Founded in 1993 by Paul Brooks Jr., IEM Electric specializes in industrial controls, automation, and maintenance. The firm serves diverse sectors including food processing, chemical production, automotive manufacturing, and pharmaceuticals. This integration allows Norlee Group to bolster its service portfolio by leveraging the specialized expertise of the North Carolina-based team.
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Heartwood Partners Expands Norlee Group with IEM Electric Acquisition
Norlee Group has finalized its eighth add-on acquisition with the purchase of Hickory-based IEM Electric, Inc. The deal, completed September 30, 2026, marks a strategic push for the industrial electrical contractor into North Carolina and deepens its technical footprint across the broader Southeast region.
Norlee CEO Wally Budgell noted that the acquisition aligns with the company’s broader growth strategy, specifically through the addition of established automation capabilities. Demetrios Dounis, Managing Partner at Heartwood Partners, emphasized that the move strengthens the platform’s ability to service industrial clients throughout the region. Heartwood Partners, which manages over $1.4 billion in assets, continues to utilize its acquisition-driven model to expand Norlee’s footprint in the industrial services market.
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