Madison Street Capital Advises IEM Electric on Sale to Norlee Group
Madison Street Capital and its broker-dealer MSC-BD served as the exclusive financial advisors for IEM Electric, Inc. in its acquisition by privately held Norlee Group (NLG). Founded in 1992, IEM provides industrial electrical contracting services across North Carolina and specializes in power distribution, controls, equipment installation, and maintenance. The transaction was led by Senior Managing Director Barry Petersen under the guidance of Charles Botchway, CEO of Madison Street Capital. The deal marks a strategic move for both companies—Norlee Group is expanding its presence in electrical services across the Southeastern U.S., while IEM's owners expressed confidence that NLG shares their values and vision. Terms were not disclosed, but all parties emphasized trust, technical expertise, and long-term success as key factors driving the transaction.
Topics: Industrial Electrical Services Mergers & Acquisitions