Norlee Group Expands Reach with Inter-Bay Electric Company Acquisition

On November 5, 2025, Norlee Group successfully completed the acquisition of Inter-Bay Electric Company (IBE), a highly regarded electrical contractor based in Tampa, Florida. This strategic move, announced by Heartwood Partners, marks a significant milestone for Norlee Group in its ongoing efforts to strengthen its market presence and expand service offerings throughout Florida and the wider Southeastern United States.

Founded in 1979, Inter-Bay Electric has earned a reputation for delivering quality electrical construction services to the Tampa Bay area. The company specializes in a variety of commercial electrical projects, including new construction, site lighting, generators, and low-voltage systems that encompass security and fire alarm systems. With decades of experience, IBE has established strong relationships with an array of clients, from military installations like Air Force bases to educational institutions. Their commitment to excellence and professionalism has made them a trusted partner in the public sector.

Wally Budgell, CEO of Norlee Group, expressed enthusiasm about the acquisition, stating, "We are proud to welcome Inter-Bay Electric Company into the Norlee Group family. Southwest Florida's growth trajectory is exceptional, and Inter-Bay Electric has built a strong reputation in this market. Their approach to client service and technical expertise aligns perfectly with our operational ethos. This partnership positions us well for the next phase of our regional expansion."

The acquisition is seen as a major strategic move for Norlee Group by Demetrios Dounis, Managing Partner at Heartwood Partners, who noted that it enhances Norlee's platform in a high-growth market and significantly expands their service capabilities. "This acquisition advances Norlee Group's strategy of becoming the go-to provider for comprehensive electrical and mechanical solutions throughout the Southeast," he remarked.

Norlee Group is headquartered in Jacksonville, Florida, and specializes in integrated solutions across various sectors, including electrical, mechanical, low-voltage systems, design/build engineering, underground infrastructure, and ongoing service and maintenance. The company has seen substantial growth in its portfolio, which currently includes various firms such as Adkins Electric, Colwill Enterprises, and Millennium Electric, alongside the newly acquired Inter-Bay Electric.

The acquisition not only solidifies Norlee Group's position in the commercial market but also fortifies its ability to deliver tailored solutions to a diverse client base, which includes government entities, general contractors, property developers, corporations, and small businesses. This expanded reach enables Norlee to better address the unique needs of each sector they serve, ranging from healthcare to hospitality and education.

Heartwood Partners, founded in 1982, has a unique approach to investing, blending a conservative capital structure with strategic execution aimed at long-term growth. With over $1.3 billion in investments under management, Heartwood partners with continuing management teams to bolster business development and execution strategies, particularly through organic growth and acquisitions.

As Norlee Group continues on its trajectory of expansion, the acquisition of Inter-Bay Electric Company represents a pivotal step towards solidifying its leadership within the electrical services market in the Southeastern U.S.. With robust operational strategies and a focus on client satisfaction, Norlee is well positioned to meet the evolving demands of the industry while contributing to the area's economic growth.

For more information about Norlee Group and their extensive service offerings, visit norleegroup.com.