Heartwood Partners’ Portfolio Company Norlee Group Announces Eighth Add-on Acquisition of IEM Electric, Inc.

Heartwood Partners is pleased to announce that Norlee Group has acquired IEM Electric, Inc., an established industrial electrical contractor based in Hickory, North Carolina. The transaction, finalized on September 30, 2026, marks the eighth add-on acquisition since Heartwood's investment and extends Norlee Group's presence into North Carolina while reinforcing its ongoing strategy to expand capabilities and services across the broader Southeast region.

Founded in 1993 by Paul Brooks Jr., IEM Electric has built a strong reputation for quality workmanship, technical expertise, and customer-focused service. The company has become a trusted industrial electrical contractor providing controls, automation, and maintenance capabilities to customers across food processing, chemical, automotive, steel, cable, material handling, and pharmaceutical industries throughout the region.

"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. We're excited to add their capabilities and experienced team to Norlee and establish a strong foundation in North Carolina."

"This acquisition adds important industrial electrical and automation capabilities to Norlee Group's platform," said Demetrios Dounis, Managing Partner, Heartwood Partners. "IEM Electric's strong reputation and experienced leadership position us well to serve industrial clients across the Southeast. We are pleased to support Norlee as it continues to build a comprehensive services platform."

Please contact the following members of the investment team at Heartwood Partners with investment or add-on opportunities: