Norlee Group, a Heartwood Partners portfolio company, has acquired IEM Electric, Inc., an industrial electrical contractor in Hickory, North Carolina. The deal closed September 30, 2026, and extends Norlee's presence into the state.
It's Norlee's eighth add-on acquisition since Heartwood invested. Somebody has earned a frequent buyer card.
Wired Since '93
Paul Brooks Jr. founded IEM in 1993. It provides controls, automation, and maintenance to customers in seven industries across the region:
Food processing and pharmaceutical
Chemical, steel, and cable
Automotive and material handling
More Than a Map Pin
Both executives framed the deal around capabilities. Heartwood Managing Partner Demetrios Dounis said it adds important industrial electrical and automation capabilities to Norlee's platform.
Norlee CEO Wally Budgell said IEM's focus "aligns perfectly with our growth strategy."
Right in the Wheelhouse
Heartwood, which manages over $1.4 billion in investments and commitments (as of 12/31/25), targets markets including commercial and industrial services. IEM fits right in.
Eight add-ons in, the plan is still Southeast expansion, and IEM brought fresh tools for the job.
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