Heartwood Partners portfolio company Norlee Group has acquired IEM Electric, an industrial electrical contractor based in Hickory, North Carolina, for undisclosed terms. The deal closed on September 30 and is the eighth add-on acquisition since Heartwood’s investment in Norlee Group. The acquisition takes Norlee Group into North Carolina and supports its strategy to expand capabilities and services across the broader Southeast region. IEM Electric was founded in 1993 by Paul Brooks Jr. It provides controls, automation and maintenance capabilities to customers in the food processing, chemical, automotive, steel, cable, material handling and pharmaceutical industries throughout the region.
“This acquisition adds important industrial electrical and automation capabilities to Norlee Group’s platform,” said Demetrios Dounis, managing partner at Heartwood Partners. “IEM Electric’s strong reputation and experienced leadership position us well to serve industrial clients across the Southeast.”
Heartwood Partners is a middle-market private equity firm that manages over $1.4 billion in investments and commitments as of December 31, 2025. The firm is currently investing from Heartwood Partners IV and targets founder-, family- and management-held businesses in markets including building products, commercial and industrial services, distribution, environmental services and niche manufacturing.
Source: PE Hub · Summarized by HeadlinesBriefing