Madison Street Capital Acts as Exclusive Advisor to IEM Electric, Inc. ("IEM") on its Sale to Norlee Group ("NLG")

AUSTIN, Texas, Oct. 7, 2026 /PRNewswire/ -- Madison Street Capital and its broker-dealer MSC-BD (MSC), an international investment banking firm, acted as the exclusive financial advisor on the sale of IEM Electric, Inc. to Norlee Group (NLG) a privately held company that specializes in electrical, mechanical, technology, fire protection, and engineering & design services for clients in the Southeastern U.S. Founded in 1992, IEM provides full-scope industrial electrical contracting services supporting manufacturing, processing, and heavy industrial facilities. The company specializes in power distribution, controls, equipment installation, and ongoing electrical support, delivering safe, reliable, and efficient solutions across the full project lifecycle. The transaction was announced by Charles Botchway, CEO of Madison Street Capital, and led by Senior Managing Director Barry Petersen. Terms of the transaction were not disclosed.

"We are proud to have represented IEM Electric in this transaction. For more than three decades, IEM has earned the trust of its industrial customers through technically demanding work done reliably. Barry Petersen and his team did outstanding work on this process, and we wish IEM and Norlee Group continued success together," stated Charles Botchway, CEO of Madison Street Capital.

Paul Brooks, Jr. and Tony Mikeal commented, "As owners of IEM Electric, Inc., we are pleased that MSC brought the opportunity to us with a company of the stature as Norlee Group. We feel Norlee Group shares our core values that are aligned with our mission, and will continue our vision for the company. We look forward to partnering with Norlee Group during this transition."

"It has been a pleasure working with Tony and Paul throughout this process. This transaction represents the culmination of decades of hard work and dedication that went into building IEM into the business it is today. We are grateful for the trust they placed in our team and look forward to seeing IEM continue its next chapter as part of Norlee Group," said Barry Petersen, Senior Managing Director at Madison Street Capital.

About Madison Street Capital
Madison Street Capital, an international investment bank with expertise in mergers and acquisitions, is committed to integrity, excellence, leadership, and service in delivering corporate financial advisory services, sell-side representation, financial opinions, and valuation services to publicly and privately held businesses. These services position our clients to succeed in the global marketplace. In undertaking each new project, the client's goals and objectives become ours, ranging from financial advisory and successful capital raises to M&A transactions to transfers of ownership. Our firm has earned the trust of clients around the world through our unwavering dedication to the highest levels of professional standards. For more information, please visit www.madisonstreetcapital.com.

About IEM Electric, Inc.
IEM Electric, Inc. ("IEM") is a leading industrial electrical contracting firm headquartered in Hickory, North Carolina, with a more than three-decade track record of delivering specialized electrical solutions to a diverse base of industrial customers. Founded in 1992, the Company has established itself as a trusted provider of high-quality electrical installation, automation, controls, and maintenance services. IEM has earned a strong reputation for its technical expertise, reliability, and commitment to customized, client-specific solutions.

About Norlee Group
Headquartered in Jacksonville, Florida, the Norlee Group (NLG) is a privately held company that specializes in electrical, mechanical, technology, fire protection, and engineering & design services for clients in the Southeastern U.S. In addition, the Norlee Group serves an array of clients, from government entities and general contractors to property developers, corporations, and small businesses, delivering solutions tailored to their unique needs. For additional information, visit https://norleegroup.com.

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SOURCE Madison Street Capital