Heartwood Partners Expands Norlee Group with Strategic Acquisition of IEM Electric, Inc.

Heartwood Partners Fuels Norlee Group's Expansion into North Carolina

On October 5, 2026, Heartwood Partners announced a significant milestone for its portfolio company, Norlee Group, which has successfully acquired IEM Electric, Inc., an industrial electrical contractor renowned for its service in the Southeast. This transaction, finalized on September 30, 2026, marks the eighth add-on acquisition made since Heartwood's initial investment in Norlee Group.

IEM Electric, founded in 1993 by Paul Brooks Jr., has established itself as a leader in industrial electrical contracting, known for its commitment to quality, technical expertise, and customer service. The company has built a strong presence in various sectors, including food processing, automotive, and pharmaceuticals, providing controls, automation, and maintenance services to a diverse customer base.

Wally Budgell, the CEO of Norlee Group, expressed enthusiasm about the acquisition: "IEM Electric brings deep industrial expertise and a proven track record that we seek when expanding Norlee Group. Their focus on controls, automation, and maintenance aligns perfectly with our growth strategy. We are excited to welcome their capabilities to Norlee and establish a stronger foundation in North Carolina."

This acquisition not only represents a strategic expansion for Norlee Group but also enhances its ability to meet the evolving needs of industrial clients across the Southeast. Demetrios Dounis, Managing Partner of Heartwood Partners, highlighted the importance of this addition: "IEM Electric's strong reputation and experienced leadership position us well to serve industrial clients throughout the Southeast. We are pleased to support Norlee Group as it continues to build a robust platform of services."

Heartwood Partners has defined itself as a middle-market private equity firm, distinguished by a low-leverage, cash-yielding approach that promotes partnerships with management teams. With over $1.4 billion in investments and commitments, Heartwood focuses on organic growth and strategic acquisitions to propel companies into new markets and products. The firm's dedication is not only to financial success but also to the long-term growth of the companies in its portfolio.

With IEM Electric now part of Norlee Group, the future looks promising as the firm expands its offerings and geographical presence. The seamless integration of IEM's infrastructure, services, and expertise will undoubtedly create synergies that enhance Norlee Group’s value proposition in the industrial sector. As industries continue to evolve, the capabilities added through this acquisition position Norlee Group to respond adaptively to client needs while addressing the complexities of industrial electrical applications.

This move further cements Heartwood Partners' commitment to fostering sustainable growth and excellence in the businesses it invests in, ensuring they are equipped to thrive in competitive markets. As Norlee Group integrates IEM Electric’s operations and team, it prepares to raise the bar on service and innovation in the industrial electrical domain, shaping a promising trajectory for future expansion in North Carolina and beyond.