Norwalk, Conn. – October 05, 2026 -- Norlee Group has acquired IEM Electric, Inc., an industrial electrical contractor based in Hickory, North Carolina, in a deal finalized September 30, 2026. The transaction marks the eighth add-on acquisition for Norlee Group since Heartwood Partners' investment, extending the platform's footprint into North Carolina.

Deal expands Norlee Group's industrial controls and automation capabilities across the Southeast

Founded in 1993 by Paul Brooks Jr., IEM Electric provides controls, automation, and maintenance services to customers in food processing, chemical, automotive, steel, cable, material handling, and pharmaceutical industries. The acquisition brings this client base and technical team under the Norlee Group umbrella.

"IEM Electric brings deep industrial expertise and a proven track record we look for when expanding Norlee Group," said Wally Budgell, CEO of Norlee Group. "Their focus on controls, automation, and maintenance aligns perfectly with our growth strategy."

Heartwood Partners counts this as its latest in a string of over 100 platform and add-on deals

Demetrios Dounis, Managing Partner at Heartwood Partners, said the acquisition adds industrial electrical and automation capabilities to Norlee Group's platform and positions the company to serve industrial clients across the Southeast region. Heartwood Partners manages more than $1.4 billion in investments and commitments as of December 31, 2025, with its principals having invested in more than 100 platform and add-on acquisitions to date. The firm is currently investing from Heartwood Partners IV, LP, targeting founder, family, and management-held businesses in building products, commercial and industrial services, distribution, environmental services, niche manufacturing, packaging, specialty chemicals/materials, and food/agriculture/nutrition markets.