NORWALK, Conn., Oct. 5, 2026 /PRNewswire/ — 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.”

About Heartwood Partners

Heartwood Partners, a middle market private equity firm, is differentiated by a unique lower-leverage, current cash yield approach designed to create partnership with continuing management. Our approach combines a conservative capital structure with strategic execution to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. In addition, we support each management team with our in-house Value Creation team who provide deep, subject-matter experience in strategic areas such as eCommerce and digital marketing, human capital and organizational design, IT improvement, and acquisition integration. We manage over $1.4 billion (as of 12/31/25) in investments and commitments, and our principals have invested in more than 100 platform and add-on acquisitions. Heartwood is currently investing from Heartwood Partners IV, LP, and is focused on founder, family and management-held businesses serving the building products, commercial and industrial services, distribution, environmental services, niche manufacturing, packaging, specialty chemicals/materials, and food/agriculture/nutrition markets.  For additional information about Heartwood, please visit www.heartwoodpartners.com.

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SOURCE Heartwood Partners