Norlee Group Expands Industrial Electrical Footprint with Eighth Acquisition

## Norlee Group Completes Eighth Add-On Acquisition with IEM Electric Deal Heartwood Partners has announced that its portfolio company Norlee Group has completed the acquisition of IEM Electric, Inc., an established industrial electrical contractor headquartered in Hickory, North Carolina. The transaction was finalised on September 30, 2026, according to a PR Newswire release issued by the Connecticut-based private equity firm. The deal represents the eighth add-on acquisition executed under the Norlee Group platform, underscoring a sustained consolidation strategy within the industrial electrical contracting sector. IEM Electric brings established regional expertise and operational capacity to the growing group, which has been systematically expanding its geographic reach and service capabilities through targeted acquisitions. While Norlee Group's operations are not exclusively maritime in focus, industrial electrical contractors of this profile play a significant supporting role across port infrastructure, shipyard facilities, and marine terminal operations — sectors that rely heavily on specialist electrical contractors for maintenance, upgrades, and new construction projects. The integration of IEM Electric's capabilities could position Norlee Group to pursue larger, more complex contracts within heavy industrial and port-adjacent environments. Heartwood Partners, based in Norwalk, Connecticut, has built Norlee Group through a disciplined buy-and-build strategy, targeting established contractors with strong regional reputations. The pace of acquisitions — eight transactions completed to date — reflects continued investor appetite for consolidation plays within the broader industrial services market. Financial terms of the IEM Electric transaction were not disclosed. *Source: PR Newswire / Heartwood Partners*