opinions, and Strategic Options. These services are designed to address the full lifecycle of middle-market transactions, from initial strategic assessment through execution and closing. The firm specializes in serving lower middle-market companies with enterprise values typically under $500MM.

Differentiator

Problem solved

Functional benefit

Products and services

• Sell Your Company
• Buy A Company
• Raise Money
• Valuations
• Fairness Opinions
• Strategic Options

Quantifiable outcome

• Over 3,000 companies advised on financial and strategic options over 40 years
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor and core.

• Groupe GDHminorStrategic or Co-development Partner · 20 February 2025Groupe GDH, established in 1961, is France's leading higher education school for creative professionals. Diamond served as investment banker to Gnomon in its sale to Groupe GDH. The acquisition expands Gnomon's global footprint and makes world-class visual arts education available to Groupe GDH students.
• 908 Devices (NASDAQ: MASS)minorStrategic or Co-development Partner · 28 May 2024908 Devices is a commercial-stage technology company providing purpose-built handheld and desktop mass spectrometry devices. Diamond served as investment banker to RedWave Technology in its sale to 908 Devices, providing critical technology and accelerating timeline to profitability.
• Survitec Group Ltd.minorStrategic or Co-development Partner · 29 February 2024Survitec is a UK-based manufacturer of personal survival equipment for marine, defense, and aerospace industries. Diamond served as investment banker to Vinyl Technology in its sale to Survitec Group Ltd.
• Crystal Art GalleryminorStrategic or Co-development Partner · 25 June 2020Diamond facilitated the sale of Head West Mirrors to Crystal Art Gallery's parent company. Crystal Art is a 30-year-old competitor of Head West operating a 275,000 sq ft warehouse in California and a 75,000 sq ft warehouse in Mexico.
• OEM CapitalminorStrategic or Co-development PartnerDiamond Capital partners with OEM Capital for technology sector transactions, extending the firm's capabilities and deal sourcing network in the Technology & Internet vertical. OEM Capital is a specialized investment banking resource referenced in Diamond's Technology & Internet expertise page.
• CeriFi, LLCminorStrategic or Co-development PartnerCeriFi is a diversified education, training, and certification provider serving professionals across the financial services market, formed in 2017. Diamond served as exclusive financial advisor to Spidell in its acquisition by CeriFi. CeriFi has acquired ten complementary companies including Dalton Education, Money Education, and Spidell Publishing.
• Hamilton Grant, LLCcoreOthersSecurities are administered through Hamilton Grant, LLC, a FINRA/SIPC member broker-dealer. Hamilton Grant, LLC and Diamond Capital Advisors are unaffiliated entities. The firm holds itself out to clients as a provider of M&A and capital-raising services, with securities administration handled by the partner entity.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Piper Sandler: Piper Sandler is a middle-market-focused investment bank providing M&A advisory, capital raising, and equity research. Larger-scale competitor offering similar lower middle-market services with broader sector coverage and capital markets capabilities.
• D.A. Davidson: D.A. Davidson's Investment Banking division provides middle-market M&A advisory and capital raising services across multiple industries. Broadly comparable in deal size and sector breadth, though at meaningfully larger scale.
• Robert W. Baird: Robert W. Baird's Global Investment Banking group provides M&A advisory and capital raising services focused on the middle market. Larger-scale incumbent serving similar client profiles with deeper capital markets capabilities.
• Houlihan Lokey: Houlihan Lokey is a global investment bank with a leading middle-market M&A practice. Notable as Diamond's founder previously sold Chelsea Capital to Houlihan Lokey, and Houlihan competes for larger LMM mandates where Diamond's sub-$200MM EV cap leaves the firm out.

Direct peers

• Intrepid Investment Bankers: Intrepid (the rebranded Barrington Associates) is a Los Angeles-based boutique M&A advisory firm serving the lower middle market. Most directly comparable peer given shared LA geography, LMM focus, and similar team scale.
• Lincoln International: Lincoln International is a global middle-market M&A advisory firm with a strong lower middle-market practice. Direct competitor for sell-side and buy-side mandates in the sub-$500MM EV range across multiple verticals.
• Cascade Partners: Cascade Partners is a middle-market investment bank focused exclusively on M&A advisory for companies typically in the $10MM-$250MM EV range. Closely comparable boutique competitor serving founder/owner-led businesses with full sell-side and buy-side services.
• FOCUS Investment Banking: FOCUS Investment Banking is a lower middle-market M&A advisory firm serving clients across multiple industry verticals. Direct competitor in the same deal-size range with similar sell-side and capital-raising service offerings.
• Stout: Stout is a global advisory firm specializing in valuation, M&A, and disputes. Particularly comparable given the valuation-heavy service overlap and that Diamond's Becky York joined from valuation-focused firms (Duff & Phelps, American Appraisal).
• Cascadia Capital: Cascadia Capital is a middle-market investment bank with strong sector expertise in consumer products, food & beverage, and industrials. Comparable to Diamond in targeted verticals and lower middle-market deal size.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/diamond-capital-advisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diamond Capital Advisors