Norlee Group Acquires IEM Electric, Inc. in Eighth Add-On Acquisition
Heartwood Partners' portfolio company Norlee Group has acquired IEM Electric, Inc., an industrial electrical contractor based in Hickory, North Carolina. The acquisition marks the eighth add-on since Heartwood's investment and expands Norlee’s presence into North Carolina while reinforcing its strategy to grow capabilities across the Southeast region. IEM Electric was founded in 1993 by Paul Brooks Jr. and is known for providing controls, automation, and maintenance services to a range of industries including food processing, chemical, automotive, steel, cable, material handling, and pharmaceutical sectors. Norlee Group's CEO Wally Budgell highlighted the strategic alignment between IEM Electric’s expertise in industrial electrical work and their growth strategy. Heartwood Partners supports its portfolio companies through a conservative capital structure and an in-house Value Creation team that provides support across areas like digital marketing, human resources, IT improvement, and acquisition integration. The firm currently manages over $1.4 billion in investments.
Topics: acquisition industrial electrical services private equity