Norwalk, Connecticut, October 5, 2026 / PRNewswire / -- Heartwood Partners indicates that Norlee Group has acquired IEM Electric, Inc. IEM Electric is a mature industrial electrical contractor located in Hickory, North Carolina.
The transaction was completed on September 30, 2026, marking the eighth additional acquisition since the investment in Heartwood. It also expanded the business territory of Norlee Group to North Carolina, while reinforcing the company's ongoing strategy to enhance its capabilities and services in the broader southeastern region of the United States.
IEM Electric was established in 1993 by Paul Brooks Jr. The company has built a good reputation for its high-quality construction, technical expertise, and customer-centric services. It has now become a trusted industrial electrical contractor, providing control, automation, and maintenance services to customers in industries such as food processing, chemicals, automotive, steel, cables, material handling, and pharmaceuticals, with its service range covering the entire region.
Norlee Group CEO Wally Budgell stated: " IEM Electric brings deep industrial expertise, as well as the proven track record we value when expanding Norlee Group. Their expertise in control, automation, and maintenance aligns perfectly with our growth strategy. We are delighted to incorporate their capabilities and experienced team into Norlee and to establish a solid foundation in North Carolina."
Heartwood Partners Managing Partner Demetrios Dounis stated: "This acquisition has added important industrial electrical and automation capabilities to the platform of Norlee Group. IEM Electric Their good reputation and experienced management team enable us to better serve industrial customers in the southeastern United States. We are delighted to support Norlee in continuing to build a comprehensive service platform."
About Heartwood Partners
Heartwood Partners is a mid-sized private equity firm that differentiates itself by adopting a low-leverage, current cash return model, with the aim of establishing cooperative relationships with management teams that are committed to sustainable operations. This approach combines a conservative capital structure with strategic execution to support long-term growth, including expansion into new products, services, and target markets through organic growth and mergers and acquisitions. In addition, the firm supports its management teams with an internal value creation team that provides extensive expertise in strategic areas such as e-commerce and digital marketing, human capital and organizational design, IT improvements, and merger and acquisition integration. As of December 31, 2025, Heartwood manages over $1.4 billion in investments and committed funds, and its partners have been involved in more than 100 platform and add-on acquisitions. Heartwood is currently making investments from Heartwood Partners IV and LP, focusing on companies owned by founders, families, and management teams that operate in industries such as building products, business and industrial services, distribution, environmental services, niche manufacturing, packaging, specialty chemicals/materials, and food/agriculture/nutrition markets. For more information, please visit www.heartwoodpartners.com.
